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|ìß äß Tà     á                 Èâ               inental Proto-Marginalists
                (viii)           Karl Marx and the Marxian School
                (ix)             The Bullionist Controversies
                (x)                The Manchester School
                (xi)               Piero Sraffa and the Neo-Ricardians
                (xii)              The Neo-Marxians

2. Neoclassical Schools: Neoclassical Schools of thought starts from 1871
A.D. till today. Neoclassical Schools is further divided into two:

(a) Anglo-American Neoclassicism: consists of the contributions of the
following:
                          (i)            W. Stanley Jevons and the Anglo-
American Marginalists
                          (ii)           John Bates Clark and the
American Apologists
                          (iii)          Alfred Marshall and the
Cambridge Neoclassicals
                          (iv)           Lord Robbins and the London
School of Economics.
                          (v)             Frank H. Knight and the Chicago
School
                          (vi)            Milton Friedman and the
Monetarists
                          (vii)           Robert Lucas and the New
Classicals
                          (viii)          New Institutionalist Schools

(b) Continental Neoclassicism: consists of the contributions made by the
following:
                          (i)             Léon Walras and the Lausanne
School
                          (ii)            Carl Menger and the Austrian
School
                          (iii)           Knut Wicksell and the Swedish
School
                          (iv)           Paul Samuelson, John Hicks and
the Paretian Revival.
                          (v)            The Vienna Colloquium
                          (vi)            Tjalling Koopmans and the
Cowles Commission
                          (vii)            Kenneth Arrow, Gérard Debreu
and the Neo-Walrasian General Equilibrium School
                          (viii)           Robert Aumann and the
Edgeworthian Revival

3. Alternative Schools: can be divided into two schools of thoughts:

(a) Heterodox Traditions: consist of the contributions by the following:
                               (i)           Utopians and Socialists
                             (ii)           The Fabian Socialists
                            (iii)           Gustav Schmoller and the
German Historical School
                           (iv)           The English Historical School
                             (v)           The French Historical School
                           (vi)           Thorstein Veblen and the
American Institutionalist School.
                          (vii)           Joseph Schumpeter and
Evolutionary Economics.
                        (viii)           The Soviet Planning Economists
                           (ix)           The Neo-Marxians/Radical
Political Economy
                             (x)           Economics at the New School
for Social Research.

(b) Keynesians: School of Thought initiated by John Maynard Keynes. He
revolutionized economics with his classic book, ‘The General Theory of
Employment, Interest and Money’ in 1936. This is generally regarded as
probably the most influential social science treatise of the 20th
Century, in that it quickly and permanently changed the way the world
looked at the economy and the role of government in society. No other
single book, before or since, has had quite such an impact. Following
are the contributors followed and improved his theory:
             (i)          Joan Robinson and the Cambridge Keynesians
             (ii)         Franco Modigliani, James Tobin and the Neo-
Keynesian Synthesis.
             (iii)       Abba Lerner and the American Post Keynesians
             (iv)        Robert Clower, Axel Leijonhufvud and
Disequilibrium Keynesianism
             (v)         Joseph E. Stiglitz and the New Keynesians
             (vi)        The Mandarins

François Quesnay & the Physiocrats
François Quesnay Tableau
François Quesnay (1694 – 1774), a French surgeon, born in Méré to a
family of laborers. Quesnay was orphaned at thirteen. He learned to read
from a household medical companion and quickly acquired a voracious
appetite for more books and more learning. After a brief apprenticeship,
some schooling at Saint-Côme, and marrying a Parisian grocer's daughter,
Quesnay a huge step up in social status and became a surgeon in Mantes.
Through his rapid self-education and skills, he gradually climbed up and
finally entered into the service of local aristocrats. He became
physician in King Louis XV’s court and the leader of a sect of
‘enlightenment’ thinkers also known as ‘physiocrats’ and ‘économistes’.

Quesnay's interest in economics arose in 1756, he was asked to contribute
several articles on farming to the Encylopèdie of Diderot and
d'Alembert. Quesnay delved into the works of the Maréchal de Vauban,
Pierre de Boisguilbert and Richard Cantillon and, mixing all these
ingredients together, Quesnay gradually came up with his famous economic
theory. In 1758, Quesnay wrote his Tableau Économique -- renowned for
its famous "zig-zag" depiction of income flows between economic sectors.
It became the founding document of the Physiocratic sect -- and the
ancestor of the multisectoral input-output systems of Marx, Sraffa and
Leontief and modern general equilibrium theory.

Quesnay’s Tableau set out three classes of society, and showed how
transactions flowed between them. The three classes were:

(a)   landowners,
(b)   the farmers and farm-labourers, and
(c)   others, called ‘sterile class’

According to him, only the agricultural sector produced any surplus
value, the rest only reproducing what it consumed. He anticipated
Malthus’s fear of under consumption arising from excessive savings. Net
income would be reduced if the flows in the Tableau were interrupted by
delays in spending. This was the first attempt to construct a
macroeconomic input-output model of the economy. In fact, progress in
this field had to await the application of matrix algebra and
computerization. Quesnay suggested a single tax, ‘l’impôt unique’, on
the net income from land, arguing that the nation would thereby save tax-
collecting costs. Only agriculture yielded a surplus, and therefore
ultimately it bears all taxes anyway.

The Physiocrats
The Physiocrats were a group of French Enlightenment thinkers of the
1760s led by the French court physician, François Quesnay. The founding
document of Physiocratic doctrine was Quesnay's Tableau Économique
(1759). The members of Physiocrats were Marquis de Mirabeau, Mercier de
la Rivière, Dupont de Nemours, La Trosne, the Abbé Baudeau and others.
To contemporaries, they were known simply as the économistes.

The cornerstone of the Physiocratic doctrine was Quesnay's axiom that
only agriculture yielded a surplus – known as ‘net product’.
Manufacturing, the Physiocrats argued, took up as much value as inputs
into production as it created in output, and consequently created no net
product. Contrary to the Mercantilists, the Physiocrats believed that
the wealth of a nation lies not in its stocks of gold and silver, but
rather in the size of its net product.

French agriculture at the time was trapped in Medieval regulations which
shackled enterprising farmers. The monopoly power of the merchant guilds
in towns did not permit farmers to sell their output to the highest
bidder and buy their inputs from cheapest source.    An even bigger
obstacle was the internal tariffs on the movement of grains between
regions, which seriously hampered agricultural commerce. Public works
essential for the agricultural sector, such as roads and drainage,
remained in an awful state. Restrictions on the migration of agricultural
laborers meant that a nation-wide labor market could not take shape.
Farmers in productive areas of the country faced labor shortages and
inflated wage costs, thus forcing them to scale down their activities. In
unproductive areas, in contrast, masses of unemployed workers wallowing
in penury kept wages too low and thus local farmers were not encouraged
to implement any more productive agricultural techniques.

It is at this point that the Physiocrats jumped into their laissez-faire
attitude. They called for the removal of restrictions on internal trade
and labor migration, the abolition of the corvée, the removal of state-
sponsored monopolies and trading privileges, the dismantling of the guild
system, etc.

On fiscal matters, the Physiocrats famously pushed for their "single tax"
on landed property -- l'impôt unique. According to Physiocrats, any tax
levied throughout the economy will just passed from sector to sector
until they fall upon the net product. As land is the only source of
wealth, then the burden of all taxes ultimately bears down on the
landowner. So instead of levying a complicated collection of scattered
taxes (which are difficult to administer and can cause temporary
distortions), it is most efficient to just go to the root and tax land
rents directly.

A general laissez-faire policy and the "single tax" were the speediest,
least distortionary and least costly ways of arriving at the natural
state. The Physiocrats believed that net product of the natural state
was the maximum net product sustainable over the long run. The policy
measures advocated by the Physiocrats went very much against the
interests of the nobility and the landed gentry. But because Quesnay was
the private physician to Madame de Pomapadour, the mistress of King Louis
XV, the Physiocratic clique enjoyed a good degree of protection in the
French court. The Physiocrats became so influential that even after the
death of Pomapadour, they remain a furious publisher of different
journals and articles that promote their ideas.


Equilibrium
The term equilibrium has often to be used in economic analysis. In fact,
Modern Economics is sometimes called equilibrium analysis. Equilibrium
means a state of balance. When forces acting in opposite directions are
exactly equal, the object on which they are acting is said to be in a
state of equilibrium.
Types of Equilibrium
Basically, there are three types of any equilibrium:
(a)   Stable Equilibrium: There is stable equilibrium, when the object
concerned, after having been disturbed, tends to resume its original
position. Thus, in the case of a stable equilibrium, there is a tendency
for the object to revert to the old position.
(b)   Unstable Equilibrium: On the other hand, the equilibrium is
unstable when a slight disturbance evokes further disturbance, so that
the original position is never restored. In this case, there is a
tendency for the object to assume newer and newer positions once there is
departure from the original position.
(c)    Neutral Equilibrium: It is neutral equilibrium when the disturbing
forces neither bring it back to the original position nor do they drive
it further away from it. It rests where it has been moved. Thus, in the
case of a neutral equilibrium, the object assumes once for all a new
position after the original position is disturbed.
  INCLUDEPICTURE
"http://www.geocities.com/znuniverse/micro_economics/equilibrium_files/eq
uili1.gif" \* MERGEFORMATINET
When the word equilibrium is used to qualify the term value, then
according to Professor Schumpeter, a stable equilibrium value is an
equilibrium value that if changed by a small amount, calls into action
forces that will tend to reproduce the old value; a neutral equilibrium
value is an equilibrium value that does not know any such forces; and an
unstable equilibrium value is an equilibrium value, change in which calls
forth forces which tend to move the system farther and farther away from
the equilibrium value.
In the following figure 2, the stable equilibrium is shown. When in
equilibrium at point P, the producer produces an output OM and maximises
his profits. In case the producer increases his output to OM2 or
decreases it to OM1, the size of profits is reduced. This automatically
brings in forces that tend to establish equilibrium again at P.
Figure 3 represents the case of unstable equilibrium. Initially the
producer is in equilibrium at point P, where MR = MC and he is maximising
his profits. If now he increases his output to OM1, he would be in
equilibrium output at point P1, where he will obtain higher profits,
because, at this output, marginal revenue is greater than marginal cost.
Thus there is no tendency to return to the original position at P.
Figure 4 represents the situation of neutral equilibrium. In this case,
MR = MC at all levels of output so that the producer has no tendency to
return to the old position and every time a new equilibrium point is
obtained, which is as good as the initial one.
  INCLUDEPICTURE
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uili2.gif" \* MERGEFORMATINET
  INCLUDEPICTURE
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uili3.gif" \* MERGEFORMATINET
Other Forms of Equilibrium
(a) Short-term and Long-term Equilibrium: Equilibrium may be short-term
equilibrium or long-term equilibrium as in case of short-term and long-
term value. In the short-term equilibrium, supply is adjusted to change
in demand with the existing equipment or means of production, there being
no time available to increase or decrease the factors of production.
However, in case of long-term equilibrium, there is ample time to change
even the equipment or the factors of production themselves, and a new
factory can be erected or new machinery can be installed.
(b) Partial Equilibrium: Partial equilibrium analysis is the analysis of
an equilibrium position for a sector of the economy or for one or several
partial groups of the economic unit corresponding to a particular set of
data. This analysis excludes certain variables and relationship from the
totality and studies only a few selected variables at a time. In other
words, this method considers the changes in one or two variables keeping
all others constant, i.e., ceteris paribus (others remaining the same).
The ceteris paribus is the crux of partial equilibrium analysis.
The equilibrium of a single consumer, a single producer, a single firm
and a single industry are examples of partial equilibrium analysis.
Marshall’s theory of value is a case of partial equilibrium analysis. If
the Marshallian method (i.e., partial equilibrium analysis) is to be
effective, even in its own terms, when applied to a hypothetical and
idealised market, it necessary that the market should be small enough so
that its inter-dependence with the rest of the hypothetical economy could
be neglected without much loss of accuracy.
                 (i)            Consumer’s Equilibrium: With the
application of partial equilibrium analysis, consumer’s equilibrium is
indicated when he is getting maximum aggregate satisfaction from a given
expenditure and in a given set of conditions relating to price and supply
of the commodity.
               (ii)            Producer’s Equilibrium: A producer is in
equilibrium when he is able to maximise his aggregate net profit in the
economic conditions in which he is working.
             (iii)            Firm’s Equilibrium: A firm is said to be in
long-run equilibrium when it has attained the optimum size when is ideal
from the viewpoint of profit and utilisation of resources at its
disposal.
             (iv)            Industry’s Equilibrium: Equilibrium of an
industry shows that there is no incentive for new firms to enter it or
for the existing firms to leave it. This will happen when the marginal
firm in the industry is making only normal profit, neither more nor less.
In all these cases; those who have incentive to change it have no
opportunity and those who have the opportunity have no incentive.
(c) General Equilibrium Analysis: Leon Walras (1834-1910), a Neoclassical
economist, in his book ‘Elements of Pure Economics’, created his
theoretical and mathematical model of General Equilibrium as a means of
integrating both the effects of demand and supply side forces in the
whole economy. Walras’ Elements of Pure Economics provides a succession
of models, each taking into account more aspects of a real economy.
General equilibrium theory is a branch of theoretical microeconomics.
The partial equilibrium analysis studies the relationship between only
selected few variables, keeping others unchanged. Whereas the general
equilibrium analysis enables us to study the behaviour of economic
variables taking full account of the interaction between those variables
and the rest of the economy. In partial equilibrium analysis, the
determination of the price of a good is simplified by just looking at the
price of one good, and assuming that the prices of all other goods remain
constant.
General equilibrium is different from the aggregate or macro-economic
equilibrium. General equilibrium tries to give an understanding of the
whole economy using a bottom-top approach, starting with individual
markets and agents. Whereas, the macro-economic equilibrium analysis
utilises top-bottom approach, where the analysis starts with larger
aggregates. In macro-economic equilibrium models, like Keynesian type,
the entire system is described by relatively few, appropriately defined
aggregates and functional relationships connecting aggregate variables
such as total consumption expenditure, total investment, total
employment, aggregate output and the like. In macro-economic analysis,
many important variables and relationships tend to be disappeared in the
process of aggregation.
There are two major theorems presented by Kenneth Arrow and Gerard Debreu
in the framework of general equilibrium:
(i)                  The first fundamental theorem is that every market
equilibrium is Pareto optimal under certain conditions, and
(ii)                The second fundamental theorem is that every Pareto
optimum is supported by a price system, again under certain conditions.
Uses of General Equilibrium
1.      To get an overall picture of the economy and study the problems
involving the economy as a whole or even large segments / sectors of it.
2.      It shows that the quantities of demanded goods / factors are
equal to the quantities supplied. Such a condition implies that there is
a full employment of resources.
3.      It also provides with an ideal datum of economic efficiency. It
brings out the fact that long-run competitive equilibrium is a standard
of efficiency for the entire economy. Only when the competitive economy
obtains general equilibrium shall its economic efficiency be at its peak
and there shall be no further gains made by any reallocation of
resources.
4.      General equilibrium also represents the state of optimum
production of all commodities, because there can be no over-production or
under-production under such conditions.
5.      It also provides an insight into the way the multitudes of
individual decisions are integrated by the working of the price
mechanism. It, therefore, solves the fundamental problems of a free
market economy, viz., what to produce, how to produce, how much to
produce, etc. This analysis shows that such decisions with regard to
innumerable consumers and producers are co-ordinated by the price
mechanism.
6.      The general equilibrium analysis also gives us the clue for
predicting the consequences of an economic event.
7.      It also helps in the field of public policy. The formulation of
a logically consistent public policy requires a complete understanding of
the various sector markets and aspects of individual decision-making
units, and the impact of policy on the whole economy.
Limitations of General Equilibrium Analysis
1.      The Walrasian general equilibrium system is essentially static.
It treats the coefficient of production as fixed. It considers the
supply of resources to be given and consistent. It also takes tastes and
preferences of the society as fixed.
2.      It ignores leads and lags, for it considers everything to happen
instantaneously. It is supposed to work just in the same way as an
electric circuit does. In the real world, all economic events have links
with the past and the future.
3.       Walrasian general equilibrium analysis is of little practical
utility. It involves astronomical volumes of calculations for estimating
the various quantities and practices. This makes its application
practically impossible. Even the use of computers cannot be of much help
because such a system cannot aid in collecting and recording the
innumerable sets of prices and quantities that are required to formulate
these equations. The critics further argue that even if such a solution
exists, the price mechanism may not necessarily cover it.
4.       Last but not least, the general equilibrium analysis falls to the
ground as its star assumption of perfect competition is contrary to the
actual conditions prevailing in the real world.
General Disequilibrium (Keynesian Theory)
Neoclassical economics thinks in terms of a market system in which supply
equals demand in every market, so that no unemployment could ever occur.
But this is an assumption. Keynes suggests a market system in which
Disequilibrium can occur in some markets, including labour market, and in
which the disequilibrium can spread contagiously from one market to
another. Keynes’ idea was that, when this spreading disequilibrium
settles down, there would be a kind of equilibrium – not supply and
demand equilibrium, but often termed as ‘general disequilibrium’.
Take an example of a commodity, say cellular telephone sets, its
equilibrium of demand and supply is shown in the following figure:
   INCLUDEPICTURE
"http://www.geocities.com/znuniverse/micro_economics/equilibrium_files/eq
uili5.gif" \* MERGEFORMATINET
In the above figure, MC curve is the marginal cost curve for the
commodity. Originally, the market is in equilibrium at price P1 with
demand curve D1. Then, for any reason, demand for that commodity
decreases to D2, Neoclassical economists tells us that the new
equilibrium will be at price P3. But, in fact, the prices do not drop
quite that far, instead, prices drop to P2. Perhaps this is because the
businessmen do not know just how far they need to cut their prices, and
are cautious to avoid cutting too much. At a price P2, the seller can
sell only Qd amount of output. By producing Qd amount of output at price
P2, the producers are not maximising their short-run profit. We have
‘disequilibrium’ in the sense that production is not on the marginal cost
curve. At P2, the sellers can sell Qd amount of output, but they cannot
produce the same amount of output. Here is a qualification. Producer
might temporarily produce more that Qd, in order to build up their
inventories. But there is a limit to how much inventories they want, so
they will cut their production back to Qd eventually.
With a reduction of demand for cellular phones, any economist would
expect a reduction in the quantity of that commodity produced.
Neoclassical economics leads us to expect that the price would drop to P3
and output cut back to Qe. At the same time, a certain number of workers
would be laid off and would switch their efforts into their second best
alternatives, working in other industries, perhaps at somewhat lower
wages. But the ‘disequilibrium model’ states that the production and
layoffs would go even further, with output dropping to Qd. A reduction
in income does not only reduce the demand for cellular phones, but it
also reduces the demand for all other normal goods as well. This
disequilibrium will spread contagiously through many different goods
markets, through the effect of disequilibrium on income. So every other
industry will face a reduction in demand because of the reductions in
productions in many other industries.

