Publisher's Synopsis
This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1917 edition. Excerpt: ... VIII. PRINCIPLES OF VALUE AND PRICE AS RELATED TO FARM PRODUCTS QUESTIONS 1. Distinguish between price, exchange-value, and utility. 2. Which one of these coincides with the "actual value" or "fair price" to which people so frequently refer? 3. Is value a quality which is absolute or relative? Does it reside inside an article or is it extrinsic to it? 4. So long as an article remains unchanged, is its value unchanged? In your answer do you consider that an article is unchanged only so long as its form or appearance is the same? Would its value be affected by a mere change in location? a change in time? 5. Does the market value of barley and rye in the United States depend upon the character of these grains or upon the nationality of our people or upon both? 6. Do you think that the market prices of any of our agricultural products would be revised if all private incomes above $5,000 were suddenly swept away? if every family were assured an income of at least $3,000? What is the meaning of "effectual demand"? 7. We often say that prices are low because the supply exceeds the demand. Is this expression accurate and complete? If supply is in excess of all demand, what will be the price of the article? 8. Show how you? own demand for fresh fruit is affected by the principle of diminishing utility. What is marginal utility? 9. What is a marginal consumer? Explain the nature of his influence upon prices.. 10. In the case of crops which come upon the market in large bulk during a short harvesting season, does the idea of marginal utility of a last unit hold good? Which bushels of wheat mark the margin of wheat consumption? 11. What idea of marginal utility governs the thrifty housekeeper when she is purchasing a winter supply ofapples in the...
