Cost and Its Relation to Value

Abstract

I. Cost not to be identified with entrepreneur expenses, 531. — Classification of costs, 532. — The objective factor in cost, 534. — II. Cost of production does not govern value, 535. — The function of cost of production, 539. — III. Cost of acquisition underlies demand, 540. — IV. Two factors in decline of price-offers for additional units, 542. — Marshall's objection to the second, 544. — The derived demand schedule, 545. — V. Apparent circuity of the value system, 546. — Multiple valuation the escape, 547. — VI. The value of scarcity-products, 549. — Three cases, 550. — VII. The influence of variations in the objective factors, 554. — Marshall's cost curves, 555. — VIII. Efficiency cost in using labor, 556. — Land, 557. — Professor Bye's reasoning, 558. — Savings, 559. — IX. Special relation of the entrepreneur to market values, 561. — The r61e of profits, 562.