Utility Theory
In economics, utility is a measure of the happiness or satisfaction
gained from a good or service. The concept is applied by economists in
such topics as the indifference curve, which measures the combination of
a basket of commodities that an individual or a community requests at a
given level(s) of satisfaction. The concept is also used in utility
functions, social welfare functions, Pareto maximization, Edgeworth boxes
and contract curves. It is a central concept of welfare economics.
The doctrine of utilitarianism saw the maximisation of utility as a moral
criterion for the organisation of society. According to utilitarians,
such as Jeremy Bentham (1748-1832) and John Stuart Mill (1806-1876),
society should aim to maximise the total utility of individuals, aiming
for 'the greatest happiness for the greatest number'.
Utility theory assumes that humankind is rational. That is, people
maximize their utility wherever possible. For instance, one would request
more of a good if it is available and if one has the ability to acquire
that amount, if this is the rational thing to do in the circumstances.
Cardinal and Ordinal Utility
There are mainly two kinds of measurement of utility implemented by
economists: cardinal utility and ordinal utility.
Utility was originally viewed as a measurable quantity, so that it would
be possible to measure the utility of each individual in the society with
respect to each good available in the society, and to add these together
to yield the total utility of all people with respect to all goods in the
society. Society could then aim to maximise the total utility of all
people in society, or equivalently the average utility per person. This
conception of utility as a measurable quantity that could be aggregated
across individuals is called cardinal utility.
Cardinal utility quantitatively measures the preference of an individual
towards a certain commodity. Numbers assigned to different goods or
services can be compared. A utility of 100 units towards a cup of coffee
is twice as desirable as a cup of tea with a utility level of 50 units.
The concept of cardinal utility suffers from the absence of an objective
measure of utility when comparing the utility gained from consumption of
a particular good by one individual as opposed to another individual.
For this reason, neoclassical economics abandoned utility as a foundation
for the analysis of economic behaviour, in favour of an analysis based
upon preferences. This led to the development of tools such as
indifference curves to explain economic behaviour.
In this analysis, an individual is observed to prefer one choice to
another. Preferences can be ordered from most satisfying to least
satisfying. Only the ordering is important: the magnitude of the
numerical values are not important except in as much as they establish
the order. A utility of 100 towards an ice cream is not twice as
desirable as a utility of 50 towards candy. All that can be said is that
ice cream is preferred to candy. There is no attempt to explain why one
choice is preferred to another; hence no need for a quantitative concept
of utility.
It is nonetheless possible, given a set of preferences which satisfy
certain criteria of reasonableness, to find a utility function that will
explain these preferences. Such a utility function takes on higher values
for choices that the individual prefers. Utility functions are a useful
and widely used tool in modern economics.
A utility function to describe an individual's set of preferences clearly
is not unique. If the value of the utility function were to be, for e.g.,
doubled, squared, or subjected to any other strictly monotonically
increasing function, it would still describe the same preferences. With
this approach to utility, known as ordinal utility it is not possible to
compare utility between individuals, or find the total utility for
society as the Utilitarians hoped to do.

Price Determination under Monopoly
Monopoly is that market form in which a single producer controls the
whole supply of a single commodity which has no close substitute.

From this definition there are two points that must be noted:

(i)                 Single Producer: There must be only one producer who
may be an individual, a partnership firm or a joint stock company. Thus
single firm constitutes the industry. The distinction between firm and
industry disappears under conditions of monopoly.
(ii)               No Close Substitute: The commodity produced by the
producer must have no closely competing substitutes, if he is to be
called a monopolist. This ensures that there is no rival of the
monopolist. Therefore, the cross elasticity of demand between the
product of the monopolist and the product of any other producer must be
very low.

Price-Output Determination under Monopoly:
A firm under monopoly faces a downward sloping demand curve or average
revenue curve. Further, in monopoly, since average revenue falls as more
units of output are sold, the marginal revenue is less than the average
revenue. In other words, under monopoly the MR curve lies below the AR
curve.

The Equilibrium level in monopoly is that level of output in which
marginal revenue equals marginal cost. The producer will continue
producer as long as marginal revenue exceeds the marginal cost. At the
point where MR is equal to MC the profit will be maximum and beyond this
point the producer will stop producing.




It can be seen from the diagram that up till OM output, marginal revenue
is greater than marginal cost, but beyond OM the marginal revenue is less
than marginal cost. Therefore, the monopolist will be in equilibrium at
output OM where marginal revenue is equal to marginal cost and the
profits are the greatest. The corresponding price in the diagram is MP’
or OP. It can be seen from the diagram at output OM, while MP’ is the
average revenue, ML is the average cost, therefore, P’L is the profit per
unit. Now the total profit is equal to P’L (profit per unit) multiply by
OM (total output).

In the short run, the monopolist has to keep an eye on the variable cost,
otherwise he will stop producing. In the long run, the monopolist can
change the size of plant in response to a change in demand. In the long
run, he will make adjustment in the amount of the factors, fixed and
variable, so that MR equals not only to short run MC but also long run
MC.

Comparison of Price Determination under Perfect Competition and Monopoly:
The key points of comparison of price determination under Perfect
Competition and Monopoly is as below:

Perfect Competition Monopoly (i) The demand curve or average revenue
curve is perfectly elastic and is a horizontal straight line. (i) The
demand curve or average revenue curve is relatively elastic and a
downward sloping from left to right. (ii) The firm is in equilibrium at
the level of output where MC is equal to MR. Since in perfect competition
MR is equal to AR or price, therefore, when MC is equal to MR, it is also
equal to AR or price at the equlibrium position, i.e., MC=MR=AR
(Price) (ii) The firm is in equilibrium at the level of output where MC
is equal to MR. (iii) In equilibrium position, the price charged by the
firm equals to MC. (iii) In equilibrium position, the price charged by
the firm is above MC. (iv) The firm is in long-run equilibrium at the
minimum point of the long-run AC curve. (iv) The firm is in long-run
equilibrium at the point where AC curve is still declining and has not
reached the minimum point. (v) The firm is in equilibrium at the level
of output at which MC curve is rising, and is cutting MR curve from
below.   (v) The firm is in equilibrium at the level of output at which
MR curve is sloping downwards, and MC curve is cutting it from below or
above. (See figure 1) (vi) In the long run, the firm is earning normal
profit. There may be super normal profit in the short run but they will
be swept away in the long run, as new firms entered into the
industry. (vi) The firm can earn abnormal or supernormal profit even in
the long run, as there is no competitor in the industry. (vii) Price can
be set lower at greater output in case of constant-cost and decreasing-
cost industries. (vii) Price is set higher and output smaller by the
monopolist. (See Figure 2)
Price Discrimination in Monopoly:
Price discrimination may be (a) personal, (b) local, or (c) according to
trade or use:

(a)   Personal: It is personal when different prices are charged for
different persons.
(b)   Local: It is local when the price varies according to locality.
(c)   According to Trade or Use: It is according to trade or use when
different prices are charged for different uses to which the commodity is
put, for example, electricity is supplied at cheaper rates for domestic
than for commercial purposes.

Some monopolists used product differentiation for price discrimination by
means of special labels, wrappers, packing, etc. For example, the
perfume manufacturers discriminate prices of the same fragrance by
packing it with different labels or brands.

Conditions of Price-Discrimination: There are three main types of
situation:

(a)   When consumers have certain preferences or prejudices.   Certain
consumers usually have the irrational feeling that they are paying higher
prices for a good because it is of a better quality, although actually it
may be of the same quality. Sometimes, the price differences may be so
small that consumers do not consider it worthwhile to bother about such
differences.
(b)   When the nature of the good is such as makes it possible for the
monopolist to charge different prices. This happens particularly when
the good in question is a direct service.
(c)   When consumers are separated by distance or tariff barriers. A
good may be sold in one town for Re. 1 and in another town for Rs. 2.
Similarly, the monopolist can charge higher prices in a city with greater
distance or a country levying heavy import duty.

Conditions making Price Discrimination Possible and Profitable: The
following conditions are essential to make price discrimination possible
and profitable:

(a)   The elasticities of demand in different markets must be different.
The market is divided into sub-markets. The sub-market will be arranged
in ascending order of their elasticities, the higher price being charged
in the least elastic market and vice versa.
(b)   The costs incurred in dividing the market into sub-markets and
keeping them separate should not be so large as to neutralise the
difference in demand elasticities.
(c)   There should be complete agreement among the sellers otherwise the
competitors will gain by selling in the dear market.
(d)   When goods are sold on special orders because then the purchaser
cannot know what is being charged from others.

Price Determination under   Price Discrimination:
(i)                 First   of all, the monopolist divides his total market
into sub-markets. In the    following diagrams, the monopolist has divided
his total market into two   sub-markets, i.e., A and B:




(ii)               The monopolist has now to decide at what level of
output he should produce. To achieve maximum profit, hence, he will be
in equilibrium at output at which MR=MC, and MC curve cuts the MR curve
from below. In the above diagram (c) it is shown that the equilibrium of
the discriminating monopolist is established at output OM at which MC
cuts CMR. The output OM is distributed between two markets in such a way
that marginal revenue in each is equal to ME. Therefore, he will sell
output OM1 in Market A, because only at this output marginal revenue MR’
in Market A is equal to ME (M1E’ = ME). The same condition is applied in
Market B where MR” is equal to ME (M2E” = ME). In the above diagram, it
is also shown that in Market B in which elasticity of demand is greater,
the price charged is lower than that in Market B where the elasticity of
demand is less.


Price Determination under Oligopoly

Oligopoly is that market situation in which the number of firms is small
but each firm in the industry takes into consideration the reaction of
the rival firms in the formulation of price policy. The number of firms
in the industry may be two or more than two but not more than 20.
Oligopoly differs from monopoly and monopolistic competition in this that
in monopoly, there is a single seller; in monopolistic competition, there
is quite a larger number of them; and in oligopoly, there are only a
small number of sellers.

Classification of Oligopoly:
The oligopolistic industries are classified in a number of ways:

(a) Duopoly: If there are two giant firms in an industry it is called
duopoly. Duopoly is further classified as below:
(i)                 Perfect or Pure Duopoly: If the duopolists in an
industry are producing identical products it is called perfect or pure
duopoly.
(ii)               Imperfect or Impure Duopoly: If the duopolists in an
industry are producing differentiated products it is called imperfect or
impure duopoly.

(b) Oligopoly: If there are more than two firms in an industry and each
firm takes consideration the reactions of the rival firms in formulating
its own price policy it is called oligopoly. Oligopoly is further
classified as below:

(i)                  Perfect or Pure Oligopoly: If the oligopolists in an
industry are producing identical products it is called perfect or pure
oligopoly.
(ii)               Imperfect or Impure Oligopoly: If the oligopolists in
an industry are producing differentiated products it is called imperfect
or impure oligopoly.
Types of Market Structures Structure No. of Producers &
Degree of Product
Differentiation Part of economy
where prevalent Firm’s degree
of control over price Methods of
Marketing Perfect competition Many producers,
Identical products Financial markets, &
Some agricultural products None Market exchange
or auction Imperfect competition:      Monopolistic competition Many
producers,
Many real or perceived
differences in product Retail trade
(Gasoline, PCs, etc.) Some Advertising and
Quality rivalry,
Administered prices Oligopoly Few producers,
No differences in product. Steel, chemicals, etc.      Few producers,
Some differentiation
of products Autos, aircraft, etc.     Monopoly Single producer,
Product without close
substitutes Local telephone,
electricity, and gas Considerable but
usually regulated Advertising and
Service promotion
Causes of Oligopoly:
Economies of Scale: The firms in the industry, with heavy investment,
using improved technology and reaping economies of scale in production,
sales, promotion, etc, will compete and stay in the market.
Barrier to Entry: In many industries, the new firms cannot enter the
industry as the big firms have ownership of patents or control of
essential raw material used in the production of an output. The heavy
expenditure on advertising by the oligopolistic industries may also be a
financial barrier for the new firms to enter the industry.
Merger: If the few firms in the industry smell the danger of entry of new
firms, they then immediately merge and formulate a joint policy in the
pricing and production of the products. The joint action of the few big
firms discourages the entry of new firms into the industry.
Mutual Interdependence: As the number of firms is small in an
oligopolistic industry, therefore, they keep a strict watch of the price
charged by rival firms in the industry. The firm generally avoid price
ware and try to create conditions of mutual interdependence.

Characteristics of Oligopoly:
1.      Every seller can exercise an important influence on the price-
output policies of his rivals. Every seller is so influential that his
rivals cannot ignore the likely adverse effect on them of a given change
in the price-output policy of any single manufacturer. The rival
consciousness or the recognition on the part of the seller is because of
the fact of interdependence.
2.      The demand curve under oligopoly is indeterminate because any
step taken by his rivals may change the demand curve. It is more elastic
than under simple monopoly and not perfectly elastic as under perfect
competition.
3.      It is often noticed that there is stability in price under
oligopoly. This is because the oligopolist avoids experimenting with
price changes. He knows that if raises the price, he will lose his
customers and if he lowers it he will invite his rivals to price war.

Effects of Oligopoly:
1.      Small output and high prices: As compared with perfect
competition, oligopolist sets the prices at higher level and output at
low level.
2.      Restriction on the entry: Like monopoly, there is a restriction
on the entry of new firms in an oligopolistic industry.
3.      Prices exceed Average Cost: Under oligopoly, the firms fixed the
prices at the level higher than the AC. The consumers have to pay more
than it is necessary to retain the resources in the industry. In other
words, the economy’s productive capacity is not utilised in conformity
with the consumers’ preferences.
4.      Lower efficiency: Some economists argued that there is a low
level of production efficiency in oligopoly. There is no tendency for
the oligopolists to build optimum scales of plant and operate them at the
optimum rates of output. However, the Schumpeterian hypothesis states
that there is high tendency of innovation and technological advancement
in oligopolistic industries. As a result, the product cost decreases
with production capacity enhancement. It will offset the loss of
consumer surplus from too high prices.
5.      Selling Costs: In order to snatch markets from their rivals, the
oligopolistic firms may engage in aggressive and extensive sales
promotion effort by means of advertisement and by changing the design and
improving the quality of their products.
6.      Wider range of products: As compared with pure monopoly or pure
competition, differentiated oligopoly places at the consumers’ disposal a
wider variety of commodities.
7.      Welfare Effect: Under oligopoly, vide sums of money are poured
into sales promotion to create quality and design differentiations.
Hence, from the point of view of economic welfare, oligopoly fares fairly
badly. The oligopolists push non-price competition beyond socially
desirable limits.

Price Determination under Oligopoly:
The price and output behaviour of the firms operating in oligopolistic or
duopolistic market condition can be studied under two main heads:

1. Price and Output Determination under Duopoly:
(a)    If an industry is composed of two giant firms each selling
identical or homogenous products and having half of the total market, the
price and output policy of each is likely to affect the other
appreciably, therefore there is every likelihood of collusion between the
two firms. The firms may agree on a price, or divide the total market,
or assign quota, or merge themselves into one unit and form a monopoly or
try to differentiate their products or accept the price fixed by the
leader firm, etc.
(b)   In case of perfect substitutes the two firms may be engaged in
price competition. The firm having lower costs, better goodwill and
clientele will drive the rival firm out of the market and then establish
a monopoly.
(c)    If the products of the duopolists are differentiated, each firm
will have a close watch on the actions of its rival firms. The firm good
quality product with lesser cost will earn abnormal profits. Each firm
will fix the price of the commodity and expand output in accordance with
the demand of the commodity in the market.

2. Price and Output Determination under Oligopoly:
(a)    If an industry is composed of few firms each selling identical or
homogenous products and having powerful influence on the total market,
the price and output policy of each is likely to affect the other
appreciably, therefore they will try to promote collusion.
(b)   In case there is product differentiation, an oligopolist can raise
or lower his price without any fear of losing customers or of immediate
reactions from his rivals. However, keen rivalry among them may create
condition of monopolistic competition.
There is no single theory which satisfactorily explains the oligopoly
behaviour regarding price and output in the market. There are set of
theories like Cournot Duopoly Model, Bertrand Duopoly Model, the
Chamberlin Model, the Kinked Demand Curve Model, the Centralised Cartel
Model, Price Leadership Model, etc., which have been developed on
particular set of assumptions about the reaction of other firms to the
action of the firm under study.

Collusive Oligopoly:
The degree of imperfect competition in a market is influenced not just by
the number and size of firms but by how they behave. When only a few
firms operate in a market, they see what their rivals are doing and
react. ‘Strategic interaction’ is a term that describes how each firm’s
business strategy depends upon its rivals’ business behaviour.

When there are only a small number of firms in a market, they have a
choice between ‘cooperative’ and ‘non-cooperative’ behaviour:

Firms act non-cooperatively when they act on their own without any
explicit or implicit agreement with other firms. That’s what produces
‘price wars’.
Firms operate in a cooperative mode when they try to minimise competition
between them. When firms in an oligopoly actively cooperate with each
other, they engage in ‘collusion’. Collusion is an oligopolistic
situation in which two or more firms jointly set their prices or outputs,
divide the market among them, or make other business decisions jointly.

A ‘cartel’ is an organisation of independent firms, producing similar
products, which work together to raise prices and restrict output. It is
strictly illegal in Pakistan and most countries of the world for
companies to collude by jointly setting prices or dividing markets.
Nonetheless, firms are often tempted to engage in ‘tacit collusion’,
which occurs when they refrain from competition without explicit
agreements. When firms tacitly collude, they often quote identical
(high) prices, pushing up profits and decreasing the risk of doing
business. The rewards of collusion, when it is successful, can be great.
It is more illustrated in the following diagram:




The above diagram illustrates the situation of oligopolist A and his
demand curve DaDa assuming that the other firms all follow firm A’s lead
in raising and lowering prices. Thus the firm’s demand curve has the
same elasticity as the industry’s DD curve. The optimum price for the
collusive oligopolist is shown at point G on DaDa just above point E.
This price is identical to the monopoly price, it is well above marginal
cost and earns the colluding oligopolists a handsome monopoly profit.

Price Determination Models of Oligopoly:
1. Kinky Demand Curve: The kinky demand curve model tries to explain that
in non-collusive oligopolistic industries there are not frequent changes
in the market prices of the products. The demand curve is drawn on the
assumption that the kink in the curve is always at the ruling price. The
reason is that a firm in the market supplies a significant share of the
product and has a powerful influence in the prevailing price of the
commodity. Under oligopoly, a firm has two choices:

(a)    The first choice is that the firm increases the price of the
product. Each firm in the industry is fully aware of the fact that if it
increases the price of the product, it will lose most of its customers to
its rival. In such a case, the upper part of demand curve is more
elastic than the part of the curve lying below the kink.
(b)   The second option for the firm is to decrease the price. In case
the firm lowers the price, its total sales will increase, but it cannot
push up its sales very much because the rival firms also follow suit with
a price cut. If the rival firms make larger price cut than the one which
initiated it, the firm which first started the price cut will suffer a
lot and may finish up with decreased sales. The oligopolists, therefore
avoid cutting price, and try to sell their products at the prevailing
market price. These firms, however, compete with one another on the
basis of quality, product design, after-sales services, advertising,
discounts, gifts, warrantees, special offers, etc.




In the above diagram, we shall notice that there is a discontinuity in
the marginal revenue curve just below the point corresponding to the
kink. During this discontinuity the marginal cost curve is drawn. This
is because of the fact that the firm is in equilibrium at output ON where
the MC curve is intersecting the MR curve from below.

