Reflections of an octogenarian as a lifelong student of economics: Theory of the Consumer: Common Marginal Utility =Marginal utility of Price 1 over Quantity 1 = MUP2 over Q2... = MU of Leisure Time over Income forgone=consumer equilibrium. As we are consumers,we are interested in such Microeconomics as a point of reference.
Theory of Oligopoly: OPEC is perhaps the best known example of an international cartel. It is illegal in the US,however,internationally there are no restrictions on cartel formation. Food for thought,indeed! How about global oligarchy in the public sector? We need to study more in the years to come as centenarians. Nobody would impugn for such a learning pursuit with or without knowledge and evidence!
Gas, electric power and local utilities are natural monopolies. Consumers' objective is to maximize total utility and total cost. Any thoughts?
I am aware of the common sense of doing business: Total revenue - total cost = total profit. Profit is the goal for business. Reasonable or excessive? Where is the line of demarcation? Depending on the desires of the folks in charge and lifestyles of people in different countries. Ethics and morality should be stressed. Thanks for reading and have a great Yuletide season of material utility with spiritual satisfaction. Francis Shieh a.k.a. Xie Shihao on Tuesday,December 18, 2007
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