The standard textbook description of relationship between the LRMC and the SRMC for output levels below the optimum for a particular plant size is typically misleading and imprecise. Students are frequently confused as to how the SRMC can ever be below the LRMC since everything is variable in...

Mandatory deposits on beverage containers have received enthusiastic support among environmentalists as a means of controlling litter. In modeling the effects of a deposit on litter generation and recovery it is found that this enthusiasm is well justified. Interestingly enough, few supporters...

After an extensive discussion of the nature of the interactions among unions, corporations, and government, we find that government in granting privileges to workers organized into unions implicitly taxes capital formation. The result has been to lessen the attention business decisions pay to...

We describe how to usefully incorporate inventory holding behavior into supply and demand as usually presented in undergraduate economics courses. The approach taken adds considerable realism that will appeal to certain students of economics