The kinky demand curve is further explained in the following diagram:
In the above diagram, the demand curve is made up of two segments DB and
BD’. The demand curve is kinked at point B. When the price is Rs. 10
per unit, a firm sells 120 units of output. If a firm decides to charge
Rs. 12 per unit, it loses a large part of the market and its sales come
down to 40 units with a loss of 80 units. In case, the producer lowers
the price to Rs. 4 per unit, its competitors in the industry will match
the price cut. Its sales with a big price cut of Rs. 6 increases the
sale by only 40 units. The firm does not gain as its total revenue
decreases with the price cut.

2. Price Leadership Model: Under price leadership, one firm assumes the
role of a price leader and fixes the price of the product for the entire
industry. The other firms in the industry simply follow the price leader
and accept the price fixed by him and adjust their output to this price.
The price leader is generally a very large or dominant firm or a firm
with the lowest cost of production. It often happens that price
leadership is established as a result of price war in which one firm
emerges as the winner.

In oligopolistic market situation, it is very rare that prices are set
independently and there is usually some understanding among the
oligopolists operating in the industry. This agreement may be either
tacit or explicit.

Types of Price Leadership: There are several types of price leadership.
The following are the principal types:

(a)    Price leadership of a dominant firm, i.e., the firm which produces
the bulk of the product of the industry. It sets the price and rest of
the firms simply accepts this price.
(b)   Barometric price leadership, i.e., the price leadership of an old,
experienced and the largest firm assumes the role of a leader, but
undertakes also to protect the interest of all firms instead of promoting
its own interests as in the case of price leadership of a dominant firm.
(c)    Exploitative or Aggressive price leadership, i.e., one big firm
built its supremacy in the market by following aggressive price
leadership. It compels other firms to follow it and accept the price
fixed by it. In case the other firms show any independence, this firm
threatens them and coerces them to follow its leadership.

Price Determination under Price Leadership: There are various models
concerning price-output determination under price leadership on the basis
of certain assumptions regarding the behaviour of the price leader and
his followers. In the following case, there are few assumptions for
determining price-output level under price leadership:

(a)    There are only two firms A and B and firm A has a lower cost of
production than the firm B.
(b)   The product is homogenous or identical so that the customers are
indifferent as between the firms.
(c)    Both A and B have equal share in the market, i.e., they are facing
the same demand curve which will be the half of the total demand curve.
In the above diagram, MCa is the marginal cost curve of firm A and MCb is
the marginal cost curve of firm B. Since we have assumed that the firm A
has a lower cost of production than the firm B, therefore, the MCa is
drawn below MCb.

Now let us take the firm A first, firm A will be maximising its profit by
selling OM level of output at price MP, because at output OM the firm A
will be in equilibrium as its marginal cost is equal to marginal revenue
at point E. Whereas the firm B will be in equilibrium at point F,
selling ON level of output at price NK, which is higher than the price
MP. Two firms have to charge the same price in order to survive in the
industry. Therefore, the firm B has to accept and follow the price set
by firm A. This shows that firm A is the price leader and firm B is the
follower.

Since the demand curve faced by both firms is the same, therefore, the
firm B will produce OM level of output instead of ON. Since the marginal
cost of firm B is greater than the marginal cost of firm A, therefore,
the profit earned by firm B will be lesser than the profit earned by firm
A.

Difficulties of Price Leadership: The following are the challenges faced
by a price leader:

(a)    It is difficult for a price leader to correctly assess the
reactions of his followers.
(b)   The rival firms may secretly charge lower prices when they find
that the leader charged unduly high prices. Such price cutting devices
are rebates, favourable credit terms, money back guarantees, after
delivery free services, easy instalment sales, etc.
(c)     The rivals may indulge in non-price competition. Such non-price
competition devices are heavy advertisement and sales promotion.
(d)   The high price set by the price leader may also attract new
entrants into the industry and these new entrants may not accept his
leadership.

Economic Costs of Imperfect Competition and Oligopoly:
(a)   The cost of inflated prices and insufficient output: The
monopolist, by keeping the output a little scarce, raises its price above
marginal cost. Hence, the society does not get as much of the
monopolist’s output as it wants in terms of product’s marginal cost and
marginal value. The same is true for oligopoly and monopolistic
competition.
(b)   Measuring the waste from imperfect competition: Monopolists cause
economic waste by restricting output. If the industry could be
competitive, then the equilibrium would be reached at the point where MC
= P at point E. Under perfect competition, this industry’s quantity
would be 6 with a price of 100. The monopolist would set its MC equal to
MR (not to P), displacing the equilibrium to Q = 3 and P = 150. The GBAF
is the monopolist’s profit, which compares with a zero-profit competitive
equilibrium. Economists measure the economic harm from insufficiency in
terms of the deadweight loss; this term signifies the loss in real income
that arises because of monopoly, tariffs and quotas, taxes, or other
distortions. The efficiency loss is the vertical distance between the
demand curve and the MC curve. The total deadweight loss from the
monopolist’s output restriction is the sum of all such losses represented
by the grey triangle ABE:




In the above diagram, DD curve represents the consumers’ marginal utility
at each level of output, while the MC curve represents the opportunity
cost of the devoting production to this good rather than to other
industries. For example, at Q = 3, the vertical difference between B and
A represents the utility that would be gained from a small increase to
the output of Q. Adding up all the lost social utility from Q = 3 to Q =
6 gives the shaded region ABE.

Empirical Studies of Costs of Monopoly:
1.      Economists have studied impact of the overall costs of imperfect
competition to an economy. These studies estimate the deadweight loss of
consumer surplus in ABE for all industries. Early studies set the total
deadweight loss from monopoly at less than 0.1% of US GDP. Now, in
modern days, it would total only about $7 billion.
2.      The next important reservation about this approach is that it
ignores the impact of market structure upon technological advance or
‘dynamic efficiency’. But according to Schumpeterian hypothesis,
imperfect competition actually promotes the invention and technological
advances which offset the efficiency loss from too high prices.
3.      Some skeptical economists retort that monopolists mainly promote
the quiet life, poor quality and uncivil service. Indeed, a common
complaint about companies with a dominant market position is that they
pay little attention to quality of product.
4.      Most people object to imperfect competition on the grounds that
monopolists may be earning supernormal profits and enriching themselves
at the expense of hapless consumers.
Intervention Strategies:
According to a Nobel Prize winner Milton Friedman, basically there are
three choices – private unregulated monopoly, private monopoly regulated
by the government, or the government operation. In most market economies
of the world, the monopolists are regulated by the State. There are
several methods and tools for controlling the power misuse by
monopolistic and oligopolistic firms:

Anti-trust Policy: Anti-trust policies are laws that prohibit certain
kinds of behaviour (such as firm’s joining together to fix prices) or
curb certain market structures (such as pure monopolies and highly
concentrated oligopolies).
Encouraging Competition: Most generally, anticompetitive abuses can be
avoided by encouraging competition whenever possible. There are many
government policies that can promote vigorous rivalry even among large
firms. In particular, it is crucial to keep the barriers to entry low.
Economic Regulations: Economic regulation allows specialised regulatory
agencies to oversee the prices, outputs, entry, and exit of firms in
regulated industries such as public utilities and transportation. Unlike
antitrust policies, which tell businesses what not to do, regulation
tells businesses what to do and how to do.
Government Ownership of Monopolies: Government ownership of monopolies
has been an approach widely used. In recent years, many governments have
privatised industries that were in former times public enterprises, and
encouraged other firms to enter for competition.
Price Control: Price control on most goods and services has been used in
wartime, partly as a way of containing inflation, partly as a way of
keeping down prices in concentrated industries.
Taxes: Taxes have sometimes been used to alleviate the income-
distribution effects. By taxing monopolies, a government can reduce
monopoly profits, thereby softening some of the socially unacceptable
effects of monopoly.


Game Theory

Game Theory and Oligopoly Behaviour:
Game theory analyses the way that two or more players or parties choose
actions or strategies that jointly affect each participant. In other
words, game theory determines rational behaviour of players whose
interests are mutually dependent on one another’s decision. Its
objective is to find mathematically complete principles which define
rational behaviour for the participants in a social economy, or to derive
from them the general characteristics of that behaviour. The theory was
developed by John von Neumann (1903-1957), who was a Hungarian born
mathematician.

By game we mean any situation in which the interests of the participants
conflict. While taking decision each party must consider what probably
will be the decision of the other so that he may make a choice most
profitable to himself. This what usually happens in a game of chess or
cards. This is applicable to situations arising in an oligopoly.
There are two common games, i.e., constant-sum game and zero-sum game:

Constant-Sum Game: is the game in which the participants take share of
the total gain.
Zero-Sum Game: is the game in which the winnings of one are matched
exactly by the losses of the other.

In the following example, the dynamics of price-cutting will be analysed,
so lets the game begin! Suppose there are two rival firms in an
industry, viz., Berney & Max:

At present the Berney’s Motto: “We will not be undersold”
Currently, the Max’s Motto: “We sell for 10% less”




In the above diagram, the vertical arrows show Max’s price cuts; the
horizontal arrows show Berney’s responding strategy of matching each
price cut. By tracing through the pattern of reaction and counter-
reaction, you can see that this kind of rivalry will end in mutual ruin
at a zero price. Because the only price compatible with both strategies
is a price of zero; 90 percent of zero is zero. If one party cut the
price, the other party will match the price cuts, and it will continue
until the price of zero is attained. Now the Berney will start ‘what-if’
analysis. What Max will do if Berney charge price A, price B, and so
forth. The novel element in the duopoly game is that the firm’s profits
will depend on the rival’s strategy as well as on its own.

The useful tool for representing the interaction between two players is a
two-way ‘payoff table’. A payoff table is a means of showing the
strategies and the payoffs of a game between two players. In the payoff
table, a firm can choose between the strategies listed in its rows or
columns. For example, Max can choose between its two columns and Berney
can choose between its two rows. In this example, each firm decides
whether to charge its normal price or to start a price war by choosing a
low price:
* Normal price strategy is the dominant price strategy.

The above payoff table shows the price war game between Berney and Max.
The amounts in rupees inside the cells show the payoffs of the two firms;
that is, these are the profits earned by each firm for each of the four
outcomes. The lower left amount shows the payoff to the player on the
left, i.e., Berney; the upper right shows the payoff to the player at the
top, i.e., Max. Just like Max, Berney has two choices, i.e., either to
opt for normal price or go for a price war. In cell C, the Berney plays
normal price and Max plays price war. The result is that Berney has a
profit of – Rs. 100 while Max has a profit of – Rs. 10. Thinking through
the best strategies for each player leads to the dominant equilibrium in
cell A, where both the players avoid price war.

Dominant Strategy: The simplest strategy in game theory is ‘dominant
strategy’. This situation arises when one player has a best strategy no
matter what strategy the other player follows. The firm’s best price
strategy is to follow normal price. In the above case, charging the
normal price is a dominant strategy for both firms in the ‘price-war
game’. When both or all players have a dominant strategy, the outcome is
said to be ‘dominant equilibrium’ because each player is having its own
dominant strategy.

Nash Equilibrium: This theory presented by a mathematician John Nash.
Nash equilibrium applies to the situation when all the participants in a
game are each pursuing their best possible strategy in the knowledge of
the strategies of all other participants. For example, imagine a two-
person country where both the people have to decide the side of the road
on which to drive. The payoffs are as follows:

(i) No crash: happens when both drive on the left or right. It is Nash
equilibrium. There are two possible Nash equilibria, i.e., either both
driving on the left, or both driving on the right.
(ii) Crash: happens when one drives on the left and the other drives on
the right. If one drives on the left and the other drives on right, it
is not Nash equilibrium because, given the choice of the other, each
would change their own policy.

Now take our previous example of Bernie and Max. Suppose each firm
considers whether to have its normal price or to raise its price toward
the monopoly price and try to earn monopoly profits. It is a rivalry
game, which is shown in the following diagram:
In the above game, it is shown that the firms can stay at their normal
price equilibrium that we found in the price-war game, or they can try to
raise their price to earn some monopoly profits.

Cell A: Each firm follows high price strategy and both firms have the
highest joint profit of Rs. 300. It is the situation where both the
firms behave like a monopolist for having high prices.

Cell D: Each firm follows normal price strategy and both firms have the
lowest joint profit of Rs. 20. It is the situation of normal price
equilibrium that we found in the price-war game.

Cell C: Max follows a high price strategy but Burney undercuts. So
Burney takes most of the market and has the highest profit of any
situation, while Max actually loses money.

Cell B: Berney gambles on high price, but Max’s normal price means a loss
for Berney.

Conclusion: In the above example of the rivalry game, Berney has a
dominant strategy; it will profit more by choosing a normal price no
matter what Max does. On the other hand, Max does not have a dominant
strategy because Max would want to play normal if Berney plays normal and
would want to play high if Berney plays high. In the above game, the
best policy for Max is to play normal price. This situation illustrates
the basic rule of basing your strategy on the assumptions that your
opponent will act in his or her best interest. This is Nash equilibrium.
Nash equilibrium is one in which no player can improve his or her payoff
given the other player’s strategy. The Nash equilibrium is also
sometimes called ‘non-cooperative equilibrium’, because each party
chooses its strategy without collusion or cooperation, choosing that
strategy which is best for itself, without regard for the welfare of
society or any other party.

Examples of Game Theory:
To Collude or Not to Collude:
(a)    The duopolists may decide to collude, which means that they will
behave in a cooperative manner. A cooperative equilibrium comes when the
parties act in unison to find strategies that will benefit their joint
payoffs. They may decide to form a cartel, setting a high price and
dividing all profit equally between the firms. Clearly this will benefit
the duopolists at the expense of consumers.
(b)   If the cooperative equilibrium is not possible, the firms would
quickly gravitate to the non-cooperative or Nash equilibrium. This is
also known as a ‘perfectly competitive equilibrium’ because each firm and
consumer makes decisions by taking the prices of everyone else as given.
In this equilibrium, each firm maximises profits and each consumer
maximises utility leading to zero-profit outcome in which price equals
marginal cost. According to Adam Smith, there is an invisible hand that
makes perfectly competitive equilibrium socially efficient, even though
each person is behaving in a non-cooperative manner. By contrast, if
some parties were to cooperate and decide to move to the monopoly price,
the efficiency of the economy would suffer. That is why governments
intervene to enforce antitrust laws that contain harsh penalties for
those who collude to fix prices or divide up the markets.

 The Pollution Game: In many circumstances, non-cooperative behaviour
leads to economic inefficiency or social misery. One notable example is
the arms race, where non-cooperative behaviour between the United States
and the (former) Soviet Union, and Pakistan and India led to massive
military spending and development of weapons of mass destruction, makes
the continents unsafe. Another example of pollution game is shown in
payoff table as follows:




* Nash equilibrium

In the above diagram, an example of two steel manufacturing concerns,
namely, US Steel and Oxy Steel, operating in the United States is taken.
In this world of unregulated firms, each individual profit-maximising
firm would prefer to pollute the earth’s environment rather than install
expensive pollution-control equipment. In such a world, if a firm
behaves altruistically and cleans up its wastes, that firm will have
higher production costs, higher prices, and fewer customers. If the
costs are high enough, the firm may even go bankrupt. This is a
situation in which the Nash equilibrium is inefficient. When markets or
decentralised equilibria become dangerously inefficient, governments may
step in. By setting efficient regulations or emissions charges,
government can induce firms to move to outcome A, the Low pollute/Low
pollute world. In that equilibrium, the firms make the same profit as in
the high-pollution world, and the earth is a healthier place to live in.

Monetary-Fiscal Game: The game theory is also important to understanding
a nation’s economic policies. Economists and politicians have argued
that monetary policy and fiscal policy are skewed in an undesirable
direction; fiscal deficits are too high and reduce national saving, while
monetary policy produces interest rates that retard investments. It is
customary in a modern economy to separate monetary and fiscal functions.
A country’s central bank determines the monetary policy – interest rates,
and the fiscal policy – taxes and spending – is determined by the
executive and legislative branches. But the monetary and fiscal
authorities have different objectives. The central bank takes a stance
that emphasises austerity and low inflation. The fiscal authorities
worry about full employment, popularity, keeping taxes low, preserving
spending programs, and getting re-elected. Thus they pick high deficits.
The central bank wants minimise the inflation and chooses high interest
rates. Thus the outcome is the non-cooperative equilibrium between
fiscal authorities and monetary policy makers at cell C:




* Nash equilibrium
† Cooperative equilibrium

Perhaps the best strategy of monetary fiscal game is to lower the
deficits, lower interest rates and raise investment, which was adopted by
President Bill Clinton for the survival of US economy


Price Determination under Monopolistic Competition

Imperfect competition covers all situations where there is neither pure
competition nor pure monopoly. Both perfect competition and pure
monopoly are very unlikely to be found in the real world. In the real
world, it is the imperfect competition lying between perfect competition
and pure monopoly. The fundamental distinguishing characteristic of
imperfect competition is that average revenue curve slopes downwards
throughout its length, but it slopes downwards at different rates in
different categories of imperfect competition. The monopolistic
competition is one form of imperfect competition.

Features of Monopolistic Competition:
Monopolistic competition refers to the market situation in which many
producers produce goods which are close substitutes of one another. Two
important distinguishing features of monopolistic competition are:

(a)   Product differentiation, and
(b)   Existence of many firms supplying the market.

(a)    Product Differentiation: In contrary to perfect competition where
there is only one homogeneous commodity, in monopolistic competition
there is differentiation of products. In monopolistic competition,
products are not homogenous nor are they only remote substitutes. These
are the products produced by competing monopolists that have separate
identity, brand, logos, patents, quality and such other product features.
Product differentiation does not mean that goods are completely
different. Rather it means that products are different in some ways, but
not altogether so. These imaginary differences are created through
advertising, marketing, packaging and the use of trademarks and brand
names.
(b)    Existence of Many Firms: Under monopolistic competition, there is
fairly large number of sellers, let say 25 to 70. Each individual firm
has relatively small part of the total market so that each has a very
limited control over the price of the product. And each firm determines
its own price-output policy without considering the reactions of rival
firms.
(c)    In monopolistic competition, in the long run, there is freedom of
entry and exit.
(d)    The commodity sold in a monopolistic competitive market is not a
standardised product but a differentiated product. Hence competition is
no longer exclusive on price basis. Buyers are buying a combination of
physical product and the services which go with it.
(e)    Because of consumers’ attachment to a particular brand, the seller
acquires a monopolistic influence on the market. Thus, the demand curve
facing a firm under monopolistic competition is a downward sloping curve,
i.e., if he wants to sell more, he has to lower his price. The demand
curve or AR curve under monopoly also slopes downwards, but there is a
difference between demand curves facing under monopolistic competition
and pure monopoly. The demand curve faced by a ‘competing monopolist’ is
more elastic than the demand curve faced by the ‘monopolist’, because
there are no close substitutes available for the monopolist commodity.

Price Determination under Monopolistic Competition:
Under monopolistic competition, the firm will be in equilibrium position
when marginal revenue is equal to marginal cost. So long the marginal
revenue is greater than marginal cost, the seller will find it profitable
to expand his output, and if the MR is less than MC, it is obvious he
will reduce his output where the MR is equal to MC. In short run,
therefore, the firm will be in equilibrium when it is maximising profits,
i.e., when MR = MC.

(a) Short Run Equilibrium: Short run equilibrium is illustrated in the
following diagram:




In the above diagram, the short run average cost is MT and short run
average revenue is MP. Since the AR curve is above the AC curve,
therefore, the profit is shown as PT. PT is the supernormal profit per
unit of output. Total supernormal profit will be measured by multiplying
the supernormal profit to the total output, i.e. PT × OM or PTT’P’ as
shown in figure (a). The firm may also incur losses in the short run if
it is facing AR curve below the AC curve. In figure (b) MP is less than
MT and TP is the loss per unit of output. Total loss will be measured by
multiplying loss per unit of output to the total output, i.e., TP × OM or
TPP’T’.

(b) Long Run Equilibrium: Under monopolistic competition, the supernormal
profit in the long run is disappeared as new firms are entered into the
industry. As the new firms are entered into the industry, the demand
curve or AR curve will shift to the left, and therefore, the supernormal
profit will be competed away and the firms will be earning normal
profits. If in the short run firms are suffering from losses, then in
the long run some firms will leave the industry so that remaining firms
are earning normal profits.

The AR curve in the long run will be more elastic, since a large number
of substitutes will be available in the long run. Therefore, in the long
run, equilibrium is established when firms are earning only normal
profits. Now profits are normal only when AR = AC. It is further
illustrated in the following diagram:
Normal Price

According to Professor Marshall, Normal or Natural Price of a commodity
is that which economic forces would tend to bring about in the long run.
Professor Marshall referred the short-period normal price as Sub-Normal
Price. Therefore, the normal price has been bifurcated into:

(a)   Short-Period Normal Price
(b)   Long-Period Normal Price

(a) Short-Period Normal Price: Short period of time refers to the time
which is not sufficient for supply to adjust itself to demand completely.
Supply can be adjusted completely if there is enough time for the factors
of production to vary in accordance with the increase or decrease in
demand.


  In short run, a firm is in equilibrium at the output at which price
equals marginal costs. In short run, the fixed cost is not considered
for decision-making. It is the average variable cost which is considered
for determining whether to produce or not. If the price falls below the
maximum average variable cost, then even in the short run, all the firms
in the industry will shut down to minimise loses. Thus the minimum
average variable cost is the minimum limit to the price. The short-run
supply curve of the industry is the lateral summation of the all the
marginal cost curves of the firms. The short-run supply curve of the
industry slopes upward from left to right.




In the above diagram, the short period supply curve is divided into two:
short-run supply curve (SRS) and market period supply curve (MPS). In
the above diagram, it is depicted that in the market period, if the
demand increases from DD to D’D’, the market price will rise sharply from
OP to OK, while the supply will remain unchanged at OM or MPS. However,
in the short-run, the increased demand will also increase the production
by making intensive use of the fixed capital equipment and increasing the
amount of variable factors. It should be remembered that in the short-
run the fixed capital or the fixed costs couldn’t be increased or
decreased. While in the market period, neither fixed costs nor variable
costs can be varied. The market period is referred to a very short
period. Therefore, the supply curve of the market period is a straight
vertical line and the supply curve of a short period is upward sloping
curve from left to right. If the demand increases from DD to D’D’, the
price will decrease from OK to OR and the supply will increase from OM to
OM’ in the short period.

Now if there is a decrease in demand from DD to D”D”, the market price
will fall sharply from OP to OL, the supply of commodity remaining the
same. But in the short run, firms will contract output by diminishing
the variable factors and as a result the quantity supplied will fall.
The short-run normal price will be OT. At price OT firms would be
incurring losses. Price cannot fall below OD, since at price below D,
firms would not produce any amount of the commodity and the quantity
supplied will be zero.

(b) Long-Period Normal Price: In the long run, every cost is variable
cost. In this period, all costs ever incurred by the firm must be
recovered. Price, in the long run, or normal price under perfect
competition, therefore, must be equal to the minimum long-run average
cost. A firm under perfect competition is in long-run equilibrium at the
output where price = MC = minimum LAC.

If the price is above the minimum long-run average cost (LAC), the firms
will be making ‘super-normal profits’. Therefore, new firms will enter
the industry to compete away these extra profits and the price will fall
to the level where it is equal to the minimum LAC, where the firms are
making ‘normal profits’. If the price is below the minimum long-run
average cost (LAC), the firms will be making ‘losses’. Therefore, some
of the existing firms will exit from the industry to avoid losses and the
price will rise to the level where it is equal to the minimum LAC or at
the normal price.




(i) Long-run Normal Price in Increasing-cost Industry: In increasing-cost
industry, due to certain external diseconomies brings about an upward
shift in the cost curves of all firms. The increasing cost industry is
the most typical of the actual competitive world. The following are the
diagrams showing normal price in an increasing-cost industry:




Suppose that there is a sudden and once-for-all increase in demand from
DD to D’D’. In the market period or the very short period, the firms can
sell only what they have already produced. The total amount supplied
will remain unchanged at output OM. Thus, as a result of increase in
demand from DD to D’D’, the market price will rise sharply from OP to
OP’. In the short period, however, the firms will increase output along
the short run marginal cost curve. Therefore, the price in the short run
will fall to the level OP” at which the new demand curve D’D’ intersects
the short-run supply curve SRS, which is the lateral summation of the
short-run marginal cost curves of the firms. The total amount supplied
will be increased to OM’ at price OP”. In this short-run equilibrium
position, firms would be having abnormal profits. Lured by these super-
normal profits, new firms will enter into the industry in the long run.
In increasing cost industry, as new firms enter, the cost curves of all
the firms will shift upwards due to net external diseconomies. As the
output of the industry increases as a result of the entry of new firms,
price in the long run will fall to OP”’ at which the demand curve D’D’
intersects the long-run supply curve LRS. Thus, OP”’ is the long-run
normal price and the output will be OM”. This long run normal price OP”’
must be equal to the minimum LAC, since new firms will continue entering
the industry until all are earning only normal profits.

In essence, in the long run, in case of increasing cost industry, more
quantity of the product can be got only at a rather higher price.

(ii) Long-run Normal Price in Constant Cost Industry: The long-run supply
curve of the constant cost industry is a horizontal straight line or
perfectly elastic at the level of long-run minimum average cost, i.e.,
the bottom of the U-shaped LAC:
To begin with, DD is the demand curve and it intersects the market period
supply curve MPS at price level OP. Thus OP is market price with OM
output. Now if the demand increases from DD to D’D’, there will be a
sharp rise in the market price from OP to OP’, the supply remaining
unchanged. In response to the increased demand the firms in the short
run will increase production. Therefore, in the short-run equilibrium
price will fall to OP” (and output OM’) at which the short-run supply
curve SRS intersects the new demand curve D’D’. In the long run, the
output will increase further to OM” and the price will face to the
original level OP. At this equilibrium point every firm will be
producing at the long-run minimum average cost as in the original
equilibrium position and will be earning only normal profits.

(iii) Long-run Normal Price in Decreasing Cost Industry: This is the case
of a young industry in its early stages of growth, in which the external
economies may outweigh the external diseconomies as it undergoes
expansion. This phenomenon of net external economies lowers the cost
curves of all firms. Thus in a decreasing cost industry, the additional
supplies of the product will be forthcoming at reduced prices and
therefore the long-run supply curve of the industry will slope downwards
from left to right:




DD is the original demand curve which intersects the market period supply
curve MPS at price OP at output OM. Now suppose that there is a sudden
and permanent change in demand from DD to D’D’. As a result of the
increased demand, the market price will rise sharply from the original
price OP to OP’, while output remaining the same, i.e. OM. In the short
run, the firms will manage to increase the output and therefore, amount
supplied will be increased to OM’. As a result the price in the short-
run will slip down to a new level i.e. OP”, at which new demand curve
D’D’ intersects the short-run supply curve SRS. In the long run,
however, new firms will be attracted and will enter into the industry and
cause downward shift in the cost curves of all the firms. The new long
run price will be determined at the level OP”’ at which the new demand
curve D’D’ cuts the downward sloping long-run supply curve LRS. As it
would be evident from the above diagrams that more output can be produced
at a lower than original price in a decreasing cost industry, where the
suppliers seek to produce more at reduced prices.


Rent

Rent refers to that part of payment by a tenant which is made only for
the use of land, i.e., free gift of nature. The payment made by an
agriculturist tenant to the landlord is not necessarily equals to the
economic rent. A part of this payment may consist of interest on capital
invested in the land by the landlord in the form of buildings, fences,
tube wells, etc. The term ’economic rent’ refers to that part of payment
which is made for the use of land only, and the total payment made by a
tenant to the landlord is called ‘contract rent’.

In economics, the term ‘rent’ is being increasingly used in the sense of
a surplus, i.e., what a factor of production earns over and above what is
essential to maintain its supplies in its present occupation. In this
sense, rent can arise only when the supply of a factor of production is
less than perfectly elastic, and this is the case with most of the
factors. In case the supply of a factor is perfectly elastic, it cannot
earn any surplus over and above its supply price. Because whenever such
a factor is found to be earning more than its supply price, more units of
this factor will rush in and the surplus earning will disappear. This is
so because, under perfect competition, the market price of a factor must
equal its supply price.

The supply of land in general is absolutely inelastic, and its supply is
independent of what it earns. The higher rent cannot attract more of it
and a lower rent cannot drive it out. That is why, the land has no
supply price.

Economic rent is the surplus which remains to the supplier of a factor
after he has paid all the expenses of production and has remunerated
himself for his own productive effort.

Another way of explaining rent is transfer earnings. Transfer earnings
represent the amount which a factor can earn in its next best paid
alternative use. Suppose a piece of land yields in its present use Rs.
500,000 a year and suppose further that if it is transferred to its next
best use, it will yield Rs. 400,000. In its present use, it yields Rs.
100,000 more than its next best use. This sum of Rs. 100,000 is a sort
of surplus that the land is yielding in its present use. This surplus is
called rent.

Ricardian Theory of Rent:
More than a century ago, David Ricardo presented the Theory of Rent.
According to him, rent is that portion of the produce of the earth which
is paid to the land for the use of the original and indestructible powers
of the soil. Economic rent, according to Ricardo, is the true surplus
left after the expenses of cultivation as represented by payments to
labour, capital and enterprise have been met.

Suppose a country has four kinds of land, i.e., A, B, C and D. Some
pieces of land are more fertile than others and some areas are more
advantageously situated as regards centres of population and means of
transport, etc. A is most superior land and B, C and D are 2nd, 3rd and
4th grade lands, respectively. Further, suppose that standard units of
labour and capital called ‘doses’ of labour and capital, when applied to
these categories of land, produce wheat as given in the following table:

Doses Return in Quintals of Wheat per
Acre   A B C D 1st 10 9 8 7 2nd 9 8 7 6 3rd 8 7 6 5 4th 7 6 5 4 5th
6 5 4 3 6th 5 4 3 2
Suppose class A is enough and it can meet the entire demand for food at
the prevailing price. In this situation, land will command no rent. It
will be like a free gift of nature. Now suppose that population has
increased to such an extent that the whole of the class A land is brought
under cultivation, and still it is not enough to meet the growing demand
for food. In order to meet the increased demand for food, more labour
and capital will be put into lands of class A, and of class B will also
be brought under cultivation. This will happen only when the price of
wheat rises so much as to make it worthwhile putting one more dose (i.e.,
two doses in all) of labour and capital into land A and putting first
dose of labour and capital into land B. The price of 10 quintals of
wheat produced on land A in 1st dose of labour and capital is just equal
to the cost of labour and capital. Therefore, there is no surplus on
land A in the first dose. Similarly, the price of 9 quintals of wheat
produced on land B is just equal to the cost of labour and capital put
into this land in the 1st dose. Therefore, there is no surplus on land B
in the second dose. But on the land A, 2nd dose of labour and capital
gives a return of (10 + 9) 19 quintals, whereas, the cost of two doses
labour and capital is just equal to (9 quintals × 2 doses) 18 quintals.
The difference of 1 quintal (19 – 18) is the surplus on land A. Thus the
cultivators of land can either cultivate land B free of rent and get 9
quintals of wheat per dose of labour and capital per acre, or they can
pay 1 quintal of wheat per acre to the owners of land A as ‘rent’.

As the demand for food still grows and the price of wheat rises, this
process will continue. More and more units of labour and capital will be
applied to the superior lands on the one hand, and still inferior lands
will be brought under cultivation, on the other. The available doses of
labour and capital will be applied in such a way as to get equal returns
at the margin of cultivation. For example, if there are 10 doses
available, 4 will be applied to land A, 3 will be applied to land B, 2
will be applied to land C, and 1 dose will be applied to land D. In this
way, the marginal or the last dose applied to each class of land will
give the same return, i.e., 7 quintals of wheat. The total production
under these conditions will be 34 + 24 + 15 + 7 = 80 quintals of wheat.
No other arrangement can give an output more than this. It is clear that
rent of each class of land is equal to the surplus output over and above
the cost of production, which is equal to 7 quintals of wheat. Under
such circumstances, rent per acre of the various kinds of land will be:
Rent of A   =    Total Produce of Land A – Total Cost of Production from
Land A
            =    (10 + 9 + 8 + 7) –    (7 quintals × 4 doses)
            =    34 – 28
            =    6 quintals

Rent of B   =    (9 + 8 + 7)      –    (7 quintals × 3 doses)
            =    24 – 21
            =    3 quintals

Rent of C   =    (8 + 7)               –     (7 quintals × 2 doses)
            =    15 – 14
            =    1 quintal

Rent of D   =    0 quintals

When marginal produce is 7 quintals, there will be no rent of D grade
land. It is then the marginal land or land on the margin of cultivation.
This is also called the ‘no-rent land’ or ‘marginal land’. It produces
no surplus over cost of production. Its produce is just enough to cover
production expenses on it. The rent of all superior lands is measured
upwards from, and with reference to, the marginal land. Now the marginal
land may not be the worst or poorest land. It may have other alternative
uses. The land which is best for cultivation of cotton may also be best
for cultivation of wheat.

The following diagrams illustrates the Ricardian Theory of Rent:




In the above diagram, it will be seen that the minimum average cost of
production on D grade land is LH. If this D grade land is to be
cultivated then the price of the produce (wheat) must be equal to OP. In
other words, when the demand for wheat increases so much that price OP is
determined, only then will this land be cultivated. At price OP, OL
quantity of D grade land will be cultivated. For land D, the total cost
of production is equal to the total value of the produce obtained
(because price OP = Average Cost of Production, i.e., LH). Thus there is
no surplus above the cost of production or rent on land D. Grade D land
is ‘no-rent land’ or ‘marginal land’.

In case of land C, the price will also be OP, because under perfect
competition, price in the market must be the same whatever land may be
producing that commodity. But the average cost is QS. Hence there is GS
per unit surplus, or total surplus above total cost is equal to the area
GPTS. GPTS is the rent on land C. Similarly, rent on land B is
represented by FPZK and rent on land A is represented by EPJR.

The rent paid may not be economic rent, but scarcity rent. This happens
in an old economy with a growing population. Then, even the marginal
land pays some rent which is scarcity rent. The superior lands will pay,
besides scarcity rent, economic rent, due to the natural differential
advantages enjoyed by them.

Besides economic rent, there is also a ‘scarcity rent’. As the price of
wheat rises, the worst land is also subjected to intensive cultivation
and it yields a surplus over cost. This surplus is not a differential
one compared to no-rent land, which does not exist. It is due to the
scarcity of land as such. Hence it is called ‘scarcity rent’.

The rent yielded by superior lands thus contains two elements:

(i)                 Differential surplus over marginal land, and
(ii)               Payment due to scarcity of land as such.

Criticism of Ricardian Theory:
The Ricardian Theory of Rent has been widely criticised on the following
grounds:

(i)                 According to Ricardian Theory, rent arises because
some lands are superior and others inferior. But modern writers assert
that it is a matter of indifference to the general principle of rent
whether the land is uniformly good, uniformly bad or gradable. The
essential factor of rent is the relative scarcity of the products that
land can yield. The scarcity of land is in fact derived from the
scarcity of its products. If the problem is approached from this point
of view, the necessity of assuming different grades of land disappears.
(ii)               The second fact that Ricardian Theory has pointed out
is that rent is measured from the no-rent margin. No-rent margin is the
starting point of measuring rent according to this theory. It is
contended by the modern writers that the no-rent margin may exist in some
cases, but it is not fundamental to the emergence of rent. For instance,
some lands may be fit only for a specific use, e.g., growing corn. If it
is not profitable to grow corn on them due to fall in the price of corn,
such land may go out of cultivation, or they may just pay for the cost of
the crop grown on them. Such lands may have significance from the point
of view of rent but in a different sense than held by Ricardo. If such
lands are cultivated, they tend to increase the supply of corn and thus
lower rents, and if they go out of cultivation, rent rises due to a
decrease in the supply of corn. The existence of such marginal land does
not give any ultimate explanation of rent.

Modern   Theory of Rent:
Modern   theorists view rent as a payment for the use of land. According
to the   modern view rent is determined by the demand for and the supply of
land.    Now lets take the demand for land first:

Demand for the Use of Land: The demand for land is a derived demand. It
is derived from the demand for the products of land. If the demand for
these products rises or falls, the demand for the use of land will
correspondingly rise or fall leading to increase or decrease of rents.
For instance, if population of a country increases, the demand for food
will increase, resulting in increased demand for land and rise in its
rent, and vice versa. The productivity of land is subject to the law of
diminishing marginal productivity. That is why, the demand curve for
land slopes downward from left to right, as shown in the following
diagram:




Thus, on the side of demand, rent of land is determined by its
productivity, not total productivity, but marginal productivity.

Supply Side: On the supply side, the supply of land is fixed so far as
the community is concerned, although individuals can increase their own
supply acquiring more land from others or decrease its supply by parting
with land. Land is a case of perfectly inelastic supply which means that
whatever the rent, the supply remains the same. That is why it is said
that land has no supply price. In other words, the supply of land in
general is absolutely inelastic and as such its supply is independent of
what it earns.

Interaction of Demand and Supply: The interaction of these two forces is
shown in the above diagram. We assume that land is homogeneous and it is
used for raising only one crop. Only then there can be one demand curve
and on supply curve. We also assume perfect competition. SS, supply
curve, a vertical straight line, indicates the fixed supply of land.
These two curves intersect at point E. In this OR (=SE) is the rent. If
the rent is less than OR, say OR” (=SE”), the demand for land will
increase; but the supply is fixed, hence rent will again rise to OR. If,
on the other hand, rent rises above OR to OR’ (=SE’), the demand for land
will decrease and bring the rent back to OR.

Suppose now that on account of increase in population or otherwise,
demand for land has increased from DD to D’D’. Supply curve is still the
same SS. The new point of intersection will be E’, and, therefore, the
rent will be OR’ (SE’). If demand falls to D”D” then the demand and
supply curves intersect at E” and the rent will be OR” (SE”). In case,
the country is entirely new and land of good quality is surplus, then
there will be no rent. This condition is shown by D”’D”’.

Land for an Individual / Particular Use: We have analysed above the total
demand and supply of land for the community as a whole. Now lets
consider an individual’s case. For a particular use or particular
industry, the supply of land cannot be regarded as fixed. By offering
more rent, the supply can be increased, the supply will decrease if the
rent in this particular case goes down. The supply is thus elastic and
the supply curve will rise upward from the left to the right as is shown
in the following diagram:




Modern theory of rent does not confine itself to the determination of the
reward of only land as a factor of production. Rent according to the
modern sense can arise in respect of any factor of production. It is a
surplus payment in excess of transfer earnings of that factor. Economic
rent of a factor of production is the excess over its transfer earnings,
i.e., what a factor may be earning in its present employment over what it
could earn in its next best employment. In other words, transfer
earnings of a factor mean what a unit of factor can earn in its next best
alternative use, occupation or industry. We can also define transfer
earnings as the minimum earnings which a unit of factor of production
must be paid in order to induce it to stay in its present use or industry
or occupation. If a factor is getting less than this minimum, it will
give up its present employment and shift to its next best alternative
employment. But if a factor in its present employment is earning more
than the minimum necessary to keep it in that employment, the excess is
called ‘economic rent’.

Let us take some examples, suppose a lecturer in Economics is getting Rs.
10,000 salary per month in a college. His next best employment can be in
a bank where he can earn Rs. 9,000 salary per month. If he cannot get
Rs. 9,000 salary from college, he will take up a job in a bank. But
since he is actually earning Rs. 10,000 as lecturer in a college, it
means he is earning Rs. 1,000 per month more than his next best
employment. This Rs. 1,000 is an economic rent for him. Take another
example, suppose a piece of land is devoted to the cultivation of rice
with Rs. 15,000 earning per month. In the next best alternative use, the
owner can earn Rs. 12,000 per month by cultivating cotton on it. It
means he is earning Rs. 3,000 more than the next best alternative use of
land. This excess / surplus of Rs. 3,000 is economic rent.

How Economic Rent Arises?
The determination of Economic Rent depends on the elasticity of supply of
factors of production. There are three possibilities:

(a)   Perfectly elastic supply of factors
(b)   Less than perfectly elastic supply of factors
(c)   Inelastic supply of factors

(a)   Perfectly elastic supply of factors: When the elasticity of supply
of factors of production is perfectly elastic, there will be no surplus
or economic rent, and the actual earnings and transfer earnings are
equal. If there is any difference, it will be swept away, when new
factors are entered into the factor market. When the supply of factors
of production is perfectly elastic, it means that entrepreneurs can
engage or employ any number of factor units at a given price or
remuneration. Thus no factor can earn more than its transfer earnings,
and there will be no rent or surplus earnings. This situation is shown
in the following diagram:




In the above diagram, the supply curve of the factor of production is a
horizontal straight line indicating perfect elasticity. All the factor
units are available at the given price OS. The transfer earnings of each
factor is equal to OS. DD is the demand curve and it intersects the
supply curve SS at point P. OM is the equilibrium quantity of the factor
used. Total earnings are equal to OSPM. But since the transfer earnings
are equal to total earnings, therefore, the transfer earnings are also
equal to OSPM. If this firm does not pay the price OS, the factor units
will be shifted to some other use.

(b)   Less than perfectly elastic supply: When the elasticity of supply
of factors of production is less than perfectly elastic (i.e., it is
somewhat elastic), the transfer earnings of all the factors are not
equal. As the price of the factor increases, more and more of the factor
units will be employed in the industry. Suppose, in a particular
industry, a factor unit can earn Rs. 5,000 per month. It is obvious that
only such units of the factor will offer their services to this industry
whose price in other alternative occupations is less than Rs. 5,000, or
in other words, the transfer earnings are less than the present earnings.
In this manner, as the price paid for a factor in a particular industry
or occupation increases, the supply of the factor will increase if the
transfer earnings are less. It is clear that the supply of a factor of
production depends on its transfer earnings. The following diagram
illustrates the situation:




The supply curve SS in the above diagram indicates the quantities of the
factor available at various prices. It shows the transfer earnings of
different factor units, for example, the transfer earning of A unit of
the factor is AQ, whereas the price is OP. Therefore, the surplus or
economic rent is HQ. In the same manner, the other units earn surplus or
rent. It is assumed all factor units are equally useful for this
industry. Hence the price of all factor units in the industry will be
the same, i.e., OP. The supply curve cuts the demand curve DD at point
N. The transfer earnings of each factor unit are less than the price OP,
except for G unit of the factor. Total earnings are equal to OGNP and
the total transfer earnings are equal to OGNS. PNS represents the
surplus or economic rent.

(c)   Inelastic Supply: When the elasticity of supply of factors of
production is absolutely inelastic, it means that it is the case of
supply of land for the community as a whole. The supply of land for
community is fixed and it cannot be increased or decreased whatever the
price is offered. That is why the land has no supply price:
In the above diagram, SS’ is the supply curve and DD’ is the demand
curve. Both the curves intersect at point R. SS’ is a vertical straight
line indicating the perfectly inelastic supply of land. OP represents
the factor price, i.e., the price of land. Even if the price of the use
of land is zero, the supply of land will remain the same. This means
that from the point of view of the community as a whole, the transfer
earnings are zero, since the land cannot be transferred to any other
place.

The total earnings of land is equal to OPRS. Since in this situation the
transfer earnings of land are equal to zero, the entire earning of land,
i.e., OPRS, is economic rent. From the point of community as a whole,
there are two alternatives, viz., either the land should be cultivated or
it should be kept idle. Hence, for the community, the transfer earnings
of land are zero and whatever earnings are made in any use thereof
constitute its rent or surplus.

Quasi Rent:
The concept of ‘Quasi-Rent’ was first introduced in Economics by
Professor Marshall. According to him, quasi-rent is the surplus earned
by the instruments of production other than land. The term ‘Rent’ is
applied to income from land and other free gifts of nature, and ‘Quasi-
Rent’ to the income derived from machines and appliances with the help of
human efforts. It is earned during the period when their supply cannot
be increased in response to the increase in demand. It is a short-term
concept.

The basis of distinction between rent and quasi-rent is the fact that the
supply of land is fixed forever, and the other instruments of production,
i.e., building, machines, etc, is fixed temporarily and can be altered
after some time. Thus, the quasi-rent is a temporary surplus. With the
increase in the supply of other instruments of production, i.e.,
buildings, machines, etc., it disappears. The earnings from such durable
goods like machines must, in the long run, equal the prevailing rate of
interest. Temporarily, however, due to shortage, they may yield surplus
earnings which are called ‘quasi-rent’.

Quasi-rent has also been defined as the excess of total earnings in the
short run over the total variable cost:

Quasi Rent =     Total Revenue    –    Total Variable Cost
In the above SS is the absolute inelastic supply curve of machines. It
intersects the DD demand curve at E. That is, at OP (=SE) price, OS
machines are supplied. If in the short run, demand increases to D’D’,
the price will go up to OP’ instead of increase in supply. Since the
number of machines is fixed in the short run, the transfer earnings are
zero, the price is quasi-rent. It was OP before and it has become OP’
now. But, in the long run, the supply is perfectly elastic and is
represented by PL so that any number of machines will be supplied at OP.
Supply having now increased to OM, the price comes down again to OP
(=ME”). Now the quasi-rent has vanished and the price ME” just covers
the supply price (or transfer earnings) which is OP. Thus, it is clear
that in the short run, the capital goods earn quasi-rent, which is
disappeared in the long run when the supply becomes perfectly elastic.

Rent and Prices:
There are two views regarding the differences in the rent and prices:

(a)   Ricardian View: According to Ricardian theory of rent, rent cannot
enter into price. It is not an element of cost of production. According
to Ricardian theory, rent rises because of the rise in price and not the
other way round. According to this theory, rent is a surplus over cost.
Price is determined by the cost of production at the margin where there
is no rent. Hence, rent does not enter into price. The marginal dose of
labour and capital just pays for itself and leaves no surplus.

In fact the position of the margin, according to the Ricardian theory, is
determined by price and not price by the position of the margin. Rent is
price-determined and not price-determining.

But it is not to be understood that rent has nothing to do with price.
When price rises, margin of cultivation will descend; and inferior lands,
which it was not worthwhile to cultivate before, will now become
worthwhile. The land, which was marginal or no-rent land before, begins
yielding a surplus, and hence rent. The lands next inferior to it become
the marginal lands. As the margin of cultivation descends, the
difference between the superior land and the marginal land becomes
greater. This difference is the measure of economic rent. Therefore, we
see that when price rises, the rent also rises. This is true even from
commonsense point of view. For example, when price of wheat rises, there
will be greater demand for land to cultivate wheat and the farmer must
offer higher rents to bring more land under the plough.

Thus, rent follows prices but price does not follow rent.   Price is the
cause and rent is the effect.

(b)   Modern View: Modern theorists point out certain cases in which rent
will enter into price. When we are thinking not of all the land of the
country but of the land available for particular uses, rent does form an
element of price. This is clear from the concept of opportunity cost.
Most of the land is capable being put to alternative uses. If it is put
to one use, it is not available for another use. The minimum price that
has to be paid for the use of land is the amount which this land could
earn in its most profitable ‘alternative use’. This is called
‘opportunity cost’ or ‘transfer price’.

From the point of view of an individual firm, prices paid for all factors
(including the price for the use of land) must of course be included in
the cost of production, and must, therefore, enter into price. If a
farmer is using land belonging to someone else, the rent that he pays is
obviously a cost for him. In the case of an owner-cultivator too, the
rent as a cost is there, only its presence is obscured. The payment that
he could have received, if he did not cultivate himself, is the
opportunity cost of this land.

The problem may be approached in another way. Prices are determined by
the scarcity of the product in relation to demand. The rent that an
entrepreneur pays is a part of his cost of production. If the rent is
high the entrepreneur will tend to hire less land and, conversely, he
will use more land if rent is low. If he uses more land, the supply of
land for other purposes is diminished. If he uses less land, the supply
available for other purposes is increased. This rent by influencing
relative scarcity of land for different uses effects the prices of
different products.


Wages

The term 'wage' has been defined as a sum of money paid under contract by
an employer to a worker for services rendered. A wage payment is
essentially a price paid for a particular commodity, viz., labour
services. According to the classical wage theory, labour supply was
considered a function of real wages. But according to Keynes, the
workers acted irrationally and generally bargained for money wages and
they sharply reacted against any cut in money wages. The money wage has
also been called nominal wage. But money wages alone may not give us a
correct idea of what a worker really earns, it is the real wage that
determines the standard of living of a worker

Factors determining Real Wages:
Following are the factors that determine the real wages or the standard
of living of a worker:

(a) Purchasing Power of Money: The purchasing power of money is used to
compare wages at different places and at different times. It varies
inversely with the price level, i.e., higher the prices, lower the
purchasing power, and vice versa. A part of high wages in England and
North America may be due to higher prices prevailing in those
countries/regions.

(b) Subsidiary Earnings: Subsidiary earning is the income in addition to
the regular money wage, an employee has in the form of money or goods.
For example, free board and lodging are provided to the domestic servants
or peons; professors earning additional income by marking examination
papers, etc.

(c) Extra Work without Extra Payment: If an employee is required to do
extra work without any compensation, his real wage is reduced by that
extent.

(d) Regularity or Irregularity of Employment: Regular or more secure
employment may be given money wages, but their real earning may be higher
than irregular and unsecured employees receiving higher money wages.

(e) Conditions of Work: Some occupations are healthier than others, and
in some the hours of work are shorter than in others. All these things
are taken into account in evaluating real wages.

(f) Future Prospects: A low money income will be considered a high real
wage if there are good prospects of a rise in the future.

Theories of Wages:
(a) Subsistence Theory: This theory was originated with the Physiocratic
School of the French economists and was developed by Adam Smith and the
later economists of the classical school. The German economist Lassalle
called it the Iron Law of Wages or the Brazen Law of Wages. Karl Marx
made it the basis of his theory of exploitation.

According to this theory, wages tend to settle at the level just
sufficient to maintain the worker and his family at the minimum
subsistence level. If wages rise above the subsistence level, the
workers are encouraged to marry and to have large families. The large
supply of labour brings wages down to the subsistence level. If wages
fall below this level, marriages and births are discouraged and under-
nourishment increases death rate. Ultimately, labour supply is
decreased, until wages rise again to the subsistence level. It is
supposed that the labour supply is infinitely elastic, that is, its
supply would increase if the price (i.e. wage) offered rises.

Criticism: This theory is almost completely outdated and has no such
practical application, especially in advanced countries. The theory was
based on the Malthusian Theory of Population. It is inappropriate to say
that every increase in wages must inevitably be followed by an increase
in birth rate. An increase in wages may be followed by a higher standard
of living.

      (i) Ricardo was one of the exponents of the subsistence theory. He
stressed the influence of custom and habit in determining what was
necessary for the workers. But habits and customs change over time.
Hence, the theory cannot hold good for a longer period of time,
especially of a world characterised by fast changing habits. Ricardo,
therefore, admitted that wages might rise above the subsistence level for
an indefinite period in an improving society.

      (ii) The second criticism against this theory is that the
subsistence level is more or less uniform for all working classes with
certain exceptions. The thoery, thus, does not explain differences of
wages in different employment.
      (iii) The third criticism is that the theory explains wages only
with reference to supply; the demand side has been entirely ignored. On
the demand side, the employer has to consider the amount of work which
the employee gives him and not the subsistence of the worker.

      (iv) The fourth criticism is that the theory explains the
adjustment of wages over the lifetime of a generation and does not
explain wage fluctuations from year to year.

      (v) The fifth and the final criticism is that the term
'subsistence' has a very vague impression. Does it refer to the minimum
requirements of a modern man or of a tribal savage?

(b) Wages Fund Theory: This theory is associated with the name of J.S.
Mill. According to Wages Fund Theory wages depend upon two quantities,
viz.:

      (i) The wage fund or the circulating capital set aside for the
purchase of labour, and
      (ii) The number of labourers seeking employment.

Since, the theory takes the wage fund as fixed, wages could rise only by
a reduction in the number of workers. According to this thoery, the
efforts of trade unions to raise wages are futile. If they succeeded in
raising wages in one trade, it can only be at the expense of another,
since the wage fund is fixed and the trade unions have no control over
population. According to this theory, therefore, trade unions cannot
raise wages for the labour class as a whole.

Criticism: This theory has been widely criticised and stands rejected
now. Even J.S. Mill himself recanted it in the second edition of his
book 'Principles of Political Economy'. Mill thought that wages were
paid out of circulating capital alone. Whether the source of wages is
capital or the present products, has been the subject of a keen
controversy in the past. The fact is that in some cases, where the
process of production is short (e.g., final stages of the productive
process), wages are paid out of the present production. On the other
hand, when a process of production is long, the labourer obviously does
not obtain wages from the product of his labour either directly or
through exchange. In such cases, wages mainly come out of capital. This
theory is inapplicable in highly industrialised countries, but, it is
applicable in an under-developed country suffering from capital
deficiency, where the wages cannot be increased unless national income is
increased and capital accumulated through industrialisation.

(c) Residual Claimant Theory: The Residual Claimant Theory has been
advanced by an American economist Walker. According to Walker, wages are
the residue left over, after the other facts of production have been
paid. Walker says that rent and interest are governed by contracts but
profit is determined by definite principles. There are no similar
principles as regards wages. According to this theory, after rent,
interest and profit have been paid, the remainder of the total output
goes to the workers as wages.
This theory admits the possibility of increase in wages through greater
efficiency of employees. In this sense, it is an optimistic theory, the
subsistence theory and wages fund theory were pessimistic theories.
Though this theory has been rejected by most economists on several bases.

(d) Marginal Productivity Theory of Wages: This theory state that, under
the condition of perfect competition, every worker of same skill and
efficiency in a given category will receive a wage equal to the value of
the marginal product of that type of labour. The marginal product of a
labour in any industry is the amount by which the output would be
increased if a unit of labour was increased, while the quantities of
other factors of production remaining constant. Under perfect
competition, the employer will go on employing workers until the value of
the product of the last worker he employs is equal to the marginal or
additional cost of employing the last worker. Further, under perfect
competition, the marginal cost of labour is always equal to the wage
rate, irrespective of the number of workers the employer may engage.
Since every industry is subject to diminishing returns, the marginal
product of labour must start declining sooner or later. Wages remaining
constant, the employer stops employing more workers at that point where
the value of marginal product is just equal to the wage rate:




It is not true, as it is assumed above, that the quantities of other
factors remain constant while that of labour alone increases. To allow
for this, a term 'marginal net product of labour' has been used instead
of 'marginal product of labour'. The value of marginal net product of
labour may be defined as being the value of the amount by which output
would be increased by employing one more worker with the appropriate
addition of other factors of production, less the addition to the cost of
the other factors caused by increasing the quantities of other factors.

Limitations/Criticism of Marginal Productivity Theory: This theory is
true only under certain assumptions such as perfect competition, perfect
mobility of labour, homogenous character of all labour, constant rates of
interest and rent and given prices of the product. It is a static
theory. The actual world is dynamic. All assumptions are unrealistic.
The following are the criticism against this theory:

      (i) According to this theory, the labour is perfectly mobile so
that they can be moved from one employment to another employment, which
is not true in the real world.

      (ii) According to this theory, there is unified wage rate across
the market, which is impossible. Workers of the same skill and
efficiency may not receive the same wages at two different places.

      (iii) In case of monopsony, i.e., one buyer and many sellers, the
employer has a grip on wages and can pull down the wages below the value
of the marginal net product of labour. If the employees are collectively
organised, the wage rates can be bargained. Therefore, the wages are not
only determined by the number of workers employed but also by the
relative bargaining strength of the labour union and the employer.

      (iv) Another assumption of this theory is that there is an
existence of perfect competitive market for products, which is also an
unrealistic assumption. In the real world, the market for goods is
characterised by imperfect competition. This also unsettles the theory.

      (v) The productivity of workers is also dependent on factors such
as the quality of capital and efficient management, which is outside the
scope of this theory.

      (vi) It should be borne in mind that the marginal net product of
labour depends not merely on the supply of labour but also on the supply
of all other factors of production. If other factors are plentiful and
labour relatively scarce, the marginal product of labour will be high,
and vice versa.

      (vii) This theory takes the supply of labour for granted.
Productivity is also a function of wages. Low productivity may be the
cause of low wages, which may tell on the efficiency of the worker, lower
his standard of living and ultimately check the supply of labour.

(e) Taussig's Theory of Wages: The American economist Taussig gives a
modified version of the Marginal Productivity Theory of Wages. According
to him, wages represent the marginal discounted product of labour.
According to Taussig, the labourer cannot get the full amount of the
marginal output. This is because production takes time and the final
product of labour cannot be obtained immediately. But the labourer has
to be supported in the meantime. This is done by the capitalist
employer. The employer does not pay the full amount of the expected
marginal product of labour. He deducts a certain percentage from the
final output in order to compensate himself for the risk he takes in
making an advance payment. This deduction, according to Taussig, is made
at the current rate of interest.

Criticism: Two weaknesses of the theory have been recognised by Taussig
himself, i.e., (i) a dim and abstract theory remote from the problem of
real life. To this he replies that this weakness is common to all
economic generalisations. (ii) The joint product is discounted at the
current rate of interest, but according to his own analysis, the rate of
interest is a result of the process of advance to the labourers. To meet
this difficulty, Taussig suggests that we determine rate of interest
independently of marginal productivity by the rate of time preference,
and with the interest thus determined discount the marginal product of
labour.

This theory is also rejected by most economists.

Modern Theory of Wages:
According to this theory, the wages are determined by the interaction of
demand and supply as in the case of ordinary commodity. Thus, this
theory is also referred to demand and supply theory.

Demand for Labour: According to the modern theory of wages, the demand
for labour reflects partly labourer's productivity and partly the market
value of the product at different levels of production. Following are
the factors that determine the demand for labour:

(a) Derived Demand: The demand for labour is a derived demand. It is
derived from the demand for the commodities it helps to produce. Greater
the consumer demand for the product, greater the producer demand for
labour required to produce that commodity. It may be observed that it is
expected demand and not existing demand for the product that determines
demand for labour. Hence, the expected increase in the demand for a
product will increase the demand for labour.

(b) Elasticity of Demand for Labour: The elasticity of demand for labour
depends on the elasticity of demand for commodity. According to this
theory, the demand for labour will generally be inelastic if their wages
form only a small proportion of the total wages. The demand, on the
other hand, will be elastic if the demand for product is also elastic or
if cheaper substitutes are available.

(c) Prices & Quantities of Co-Operating Factors: The demand for labour
also depends on the prices and the quantities of the co-operating
factors. If the machines are costly, the demand for labour will be
increased. The greater the demand for the co-operating factors the
greater will be the demand for labour, and vice versa.

(d) Technical Progress: Another factor that influences the demand for
labour is technical progress. In some cases labour and machineries are
used in definite proportions.

After considering all relevant factors as discussed above, the employer
is governed by one fundamental factor, viz., marginal productivity.

The change in wage rate determines the direction of change in the demand
for labour but the degree of this change depends on the elasticity of
demand for labour. In case of elastic demand, a small change in the wage
rate will lead to a considerable change in demand for labour, and vice
versa. Whether the demand for labour is elastic or not will depend on
(i) the technical conditions of production, and (ii) elasticity of demand
for the commodity which that labour produces. Generally the short term
demand for labour is less elastic than the long-term demand. That is why
the employers and trade unions adopt a stiff attitude in wage
negotiations.
Demand for Labour under Perfect Competition: Under perfect competition,
each firm constitutes a very small portion of the entire industry that it
cannot influence wages appreciably by employing more or less of labour.
The supply curve of labour confronting each employer is perfectly
elastic, i.e., horizontal straight line at the level of the market wage
rate. The individual demand curve is determined by marginal
productivity. The individual employer hires as many labourers as will
equate the marginal productivity of labour with the rate of wages in the
market.




It is the demand of the entire industry, not an individual firm,
determines the wage rate. The individual firm has to accept the market
rate of wages and adjust its own demand for labour accordingly.

Supply of Labour: The supply of labour depends on:

(a) The number of workers of a given type of labour which would offer
themselves for employment at various wage rates, and

(b) The number of hours per day or the number of days per week they are
prepared to work,

The labour may be supplied to three destinations:

(i) Supply of Labour to a Firm: To a given firm, the supply of labour is
perfectly elastic because at the current wage rate, it can engage as many
workers as it wants. Its own demand constitutes only a very small
fraction of the total supply of labour. Hence the supply curve of labour
for a firm is a vertical straight line.

(ii) Supply of Labour to an Industry: For the industry as a whole, the
supply of labour is not infinitely elastic. If the industry wants more
labour it has to attract it from other industries, by offering higher
wage rates. The supply of labour for the industry is subject to the law
of supply, viz., supply varies directly with price, which means low wage
small supply and high wage large supply. Hence the supply curve of
labour for an industry slopes upwards from left to the right.

(iii) Supply of Labour to an Economy: The supply of labour for the entire
economy depends on economic, social and political factors or
institutional factors, e.g., attitude of women towards work, working age,
school and college age and possibilities of part-time employment for
students, size and composition of the population and sex distribution,
attitude towards marriage, size of the family, birth control, etc.

Over a short period of time, reduction in wages may not cause any
reduction in the supply of labour. But if wages are driven too low,
competition among employers themselves will push them up. Even over a
long period, the supply of labour is not very elastic.

There is a certain minimum wage below which labour will not work at all.
Once this minimum is exceeded, supply of labour will increase as the wage
rate goes up. But this will happen only up to a point beyond which wage
increase will lead to a reduction in the supply of labour. Again, after
a point, this tendency will be reversed when the worker thinks that he
can move to a higher level of living. Hence a rise in wages may lead to
rise or fall in the supply of labour. It will depend on the worker's
relative valuation of goods and leisure.

Thus, the supply of labour will depend on the elasticity of demand for
income which will vary according to the worker's temperament and social
environment. When the workers' standard of living is low, they may be
able to satisfy their wants with a small income and when they have made
that much, they may prefer leisure to work. That is why it happens that
sometimes increase in wages leads to a contraction of the supply of
labour. This is represented by a backward bending supply curve of labour
as shown in the following figure:




For some time this particular individual is prepared to work longer hours
as the wages go up (wage is represented on OY-axis). But beyond OW wage,
he will reduce rather than increase his working hours.

Interaction of Demand and Supply:
In the above diagram, figure (a) represents the supply curve faced by an
industry, and figure (b) represents the supply curve faced by an
individual firm. W-AW is an extended line that cuts the MRP (marginal
revenue productivity) curve of the firm at E ' in figure (b). At this
level, the ARP (average revenue productivity) is MR which is greater than
the wage OW in figure (b). Hence, all the firms (since this firm
represents all the firms in the industry) are making supernormal profit
at this wage level. This will lead to entry for new firms in the
industry; the demand for labour will increase and the wage level will go
up. Thus, supernormal profits will be competed away in the long run by
the entry of new firms.

The new demand curve D'D' cuts the supply curve SS in figure (a) at point
F. The wage level in this situation will be OW' which is higher than the
original wage level OW. This is how the interaction of demand and supply
determines the wage. When the wage is OW, the firm is in equilibrium at
E' and when the wage rises to OW', the equilibrium is at F'. At this
point, average revenue productivity (ARP) and marginal revenue
productivity (MRP) are equal, and the average wage OW' is equal to both
of them. It means the individual firms are earning normal profits.

It may also happen that the occurrence of supernormal profits attracts
some firms from outside, which may further increase the demand for labour
to D"D". The wage level will then be OW". Here the ARP is less than the
wage OW", i.e., the firms are suffering from losses. The result will be
that some firms will leave the industry and the wage will come down to
the level of OW'.

Long Run: Under perfect competition, wages are, in the long run, equal to
the marginal as well as to the average productivity of labour. If
marginal productivity is greater than average, it will be worthwhile to
employ more labour till marginal productivity falls to the level of
average productivity. On the other hand, if marginal productivity is
less than average productivity, less labour will be employed and the
marginal productivity will rise to the level of average productivity.
Marginal productivity and average productivity thus tend to be equalised.
Since wages are equal to marginal productivity, they are also equal to
average productivity in the long run. This is shown in the following
diagram:
OR is the wage level,   AP is the average productivity curve and MP is the
marginal productivity   curve. They intersect at P which shows that wages
are equal both to the   MP and AP. When AP is rising, MP > AP, and when AP
is falling, MP < AP.    But when AP is neither rising nor falling, MP = AP.
Hence, at equilibrium   point: Wage = MP = AP.

Wages Under Imperfect Competition:
Imperfect competition may result:

(a) Bilateral Monopoly: When strong employers' associations are
confronted with strong labour organisations.

(b) Monopsony: When an industrial employer or a group of employers occupy
a very strong monopolistic position as compared with labour.

(a) Bilateral Monopoly: The term 'bilateral monopoly' is applicable both
to commodities and labour. It is applied to a situation when a monopoly
of purchase is matched with the monopoly of sale, i.e., a single
monopolist facing a single monopsonist. The monopolist wishes to operate
on a scale where the marginal cost is equal to marginal revenue, because
that will bring him the maximum monopoly profit. On the other hand, the
monopsonist wishes to purchase an amount at which marginal cost is equal
to marginal utility. This indicates one optimum price for the buyer and
another for the seller. There is no economic principle to determine an
equilibrium price.

It is not possible to indicate definitely the output and the price which
will rule. The price will depend on the circumstances of each case. In
some cases, it will be a compromise price which may be influenced by the
bargaining power of each party. Therefore, under bilateral monopoly, the
price and output are 'indeterminate'.
In bilateral monopoly, each side wants to get the better of the other
through bargaining skill. The monopolist will like the monopsonist to
behave, as if he were one of the many buyers as in perfect competition,
so that he (i.e. buyer) may accept the price fixed by firm (the
monopolist producer). Similarly, the monopsonist will like the
monopolist to behave as if he were a perfect competition producer (i.e.
one of so many) unable to influence price, so that he (the monopsonist
buyer) can purchase at his own price. Now nothing can be said as to who
will succeed and how far. Most probably, there will be a compromise
between the two extremes.

According to the above diagram, the monopolist will be maximising his
profit (MR=MC) if he sold OM' output and charged OP1 (M'Q) price, since
Q1 is a point on the demand curve DD showing what the purchaser will be
willing to pay under perfect competition. On the other hand, the
monopsonist will like to buy OM at OP price, since Q2, where DD and MC1
intersect, is a point where buyer's marginal valuation equals marginal
cost of purchase. There will be a compromise between both the parties,
i.e. the employer and the employee. Hence, factor price will be
somewhere between OP and OP1, and the output between OM and OM' depending
on the relative bargaining skill of the parties.

(b) Monopsony: This is the most general situation of imperfect
competition, where the employer embodies in his person concentrated
monopoly power of being the sole purchaser of labour, whereas labour
occupies a very weak position in comparison. Monopsony also occurs when
a big employer employs proportionately a very large number of a given
type of labour so that he is in a position to influence the wage rate.
In the following diagram, a situation is depicted where a monopsonist
exploit the labour:




In the above diagram, the MRP is the   marginal revenue productivity curve
representing demand for labour. The    supply curve of labour is AW
(Average wage curve) which is rising   to the right which shows that higher
wages have to be paid to engage more   labour. MW is the marginal wage
curve corresponding to the AW curve.    These two curves, i.e., MW curve
and the MRP curve intersect at point   E. It is the point where the
monopsonist is in equilibrium. Here the marginal wage is equal to
marginal revenue productivity of labour at the level of labour employment
ON, at wage level NH (=OW).

It can be seen that this wage, i.e., NH is less than marginal revenue
productivity which is NE. Thus each worker gets EH less than this
marginal revenue product. This is the measure of labour exploitation
under monopsony. This is called by Mrs. Robinson as 'monopsonistic
exploitation'. Thus, under monopsony, wage is lower and employment is
less than under perfect competition in the labour market. Under perfect
competition, the equilibrium would have been at C where the supply curve
AW cuts the demand curve MRP. At this point, the wage would have been
higher at OW’ (=N'C) and the labour employed would have been larger at
ON'.

Exploitation of Labour:
There are three types of labour exploitation:

(a) Monopsonistic Exploitation: Where the single employer has the
strongest influence on the wage rate.

(b) Monopolistic Exploitation: In this condition, there is perfect
competition in the labour market but there is an imperfect competition in
the product market. In equilibrium, the firm will equate wage with
marginal revenue product. This means that labour is paid less than the
value of the marginal product which shows exploitation:




(c) Double Exploitation: It occurs when there is imperfect competition
both in the labour market (monopsony) and in the product market
(monopoly). Thus there is double exploitation of labour both
monopsonistic and monopolistic and labour is exploited the most.

Remedies: Following the remedial steps or the weapons to stop labour
exploitation:

(i) Government intervention, and
(ii) Trade union action.
Wage Differentials:
Wages everywhere tend to approximate to the marginal productivity of
labour. But, the marginal productivity of labour is different in
different employments and grades. It varies with the degree of scarcity
of each kind of labour in relation to the demand for it. Following are
the causes of differences in wages in different employments, professions
and localities:

(a) Differences in efficiency: that is, differences in education,
training, and conditions under which the work is performed.

(b) Existence of non-competing groups: These groups arise because of the
difficulties in the way of mobility of labour from low-paid to high-paid
empolyments. These difficulties may be due to geographical, social and
economic reasons.

(c) Difficulty of learning a trade: The number of those who can master
difficult trades is small. Their supply is less than demand for them,
and their wages are higher.

(d) Differences in agreeableness or social esteem: Disagreeable
employments must pay higher wages in order to attract labourers. If
disagreeable work are performed by unskilled workers, who cannot do
anything better, wages may be quite low, e.g., sweepers.

(e) Future prospects: If an occupation provides opportunities for future
promotion, people will accept a lower star in it, as against another
occupation offering higher initial rewards, but no chances of promotions
in the future.

(f) Hazardous and dangerous occupations: generally offer higher
emoluments.

(g) Regularity or irregularity of employment: also exerts a strong
influence on the level of wages.

(h) Collective Bargaining: The differences in the strength and militancy
of trade unions also account for differences in wages in different
industries.

              M

X

Y




P

T
O



Revenue / Cost

Output

MC

AC

AR

MR

P’

L

E



         M

X

Y



O

Equilibrium with falling MC




P

P’

T

L

AC

AR

MC
MR

     M

X

Y



P’

T

O

Equilibrium with constant MC




     M

X

Y



P’


T

O

Equilibrium with rising MC




MC

AC

MR

AR

L
P

P

L

AC=MC

MR

AR

Figure 1: Equilibrium with rising, constant & falling MC under Monopoly

Equilibrium Position in a Decreasing Cost Industry under Perfect
Competition

            M   M’        M”

X

Y


P’
P”
P
P”’

O

Output

MPS

SRS

LRS

D’

D

D

D’

E

        M   L

X

Y
Q

S

O

Equilibrium Position under Monopoly

Price

Output

S

S

D

D

MR

Figure 2: Comparison of Equilibrium Position between Perfect Competition
& Monopoly

               M

X

Y



O



Price

Output

          M1

X

Y



P’
O



Price

Output

               M2

X

Y



O



Price

Output

Market A

Market B

Total Market

MR’

AR’

P1

E’

P”

P2

E”

AR”

MR”

CMR

MC

Price Discrimination in Monopoly
                Q

X

Y




P

T

O

Equilibrium under Collusive Oligopoly

Price

Quantity

G

E

MC

AC

Da

MR

Da

MR

                 N

X

Y




P’

O

The Kinky Demand Curve

Price
Output

D

D

P

MC

MR

MC

S

T

20 40 60 80 100 120 140 160 180

X

Y

12 –
10 –
8 –
6 –
4 –
2 –

0



Price

Output

D

D’

B

Present Price

         N   M

X

Y
L

O

Equilibrium under Price Leadership

Price & Cost

Quantity

D

D

P

K

F

E

MR

MCb

MCa

D

               2   (Q’) 4      6             8

X

Y

200

150
(P’)

100


50

0

The Economic Waste cause by the Monopolist

Prices, MC, AC
Output

D

MR

MC = AC

A

B

E

G

F

Deadweight Loss

Max’s undercutting

Berney’s Price

X

Y



O



Max’s Price



Berney’s matching

A                Rs. 10
Rs. 10
B                  – Rs. 100
– Rs. 100

C             – Rs. 10
– Rs. 100
D                    – Rs. 50
– Rs. 50



A Payoff Table for a Price War
Normal Price *

Price War

Normal Price *                      Price War

Max’s Price

A             Rs. 200
Rs. 100
B                        Rs. 150
– Rs. 20

C             – Rs. 30
Rs. 150
D                          Rs. 10
Rs. 10



A Payoff Table showing Rivalry Game

High Price

Normal Price *

High Price                  Normal Price *

Max’s Price

A             Rs. 100
Rs. 100
B                       Rs. 120
– Rs. 30

C             – Rs. 30
Rs. 120
D                        Rs. 100
Rs. 100



A Payoff Table showing Non-cooperative behaviour leads to more
Pollution

Low Pollution

High Pollution *

Low Pollution                       High Pollution *

US Steel

A
                                                          ·ð
    V e r y    l o w     u n e m p l o y m e n t
    ·ð                       V e r y   h i g h   i n f l a t i o n
    ·ð                       M o d e r a t e   i n v e s t m e n t
    B
    ·ð                        M o d e r a t e   u n e m p l o y m e n t
    ·ð                        M o d e r a t e   i n f l a t i o n
    ·ð                        H i g h   i n v e s t m e n t

    C
    ·ð                        M o d e r a t e   u n e m p l o y m e n t
    ·ð                        M o d e r a t e   i n f l a t i o n
    ·ð                        L o w   i n v e s t m e n t
    D
    ·ð                        H i g h   u n e m p l o y m e n t
    ·ð                        L o w   i n f l a t i o n
    ·ð                        M o d e r a t e   i n v e s t m e n t



    A   P a y o f f   T a b l e         s h o w i n g   t h e   M o n e t a r y -
    F i s c a l   G a m e


    H i g h    D e f i c i t s      *

    L o w     D e f i c i t s

    H i g h    D e f i c i t s      *                   L o w   D e f i c i t s


    F i s c a l       P o l i c y

                  M

X

Y



P’

T’

O

(a) Short Run Equilibrium with Profit

Cost / Revenue

Output

         M
X

Y



T’

P’

O

(b) Short Run Equilibrium with Loss

Cost / Revenue

Output

SAC

SMC

AR

MR

P

T

SAC

SMC

AR

MR

P

T

Monopolistic Competition Short Run Equilibrium

            M

X

Y
P’

O

Long Run Equilibrium in Monopolistic Competition



D

N

D’’

D’

D

MC

AC

AVC

Y

X

O

Price

Output

N”

N’

R
P
T

Y

M” M M’

O

X

D’

D
D’’

SRS

MPS

Output

K
R
P
T
L

Price

Determination of the Short-Run Normal Price

               M

X

Y




P

O

Long-run Normal Price

Price

Output

R

LMC

LAC

Output

X

Y
P”’
P

O

               Normal Price in Increasing Cost

Price



                   M   M’ M”

X

Y



P’
P”
P”’
P

O

    Industry

Price

Output

MPS

SRS

LRS

D’

D

D

D’

LMC

LAC

LMC

LAC
LRS

                M

X

Y




P

O

           Normal Price in Constant Cost

Price

Output

            M       M’   M”

X

Y


P’
P”
P

O

Industry

Price

Output

LMC

LAC

D’

D

SRS

MPS

D’
D

Output

X

Y




P

P”’

O

Normal Price in Decreasing Cost




LMC

LAC

LMC

LAC

               M   M’     M”

X

Y


P’
P”
P
P”’

O

    Industry



Output

MPS

SRS
LRS

D’

D

D

D’

E



P

J

X

Y

O

      Output        M



P

Z

X

Y

O

       Output   N

E

MC

MC

AC

AC

F

R
K

A Grade Land

B Grade Land



P

X

Y

O

      L        Output



P
T

X

Y

O

          Q       Output

MC

MC

AC

AC

G

H

S

C Grade Land

D Grade Land


R’

R
R”

X

Y

O



D’

D’

D

D

D”

D”

D’”

D’”

S

S

E’

E

E”

Quantity of Land




R’

R

R”

X

Y
O

       M”   M     M’

Land

S

S

D”

D”

D

D

D’

D’

E

E’

E”



X

Y

O



D

D

S

S

M

Quantity of the factor

P
P

X

Y

O

A B      C D   E   F   G

D

D

S

S

H    I    J    K   L   M N




Q

R

T

U

V

W



X

Y

O



S’

S

D’

D
R

P

Economic Rent

Quantity



X

Y

O



S

S

M

L

P

P’

E”

E’

E

D’

D’

D

D

Number of Machines

W"

W

W'

E"
E

E'

W"

W

W'

ARP

MRP

X

Y

O

Number of Labour Employed

W

W'

W"

X

Y

O

             N        N'     N"

W

W'

W"

X

Y

O

         M       M'         M"

D

D
MRP

100 ON

100 ON'

100 ON"

E

E'

E"

Quantity of Factor Demanded

Quantity of Factor Demanded




W

X

Y

O

            N

S

S

Hours Supplied

Backward Bending Supply Curve of Labour



W"

W'

W

X

Y

O
      N   N'   N"

Labour

Interaction of Demand and Supply



W"

W'

W

X

Y

O

          M"   M'     M

Labour



S

S

D

D'

D"

D

D'

D"

E

F

E

R

F'

MRP
ARP

AW'=MW'

AW=MW




R

X

Y

O



AP

MP

P

Wage Level

Wages equal Marginal & Average Productivity


P1



P

X

Y

O

        M M'

MC

MR

D

D

Q
Q1

Q2

Labour Employment



W"

W'

W

X

Y

O

                    N   N" N'

MW

AW

ARP

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t    öˆ6ö ,Ö        5Ö     3Ö         4Ö
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t   öˆ6ö   ,Ö   5Ö      3Ö        4Ö
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t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
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    BÖ   ]   $   $ If    !v   h 5Ö        + #v   + :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    + #v         + :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    + #v         + :V

t   öˆ6ö ,Ö        5Ö     3Ö              4Ö
   BÖ    ] $ $ If        !v h 5Ö    C
#v C
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t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    v #v         v :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    © #v         © :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    © #v         © :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    u #v         u :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    Ý #v         Ý :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    w #v         w :V

t    öˆ6 ö  ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    + #v         + :V

t    öˆ6ö    ,Ö   5Ö          3Ö          4Ö
    BÖ   ]   $   $ If    !v   h 5Ö        w #v   w :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö       5Ö    3Ö       4Ö
    BÖ    ] $ $ If       !v h 5Ö “#v “:V

t    öˆ6ö ,Ö       5Ö    3Ö       4Ö
    BÖ    ] $ $ If       !v h 5Ö “#v “:V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    Ã #v         Ã :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    G #v         G :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    ß #v         ß :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    + #v         + :V

t    öˆ6ö ,Ö       5Ö    3Ö       4Ö
    BÖ    ] $ $ If       !v h 5Ö “#v “:V

t    öˆ6ö    ,Ö   5Ö          3Ö          4Ö
     BÖ     ]   $   $ If    !v   h 5Ö        w #v   w :V

t     öˆ6ö ,Ö         5Ö    3Ö       4Ö
     BÖ    ] $ $ If         !v h 5Ö “#v “:V

t      öˆ6ö ,Ö        5Ö     3Ö              4Ö
      BÖ    ] $ $ If        !v h 5Ö
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t         öˆ6ö ,Ö       5Ö     3Ö               4Ö
     BÖ      ] $ $ If       !v h 5Ö    ç            #v ç :V

t     öˆ6ö ,Ö         5Ö     3Ö              4Ö
     BÖ    ] $ $ If         !v h 5Ö    + #v         + :V

t     öˆ6ö ,Ö         5Ö     3Ö              4Ö
     BÖ    ] $ $ If         !v h 5Ö    w #v         w :V

t     öˆ6ö ,Ö         5Ö     3Ö              4Ö
     BÖ    ] $ $ If         !v h 5Ö    w #v         w :V

t     öˆ6ö ,Ö         5Ö     3Ö              4Ö
     BÖ    ] $ $ If         !v h 5Ö    + #v         + :V

t     öˆ6ö ,Ö         5Ö     3Ö              4Ö
     BÖ    ] $ $ If         !v h 5Ö    W #v         W :V

t     öˆ6ö ,Ö         5Ö     3Ö              4Ö
     BÖ    ] $ $ If         !v h 5Ö    ß #v         ß :V

t     öˆ6ö ,Ö         5Ö     3Ö              4Ö
     BÖ    ] $ $ If         !v h 5Ö    c #v         c :V

t     öˆ6ö ,Ö         5Ö     3Ö              4Ö
     BÖ    ] $ $ If         !v h 5Ö    w #v         w :V

t     öˆ6ö ,Ö         5Ö     3Ö              4Ö
     BÖ    ] $ $ If         !v h 5Ö    + #v         + :V

t     öˆ6ö ,Ö         5Ö     3Ö              4Ö
     BÖ    ] $ $ If         !v h 5Ö    + #v         + :V

t     öˆ6ö ,Ö         5Ö     3Ö               4Ö
     BÖ    ] $ $ If         !v h 5Ö    ç            #v ç :V

t     öˆ6ö ,Ö         5Ö     3Ö              4Ö
     BÖ    ] $ $ If         !v h 5Ö    + #v         + :V

t     öˆ6ö ,Ö         5Ö     3Ö              4Ö
     BÖ    ] $ $ If         !v h 5Ö    w #v         w :V

t     öˆ6ö      ,Ö   5Ö          3Ö          4Ö
    BÖ   ]   $   $ If    !v   h 5Ö        w #v   w :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    + #v         + :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    W #v         W :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    ß #v         ß :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    c #v         c :V

t    öˆ6ö ,Ö       5Ö     3Ö               4Ö
    BÖ    ] $ $ If       !v h 5Ö    ç            #v ç :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    + #v         + :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    + #v         + :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    W #v         W :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    ß #v         ß :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    c #v         c :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    + #v         + :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    + #v         + :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    + #v         + :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    w #v         w :V

t    öˆ6ö    ,Ö   5Ö          3Ö          4Ö
    BÖ   ]   $   $ If    !v   h 5Ö        w #v   w :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    + #v         + :V

t    öˆ 6 ö   ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    + #v         + :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    + #v         + :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    + #v         + :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    + #v         + :V

t    öˆ6ö ,Ö       5Ö     3Ö               4Ö
    BÖ    ] $ $ If       !v h 5Ö    ç            #v ç :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    + #v         + :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    + #v         + :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    W #v         W :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    ß #v         ß :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    c #v         c :V

t    öˆ6ö ,Ö       5Ö     3Ö               4Ö
    BÖ    ] $ $ If       !v h 5Ö    ç            #v ç :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    + #v         + :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    w #v         w :V

t    öˆ6ö    ,Ö   5Ö          3Ö          4Ö
    BÖ   ]   $   $ If    !v   h 5Ö        w #v   w :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    + #v         + :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    W #v         W :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    ß #v         ß :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    c #v         c :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    + #v         + :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    + #v         + :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    + #v         + :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    + #v         + :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    + #v         + :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    + #v         + :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    + #v         + :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    + #v         + :V

t    öˆ6ö ,Ö       5Ö     3Ö               4Ö
    BÖ    ] $ $ If       !v h 5Ö    ç            #v ç :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    + #v         + :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    + #v         + :V

t    öˆ6ö    ,Ö   5Ö          3Ö          4Ö
    BÖ   ]   $   $ If    !v   h 5Ö        W #v   W :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    ß #v         ß :V

t    öˆ6 ö  ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    c #v         c :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    + #v         + :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    + #v         + :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    + #v         + :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    + #v         + :V

t    öˆ6ö ,Ö       5Ö     3Ö               4Ö
    BÖ    ] $ $ If       !v h 5Ö    ç            #v ç :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    + #v         + :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    + #v         + :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    W #v         W :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    ß #v         ß :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    c #v         c :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    + #v         + :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    + #v         + :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    + #v         + :V

t    öˆ6ö    ,Ö   5Ö          3Ö          4Ö
    BÖ     ]   $   $ If    !v   h 5Ö        + #v   + :V

t    öˆ6ö ,Ö         5Ö     3Ö              4Ö
    BÖ    ] $ $ If         !v h 5Ö    Ã #v         Ã :V

t    öˆ6ö ,Ö         5Ö     3Ö              4Ö
    BÖ    ] $ $ If         !v h 5Ö    + #v         + :V

t    öˆ6ö ,Ö         5Ö     3Ö              4Ö
    BÖ    ] $ $ If         !v h 5Ö    + #v         + :V

t    öˆ6ö ,Ö         5Ö     3Ö              4Ö
    BÖ    ] $ $ If         !v h 5Ö    + #v         + :V

t    öˆ6ö ,Ö         5Ö     3Ö              4Ö
    BÖ    ] $ $ If         !v h 5Ö            #v     :V

t    öˆ6ö ,Ö         5Ö     3Ö              4Ö
    BÖ    ] $ $ If         !v h 5Ö            #v     :V

t    öˆ6ö ,Ö         5Ö     3Ö              4Ö
    BÖ    ] $ $ If         !v h 5Ö            #v     :V

t    öˆ6ö ,Ö         5Ö     3Ö              4Ö
    BÖ    ] $ $ If         !v h 5Ö            #v     :V

t    öˆ6ö ,Ö         5Ö     3Ö              4Ö
    BÖ    ] $ $ If         !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö         5Ö     3Ö              4Ö
    BÖ    ] $ $ If         !v h 5Ö            #v     :V

t        öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ      ] $ $ If       !v h 5Ö            #v     :V

t    öˆ6ö ,Ö         5Ö     3Ö              4Ö
    BÖ    ] $ $ If         !v h 5Ö            #v     :V

t    öˆ6ö ,Ö         5Ö     3Ö              4Ö
    BÖ    ] $ $ If         !v h 5Ö            #v     :V

t    öˆ6ö ,Ö         5Ö     3Ö              4Ö
    BÖ    ] $ $ If         !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö         5Ö     3Ö              4Ö
    BÖ    ] $ $ If         !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö         5Ö     3Ö              4Ö
    BÖ    ] $ $ If         !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö         5Ö     3Ö              4Ö
    BÖ    ] $ $ If         !v h 5Ö    w #v         w :V

t    öˆ6ö      ,Ö   5Ö          3Ö          4Ö
    BÖ   ]   $   $ If    !v   h 5Ö        w #v   w :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    ¯ #v         ¯ :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    ¯ #v         ¯ :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö            #v     :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö            #v     :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö            #v     :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö            #v     :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö            #v     :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö            #v     :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö            #v     :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö            #v     :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    w #v         w :V

t    öˆ6ö    ,Ö   5Ö          3Ö          4Ö
    BÖ   ]   $   $ If    !v   h 5Ö        w #v   w :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    ¯ #v         ¯ :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    ¯ #v         ¯ :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    w #v         w :V

t    öˆ 6 ö  ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    w #v         w :V

t   öˆ6ö ,Ö        5Ö     3Ö              4Ö
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t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ    ] $ $ If       !v h 5Ö    w #v         w :V

t    öˆ6ö    ,Ö   5Ö          3Ö          4Ö
    BÖ   ]   $   $ If   !v   h 5Ö   w #v   w :V

t    öˆ6ö ,Ö      5Ö     3Ö         4Ö
    BÖ    ] $ $ If      !v h 5Ö    w #v    w :V

t    öˆ6ö ,Ö      5Ö     3Ö         4Ö
    BÖ    ] $ $ If      !v h 5Ö    w #v    w :V

t    öˆ6ö ,Ö      5Ö     3Ö         4Ö
    BÖ    ] $ $ If      !v h 5Ö    w #v    w :V

t    öˆ6ö ,Ö      5Ö     3Ö         4Ö
    BÖ    ] $ $ If      !v h 5Ö    w #v    w :V

t    öˆ6ö ,Ö      5Ö     3Ö         4Ö
    BÖ    ] $ $ If      !v h 5Ö    w #v    w :V

t    öˆ6ö ,Ö      5Ö     3Ö         4Ö
    BÖ    ] $ $ If      !v h 5Ö    w #v    w :V

t    öˆ6ö ,Ö      5Ö     3Ö         4Ö
    BÖ    ] $ $ If      !v h 5Ö    w #v    w :V

t    öˆ6ö ,Ö      5Ö     3Ö         4Ö
    BÖ    ] $ $ If      !v h 5Ö    w #v    w :V

t    öˆ6ö ,Ö      5Ö     3Ö         4Ö
    BÖ    ] $ $ If      !v h 5Ö    ·
#v   ·
:V

t     öˆ6ö ,Ö    5Ö     3Ö        4Ö
     BÖ    ] $ $ If    !v h 5Ö    w #v   w :V

t     öˆ6ö ,Ö    5Ö     3Ö        4Ö
     BÖ    ] $ $ If    !v h 5Ö    w #v   w :V

t     öˆ6ö ,Ö    5Ö     3Ö        4Ö
     BÖ    ] $ $ If    !v h 5Ö    w #v   w :V

t     öˆ6ö ,Ö    5Ö     3Ö        4Ö
     BÖ    ] $ $ If    !v h 5Ö    w #v   w :V

t   öˆ6ö ,Ö      5Ö     3Ö        4Ö
   BÖ    ] $ $ If      !v h 5Ö    O
#v O
:V

t     öˆ6ö ,Ö    5Ö     3Ö        4Ö
     BÖ    ] $ $ If    !v h 5Ö    ·
#v   ·
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t     öˆ6ö ,Ö     5Ö     3Ö        4Ö
     BÖ    ] $ $ If     !v h 5Ö    ; #v   ; :V

t     öˆ6ö ,Ö     5Ö     3Ö        4Ö
     BÖ    ] $ $ If     !v h 5Ö    ; #v   ; :V

t     öˆ6ö ,Ö     5Ö     3Ö        4Ö
     BÖ    ] $ $ If     !v h 5Ö    ; #v   ; :V

t     öˆ6ö ,Ö     5Ö     3Ö        4Ö
     BÖ    ] $ $ If     !v h 5Ö    ; #v   ; :V

t      öˆ6ö ,Ö     5Ö     3Ö        4Ö
     BÖ    ] $ $ If     !v h 5Ö    ; #v   ; :V

t     öˆ6ö ,Ö     5Ö     3Ö        4Ö
     BÖ    ] $ $ If     !v h 5Ö    ; #v   ; :V

t     öˆ6ö ,Ö     5Ö     3Ö        4Ö
     BÖ    ] $ $ If     !v h 5Ö    ; #v   ; :V

t     öˆ6ö ,Ö     5Ö     3Ö        4Ö
     BÖ    ] $ $ If     !v h 5Ö    ; #v   ; :V

t     öˆ6ö ,Ö     5Ö     3Ö        4Ö
     BÖ    ] $ $ If     !v h 5Ö    ; #v   ; :V

t     öˆ6ö ,Ö     5Ö     3Ö        4Ö
     BÖ    ] $ $ If     !v h 5Ö    ; #v   ; :V

t     öˆ6ö ,Ö     5Ö     3Ö        4Ö
     BÖ    ] $ $ If     !v h 5Ö    ; #v   ; :V

t     öˆ6ö ,Ö     5Ö     3Ö        4Ö
     BÖ    ] $ $ If     !v h 5Ö    w #v   w :V

t     öˆ6 ö ,Ö     5Ö     3Ö        4Ö
     BÖ    ] $ $ If     !v h 5Ö    w #v   w :V

t     öˆ6ö ,Ö     5Ö     3Ö        4Ö
     BÖ    ] $ $ If     !v h 5Ö    w #v   w :V

t     öˆ6ö ,Ö     5Ö     3Ö        4Ö
     BÖ    ] $ $ If     !v h 5Ö    w #v   w :V

t   öˆ6ö ,Ö       5Ö     3Ö        4Ö
   BÖ    ] $ $ If       !v h 5Ö    O
#v O
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t    öˆ6ö   ,Ö   5Ö      3Ö        4Ö
    BÖ   ]   $   $ If   !v   h 5Ö    w #v   w :V

t    öˆ6ö ,Ö      5Ö     3Ö          4Ö
    BÖ    ] $ $ If      !v h 5Ö    w #v     w :V

t    öˆ6ö ,Ö      5Ö     3Ö          4Ö
    BÖ    ] $ $ If      !v h 5Ö    w #v     w :V

t    öˆ6ö ,Ö      5Ö     3Ö          4Ö
    BÖ    ] $ $ If      !v h 5Ö    w #v     w :V

t    öˆ6ö ,Ö      5Ö     3Ö          4Ö
    BÖ    ] $ $ If      !v h 5Ö    w #v     w :V

t    öˆ6ö ,Ö      5Ö     3Ö          4Ö
    BÖ    ] $ $ If      !v h 5Ö
#v
:V

t     öˆ6ö ,Ö     5Ö     3Ö        4Ö
     BÖ    ] $ $ If     !v h 5Ö    w #v   w :V

t     öˆ6ö ,Ö     5Ö     3Ö        4Ö
     BÖ    ] $ $ If     !v h 5Ö    w #v   w :V

t     öˆ6ö ,Ö     5Ö     3Ö        4Ö
     BÖ    ] $ $ If     !v h 5Ö    w #v   w :V

t     öˆ6ö ,Ö     5Ö     3Ö        4Ö
     BÖ    ] $ $ If     !v h 5Ö    w #v   w :V

t     öˆ6ö ,Ö     5Ö     3Ö        4Ö
     BÖ    ] $ $ If     !v h 5Ö    w #v   w :V

t   öˆ6ö ,Ö       5Ö     3Ö        4Ö
   BÖ    ] $ $ If       !v h 5Ö    O
#v O
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t     öˆ6ö ,Ö     5Ö     3Ö        4Ö
     BÖ    ] $ $ If     !v h 5Ö    w #v   w :V

t     öˆ6ö ,Ö     5Ö     3Ö        4Ö
     BÖ    ] $ $ If     !v h 5Ö    w #v   w :V

t     öˆ6ö ,Ö     5Ö     3Ö        4Ö
     BÖ    ] $ $ If     !v h 5Ö    w #v   w :V

t     öˆ6ö ,Ö     5Ö     3Ö        4Ö
     BÖ    ] $ $ If     !v h 5Ö    w #v   w :V

t     öˆ6ö ,Ö     5Ö     3Ö        4Ö
     BÖ    ] $ $ If     !v h 5Ö    • #v   • :V

t     öˆ6ö ,Ö     5Ö    3Ö       4Ö
     BÖ    ] $ $ If     !v h 5Ö ‚#v ‚:V

t     öˆ6ö ,Ö     5Ö     3Ö        4Ö
     BÖ    ] $ $ If     !v h 5Ö    w #v   w :V

t     öˆ6ö ,Ö     5Ö     3Ö        4Ö
     BÖ    ] $ $ If     !v h 5Ö    w #v   w :V

t     öˆ6ö ,Ö     5Ö     3Ö        4Ö
     BÖ    ] $ $ If     !v h 5Ö    w #v   w :V

t     öˆ6ö ,Ö     5Ö     3Ö        4Ö
     BÖ    ] $ $ If     !v h 5Ö    w #v   w :V

t    öˆ6ö   ,Ö   5Ö      3Ö        4Ö
    BÖ     ]   $   $ If    !v   h 5Ö        w #v   w :V

t        ö ˆ6ö ,Ö       5Ö     3Ö              4Ö
    BÖ      ] $ $ If       !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö         5Ö     3Ö              4Ö
    BÖ    ] $ $ If         !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö         5Ö     3Ö              4Ö
    BÖ    ] $ $ If         !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö         5Ö     3Ö              4Ö
    BÖ    ] $ $ If         !v h 5Ö    w #v         w :V

t   öˆ6ö ,Ö          5Ö     3Ö              4Ö
   BÖ    ] $ $ If          !v h 5Ö    O
#v O
:V

t    öˆ6ö ,Ö         5Ö     3Ö              4Ö
    BÖ    ] $ $ If         !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö         5Ö     3Ö              4Ö
    BÖ    ] $ $ If         !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö         5Ö     3Ö              4Ö
    BÖ    ] $ $ If         !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö         5Ö     3Ö              4Ö
    BÖ    ] $ $ If         !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö         5Ö     3Ö              4Ö
    BÖ    ] $ $ If         !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö         5Ö     3Ö              4Ö
    BÖ    ] $ $ If         !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö         5Ö     3Ö              4Ö
    BÖ    ] $ $ If         !v h 5Ö    { #v         { :V

t    öˆ6ö ,Ö         5Ö     3Ö              4Ö
    BÖ    ] $ $ If         !v h 5Ö            #v     :V

t    öˆ6ö ,Ö         5Ö     3Ö              4Ö
    BÖ    ] $ $ If         !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö         5Ö     3Ö              4Ö
    BÖ    ] $ $ If         !v h 5Ö    w #v         w :V

t    öˆ6ö ,Ö         5Ö     3Ö              4Ö
    BÖ    ] $ $ If         !v h 5Ö    w #v         w :V

t    öˆ6ö      ,Ö   5Ö          3Ö          4Ö
    BÖ   ]   $   $ If   !v   h 5Ö   w #v   w :V

t   öˆ6ö ,Ö       5Ö     3Ö         4Ö
   BÖ    ] $ $ If       !v h 5Ö    O
#v O
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t    öˆ6ö ,Ö      5Ö     3Ö         4Ö
    BÖ    ] $ $ If      !v h 5Ö    w #v    w :V

t    öˆ6ö ,Ö      5Ö     3Ö         4Ö
    BÖ    ] $ $ If      !v h 5Ö    w #v    w :V

t    öˆ6ö ,Ö      5Ö     3Ö         4Ö
    BÖ    ] $ $ If      !v h 5Ö    w #v    w :V

t    öˆ6ö ,Ö      5Ö     3Ö         4Ö
    BÖ    ] $ $ If      !v h 5Ö    w #v    w :V

t    öˆ6ö ,Ö      5Ö     3Ö         4Ö
    BÖ    ] $ $ If      !v h 5Ö    w #v    w :V

t    öˆ6ö ,Ö      5Ö     3Ö         4Ö
    BÖ    ] $ $ If      !v h 5Ö    w #v    w :V

t    öˆ6ö ,Ö      5Ö     3Ö         4Ö
    BÖ    ] $ $ If      !v h 5Ö    w #v    w :V

t    öˆ6ö ,Ö      5Ö     3Ö         4Ö
    BÖ    ] $ $ If      !v h 5Ö    w #v    w :V

t    öˆ6ö ,Ö      5Ö     3Ö         4Ö
    BÖ    ] $ $ If      !v h 5Ö    w #v    w :V

t    öˆ6ö ,Ö      5Ö     3Ö         4Ö
    BÖ    ] $ $ If      !v h 5Ö    w #v    w :V

t    öˆ6ö ,Ö      5Ö     3Ö         4Ö
    BÖ    ] $ $ If      !v h 5Ö    w #v    w :V

t    öˆ6ö ,Ö      5Ö     3Ö         4Ö
    BÖ    ] $ $ If      !v h 5Ö    w #v    w :V

t    öˆ6ö ,Ö      5Ö     3Ö         4Ö
    BÖ    ] $ $ If      !v h 5Ö    w #v    w :V

t   öˆ6ö ,Ö       5Ö     3Ö         4Ö
   BÖ    ] $ $ If       !v h 5Ö    O
#v O
:V

t    öˆ6ö ,Ö      5Ö     3Ö         4Ö
    BÖ    ] $ $ If      !v h 5Ö    w #v    w :V
t    öˆ6ö ,Ö    5Ö     3Ö        4Ö
    BÖ    ] $ $ If    !v h 5Ö    w #v   w :V

t    öˆ6ö ,Ö    5Ö     3Ö        4Ö
    BÖ    ] $ $ If    !v h 5Ö    w #v   w :V

t    öˆ6 ö  ,Ö    5Ö     3Ö        4Ö
    BÖ    ] $ $ If    !v h 5Ö    w #v   w :V

t    öˆ6ö ,Ö    5Ö     3Ö        4Ö
    BÖ    ] $ $ If    !v h 5Ö    w #v   w :V

t    öˆ6ö ,Ö    5Ö     3Ö        4Ö
    BÖ    ] $ $ If    !v h 5Ö    w #v   w :V

t    öˆ6ö ,Ö    5Ö     3Ö        4Ö
    BÖ    ] $ $ If    !v h 5Ö    w #v   w :V

t    öˆ6ö ,Ö    5Ö     3Ö        4Ö
    BÖ    ] $ $ If    !v h 5Ö    ï #v   ï :V

t    öˆ6ö ,Ö    5Ö     3Ö        4Ö
    BÖ    ] $ $ If    !v h 5Ö    + #v   + :V

t    öˆ6ö ,Ö    5Ö     3Ö        4Ö
    BÖ    ] $ $ If    !v h 5Ö    w #v   w :V

t    öˆ6ö ,Ö    5Ö     3Ö        4Ö
    BÖ    ] $ $ If    !v h 5Ö    w #v   w :V

t    öˆ6ö ,Ö    5Ö     3Ö        4Ö
    BÖ    ] $ $ If    !v h 5Ö    w #v   w :V

t   öˆ6ö ,Ö     5Ö     3Ö        4Ö
   BÖ    ] $ $ If     !v h 5Ö    O
#v O
:V

t    öˆ6ö ,Ö    5Ö     3Ö        4Ö
    BÖ    ] $ $ If    !v h 5Ö    w #v   w :V

t    öˆ6ö ,Ö    5Ö     3Ö        4Ö
    BÖ    ] $ $ If    !v h 5Ö    w #v   w :V

t    öˆ6ö ,Ö    5Ö     3Ö        4Ö
    BÖ    ] $ $ If    !v h 5Ö    w #v   w :V

t    öˆ6ö ,Ö    5Ö     3Ö        4Ö
    BÖ    ] $ $ If    !v h 5Ö    w #v   w :V

t  öˆ6ö ,Ö      5Ö     3Ö        4Ö
  BÖ    ] $ $ If      !v h 5Ö    O
#v O
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t     öˆ6ö ,Ö      5Ö     3Ö        4Ö
     BÖ    ] $ $ If      !v h 5Ö    w #v   w :V

t     öˆ6ö ,Ö      5Ö     3Ö        4Ö
     BÖ    ] $ $ If      !v h 5Ö    w #v   w :V

t     öˆ6ö ,Ö      5Ö     3Ö        4Ö
     BÖ    ] $ $ If      !v h 5Ö    w #v   w :V

t     öˆ6ö ,Ö      5Ö     3Ö        4Ö
     BÖ    ] $ $ If      !v h 5Ö    w #v   w :V

t   öˆ6ö ,Ö        5Ö     3Ö        4Ö
   BÖ    ] $ $ If        !v h 5Ö    O
#v O
:V

t     öˆ6ö ,Ö      5Ö     3Ö        4Ö
     BÖ    ] $ $ If      !v h 5Ö    w #v   w :V

t     öˆ6ö ,Ö      5Ö     3Ö        4Ö
     BÖ    ] $ $ If      !v h 5Ö    w #v   w :V

t     öˆ6ö ,Ö      5Ö     3Ö        4Ö
     BÖ    ] $ $ If      !v h 5Ö    ï #v   ï :V

t     öˆ6ö ,Ö      5Ö     3Ö        4Ö
     BÖ    ] $ $ If      !v h 5Ö    g #v   g :V

t     öˆ6ö ,Ö      5Ö     3Ö        4Ö
     BÖ    ] $ $ If      !v h 5Ö    ß #v   ß :V

t     öˆ6ö ,Ö      5Ö     3Ö        4Ö
     BÖ    ] $ $ If      !v h 5Ö    ß #v   ß :V

t     öˆ6ö ,Ö      5Ö     3Ö        4Ö
     BÖ    ] $ $ If      !v h 5Ö    w #v   w :V

t         öˆ6ö ,Ö    5Ö     3Ö        4Ö
     BÖ      ] $ $ If    !v h 5Ö    w #v   w :V

t     öˆ6ö ,Ö      5Ö     3Ö        4Ö
     BÖ    ] $ $ If      !v h 5Ö    w #v   w :V

t   öˆ6ö ,Ö        5Ö     3Ö        4Ö
   BÖ    ] $ $ If        !v h 5Ö    Ç
#v Ç
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t     öˆ6ö ,Ö      5Ö     3Ö        4Ö
     BÖ    ] $ $ If      !v h 5Ö    ?
#v   ?
:V

t     öˆ6ö ,Ö    5Ö     3Ö        4Ö
     BÖ    ] $ $ If    !v h 5Ö    w #v   w :V

t     öˆ6ö ,Ö    5Ö     3Ö        4Ö
     BÖ    ] $ $ If    !v h 5Ö    w #v   w :V

t     öˆ6ö ,Ö    5Ö     3Ö        4Ö
     BÖ    ] $ $ If    !v h 5Ö    w #v   w :V

t     öˆ6ö ,Ö    5Ö     3Ö        4Ö
     BÖ    ] $ $ If    !v h 5Ö    w #v   w :V

t   öˆ6ö ,Ö      5Ö     3Ö        4Ö
   BÖ    ] $ $ If      !v h 5Ö    O
#v O
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t     öˆ6ö ,Ö    5Ö     3Ö        4Ö
     BÖ    ] $ $ If    !v h 5Ö    w #v   w :V

t     öˆ6ö ,Ö    5Ö     3Ö        4Ö
     BÖ    ] $ $ If    !v h 5Ö    w #v   w :V

t   öˆ6ö ,Ö      5Ö     3Ö        4Ö
   BÖ    ] $ $ If      !v h 5Ö    O
#v O
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t     öˆ6ö ,Ö    5Ö     3Ö        4Ö
     BÖ    ] $ $ If    !v h 5Ö    g #v   g :V

t     öˆ6ö ,Ö    5Ö     3Ö        4Ö
     BÖ    ] $ $ If    !v h 5Ö    w #v   w :V

t     öˆ6ö ,Ö    5Ö     3Ö        4Ö
     BÖ    ] $ $ If    !v h 5Ö    w #v   w :V

t     öˆ6ö ,Ö    5Ö     3Ö        4Ö
     BÖ    ] $ $ If    !v h 5Ö    w #v   w :V

t     öˆ6ö ,Ö    5Ö     3Ö        4Ö
     BÖ    ] $ $ If    !v h 5Ö    w #v   w :V

t   öˆ6ö ,Ö      5Ö     3Ö        4Ö
   BÖ    ] $ $ If      !v h 5Ö    O
#v O
:V

t  öˆ6ö ,Ö       5Ö     3Ö        4Ö
  BÖ    ] $ $ If       !v h 5Ö    Ç
#v Ç
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t     öˆ6ö ,Ö    5Ö     3Ö        4Ö
     BÖ    ] $ $ If    !v h 5Ö    W #v   W :V

t     öˆ6ö ,Ö    5Ö     3Ö        4Ö
     BÖ    ] $ $ If    !v h 5Ö    w #v   w :V

t     öˆ6ö ,Ö    5Ö     3Ö        4Ö
     BÖ    ] $ $ If    !v h 5Ö    w #v   w :V

t     öˆ6ö ,Ö    5Ö     3Ö        4Ö
     BÖ    ] $ $ If    !v h 5Ö    w #v   w :V

t     öˆ6ö ,Ö    5Ö     3Ö        4Ö
     BÖ    ] $ $ If    !v h 5Ö    w #v   w :V

t   öˆ6ö ,Ö      5Ö     3Ö        4Ö
   BÖ    ] $ $ If      !v h 5Ö    O
#v O
:V

t   öˆ6ö ,Ö      5Ö     3Ö        4Ö
   BÖ    ] $ $ If      !v h 5Ö    Ç
#v Ç
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t     öˆ6ö ,Ö    5Ö     3Ö        4Ö
     BÖ    ] $ $ If    !v h 5Ö    W #v   W :V

t     öˆ6ö ,Ö    5Ö     3Ö        4Ö
     BÖ    ] $ $ If    !v h 5Ö    w #v   w :V

t     öˆ6ö ,Ö    5Ö     3Ö        4Ö
     BÖ    ] $ $ If    !v h 5Ö    w #v   w :V

t     öˆ6ö ,Ö    5Ö     3Ö        4Ö
     BÖ    ] $ $ If    !v h 5Ö    w #v   w :V

t     öˆ6ö ,Ö    5Ö     3Ö        4Ö
     BÖ    ] $ $ If    !v h 5Ö    w #v   w :V

t     öˆ6ö ,Ö    5Ö     3Ö        4Ö
     BÖ    ] $ $ If    !v h 5Ö    w #v   w :V

t     öˆ6ö ,Ö    5Ö     3Ö        4Ö
     BÖ    ] $ $ If    !v h 5Ö    w #v   w :V

t     öˆ6ö ,Ö    5Ö     3Ö        4Ö
     BÖ    ] $ $ If    !v h 5Ö    w #v   w :V

t     öˆ6ö ,Ö    5Ö     3Ö        4Ö
     BÖ    ] $ $ If    !v h 5Ö    w #v   w :V
t    öˆ 6 ö   ,Ö     5Ö     3Ö        4Ö
    BÖ    ] $ $ If     !v h 5Ö    w #v   w :V

t    öˆ6ö ,Ö     5Ö     3Ö        4Ö
    BÖ    ] $ $ If     !v h 5Ö    w #v   w :V

t    öˆ6ö ,Ö     5Ö     3Ö        4Ö
    BÖ    ] $ $ If     !v h 5Ö    w #v   w :V

t    öˆ6ö ,Ö     5Ö     3Ö        4Ö
    BÖ    ] $ $ If     !v h 5Ö    w #v   w :V

t    öˆ6ö ,Ö     5Ö     3Ö        4Ö
    BÖ    ] $ $ If     !v h 5Ö    w #v   w :V

t    öˆ6ö ,Ö     5Ö     3Ö        4Ö
    BÖ    ] $ $ If     !v h 5Ö    g #v   g :V

t    öˆ6ö ,Ö     5Ö     3Ö        4Ö
    BÖ    ] $ $ If     !v h 5Ö    g #v   g :V

t    öˆ6ö ,Ö     5Ö     3Ö        4Ö
    BÖ    ] $ $ If     !v h 5Ö    Ï #v   Ï :V

t    öˆ6ö ,Ö     5Ö     3Ö        4Ö
    BÖ    ] $ $ If     !v h 5Ö    W #v   W :V

t    öˆ6ö ,Ö     5Ö     3Ö        4Ö
    BÖ    ] $ $ If     !v h 5Ö    w #v   w :V

t    öˆ6ö ,Ö     5Ö     3Ö        4Ö
    BÖ    ] $ $ If     !v h 5Ö    w #v   w :V

t    öˆ6ö ,Ö     5Ö     3Ö        4Ö
    BÖ    ] $ $ If     !v h 5Ö    w #v   w :V

t    öˆ6ö ,Ö     5Ö     3Ö        4Ö
    BÖ    ] $ $ If     !v h 5Ö    w #v   w :V

t   öˆ6ö ,Ö      5Ö     3Ö        4Ö
   BÖ    ] $ $ If      !v h 5Ö    O
#v O
:V

t    öˆ6ö ,Ö     5Ö     3Ö        4Ö
    BÖ    ] $ $ If     !v h 5Ö    w #v   w :V

t    öˆ6ö ,Ö     5Ö     3Ö        4Ö
    BÖ    ] $ $ If     !v h 5Ö    w #v   w :V

t    öˆ6ö ,Ö     5Ö     3Ö        4Ö
    BÖ    ] $ $ If     !v h 5Ö    w #v   w :V

t   öˆ6ö   ,Ö   5Ö      3Ö        4Ö
    BÖ   ]   $   $ If   !v   h 5Ö   G #v   G :V

t    öˆ6ö ,Ö      5Ö     3Ö         4Ö
    BÖ    ] $ $ If      !v h 5Ö    ¿ #v    ¿ :V

t    öˆ6ö ,Ö      5Ö     3Ö         4Ö
    BÖ    ] $ $ If      !v h 5Ö    w #v    w :V

t    öˆ6ö ,Ö      5Ö     3Ö         4Ö
    BÖ    ] $ $ If      !v h 5Ö    w #v    w :V

t    öˆ6ö ,Ö      5Ö     3Ö         4Ö
    BÖ    ] $ $ If      !v h 5Ö    w #v    w :V

t    öˆ6ö ,Ö      5Ö     3Ö         4Ö
    BÖ    ] $ $ If      !v h 5Ö    w #v    w :V

t   öˆ6ö ,Ö       5Ö     3Ö         4Ö
   BÖ    ] $ $ If       !v h 5Ö    O
#v O
:V

t    öˆ6ö ,Ö      5Ö     3Ö         4Ö
    BÖ    ] $ $ If      !v h 5Ö    w #v    w :V

t    öˆ6ö ,Ö      5Ö     3Ö         4Ö
    BÖ    ] $ $ If      !v h 5Ö    w #v    w :V

t    öˆ6ö ,Ö      5Ö     3Ö         4Ö
    BÖ    ] $ $ If      !v h 5Ö    w #v    w :V

t    öˆ6ö ,Ö      5Ö     3Ö         4Ö
    BÖ    ] $ $ If      !v h 5Ö    w #v    w :V

t    öˆ6ö ,Ö      5Ö     3Ö         4Ö
    BÖ    ] $ $ If      !v h 5Ö    w #v    w :V

t    öˆ6ö ,Ö      5Ö     3Ö         4Ö
    BÖ    ] $ $ If      !v h 5Ö    w #v    w :V

t    öˆ6ö ,Ö      5Ö     3Ö         4Ö
    BÖ    ] $ $ If      !v h 5Ö    w #v    w :V

t    öˆ6ö ,Ö      5Ö     3Ö         4Ö
    BÖ    ] $ $ If      !v h 5Ö    ?
#v   ?
:V

t     öˆ6ö ,Ö    5Ö     3Ö        4Ö
     BÖ    ] $ $ If    !v h 5Ö    w #v   w :V

t     öˆ6ö ,Ö    5Ö     3Ö        4Ö
     BÖ    ] $ $ If    !v h 5Ö    w #v   w :V

t     öˆ6ö ,Ö    5Ö     3Ö        4Ö
     BÖ    ] $ $ If    !v h 5Ö    w #v   w :V

t     öˆ6 ö  ,Ö    5Ö     3Ö        4Ö
     BÖ    ] $ $ If    !v h 5Ö    w #v   w :V

t   öˆ6ö ,Ö      5Ö     3Ö        4Ö
   BÖ    ] $ $ If      !v h 5Ö    O
#v O
:V

t     öˆ6ö ,Ö    5Ö     3Ö        4Ö
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