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Topic: Cost the Limit of Price

  David Friedman, Price Theory: Chapter 17: Market Interference
Usually when we discuss costs to consumers we are talking about prices; the price of a gallon of gasoline is both the marginal cost to you of buying one more gallon of gasoline and the average cost of all the gasoline you buy.
The price of the ration ticket is serving exactly the same function that the cost of waiting in line served before: reducing the quantity of gasoline that consumers demand to the quantity producers supply.
What price control of oil expropriated was not the economic profit of the oil companies but part of the quasi-rent that the stockholders of the oil companies were receiving from their past investments in finding and drilling oil wells.
www.daviddfriedman.com /Academic/Price_Theory/PThy_Chapter_17/PThy_Chapter_17.html   (9235 words)

 Cincinnati Time Store - Wikipedia, the free encyclopedia
From this he concluded that it was therefore unethical to charge a higher price for a commodity than the cost incurred by the seller in bringing it to market.
Warren summed up this policy in the phrase "Cost the limit of price." And, believing the labor is the foundational cost of things, he held that equal amounts of labor should, naturally, receive equal material compensation.
The items in the store were initially marked up 7% to account for the labor required to bring them to market with the price increasing the longer the time that a customer spent with the shopkeeper, as measured by a timer dial; later this markup was reduced to 4%.
en.wikipedia.org /wiki/Cincinnati_Time_Store   (588 words)

 Agricultural Price Supports, by Robert L. Thompson: The Concise Encyclopedia of Economics: Library of Economics and ...
Limiting supply can raise market prices as long as government inspectors monitor the market to ensure that no production beyond the quota is sold for a lower price.
From the midseventies to early eighties, internal EC grain prices were 150 to 200 percent of the prices at which other countries were willing to export their grain.
A so-called target price is then set at a somewhat higher level than the support price, usually through political bargaining between farm organizations and the federal government.
www.econlib.org /library/Enc/AgriculturalPriceSupports.html   (2551 words)

 Traders' Glossary A-C
The price range between the open and the close is plotted as a narrow rectangle and is referred to as the body.
The daily price of a clone fund is different among variable annuities that carry it because each clone fund starts on a different date and with a base price of $10.
A chart in which the price scale for the data for the end of a given contract and the data for the beginning of the next contract are merged in order to ease the transition of one contract to the next.
www.traders.com /documentation/RESource_docs/Glossary/glossary.html   (2848 words)

 A Primer On Gasoline Prices
In comparison, the average price for crude oil in 2004 was $36.98 per barrel, and it composed 47 percent of the cost of a gallon of regular gasoline.
However, retail prices are likely to remain elevated as long as some refineries remain shut down and the U.S. gasoline market continues to stretch supplies to their limit.
Rapid gasoline price increases have occurred in response to crude oil shortages caused by, for example, the Arab oil embargo in 1973, the Iranian revolution in 1978, the Iran/Iraq war in 1980, and the Persian Gulf conflict in 1990.
www.eia.doe.gov /bookshelf/brochures/gasolinepricesprimer/eia1_2005primerM.html   (2464 words)

 Cost the limit of price - Wikipedia, the free encyclopedia
Some information in this article or section has not been verified and may not be reliable.
Cost the limit of price was a maxim coined by Josiah Warren that holds that it is unethical to charge a higher price for a commodity than the cost of purchasing, producing or acquiring, and bringing it to market.
It is a strict interpretation of the labor theory of value, which holds that the value of a commodity is the amount of labor incurred in producing it or acquiring it.
en.wikipedia.org /wiki/Cost_the_limit_of_price   (140 words)

 Media Release - Motor vehicle depreciation cost price limit and sales tax threshold
This depreciation limit is derived by applying a formula contained in the Income Tax Assessment Act to index numbers obtained from the motor vehicle purchase sub-group of the Consumer Price Index.
If the cost of the vehicle exceeds the limit for the financial year in which the vehicle is first used, its depreciable cost is deemed to be equal to the limit.
Motor vehicles priced with a taxable value above $35,504 are subject to sales tax at the rate of 45% on the portion of the taxable value of the vehicle exceeding $35,504.
www.ato.gov.au /print.asp?doc=/content/mr9516.htm   (363 words)

 CLASSical Liberalism:


In like manner there is nothing in the Cost Principle to prevent the most liberal contributions, on all hands, toward aiding inventors in carrying on their experiments before success has crowned their exertions, and the most liberal testimonials of the public appreciation of those exertions after success is achieved.
The third objection to the Cost Principle, drawn from its consequences upon the interests and conditions of society, is that it does not provide for the performance of every useful function in the community.
Whether the operation of the Cost Principle is adequate to the production of general wealth, and the consequent prevalence of leisure and freedom of choice in regard to occupation, depends upon the correctness of the whole train of propositions which have been, and which are to be made upon the subject.
classicalliberalism.blogspot.com /2006/04/menial-labor-raised-in-price.html   (4648 words)

 FACSNET Reporting Tools
A measure of the average amount (price) paid for a market basket of goods and services by a typical U.S. consumer in comparison to the average paid for the same basket in an earlier base year.
Costs or benefits that impact society but are not included in the market price of a good or service.
A price which rations the supply of a good among competing consumers so that the quantity of the good demanded is equal to the quantity supplied.
www.facsnet.org /tools/ref_tutor/econo_term/glossary.html   (4135 words)

 Checking Prices   (Site not responding. Last check: 2007-10-30)
Some builders offer "cost plus" pricing, where you pay the actual costs of all materials and labor which go into the house, plus you pay the builder his profit which is a percentage (say, 10%) of the total cost.
In practice, a builder could give a low estimate of what the total cost will be in order to get your job and only later do you find out what the real cost is. Some builders will combine cost-plus with some fixed-price limit that the cost will not go over.
It is worth double checking prices that the builder tells you for applicances, doors, skylights, etc. For example, during construction, we decided that a dark area of the house needed a type of skylight called "Sola Tubes".
www.msdriscoll.com /hsv/house/prices.htm   (768 words)

 Nuclear Power Pro/Con - Price-Anderson Act
The present liability limitations imposed by the Price-Anderson system deny victims the full use of tort remedies in the event of a nuclear accident causing damages exceeding the limitation.
The limitation on liability provisions protect the assets of utilities and suppliers, creating a disincentive to the safe operation of nuclear reactors.
The report concluded that, under the [then] $665 million Price-Anderson limit, only 4 percent of all potentially serious reactor accidents would be adequately covered, and a $6.5 billion limit would cover 95 percent of the reactors.
www.nuclearpowerprocon.org /pop/Price-Anderson.htm   (1158 words)

 Next Generation - Game Pricing
Those price points were to cover the larger cost of goods - in the next gen world it's to afford better artificial intelligence and technology, which I believe delivers better value to the consumer.
The better question is probably not whether a $60 price point will be accepted by early adopters (it will) but rather when does the price point need to come down from $60 to $50; this will happen at some point in the next cycle as mass-market consumers become the dominant market force.
Costs are escalating everywhere and we have tried to maintain that $50 cap for quite a long time.
www.next-gen.biz /index.php?option=com_content&task=view&id=970&Itemid=2&limit=1&limitstart=0   (1002 words)

 World Uranium Reserves
One important fact that must be understood is that, unlike the gas and oil, the cost of the uranium ore is a negligible fraction of the cost of nuclear power (with almost all of nuclear power cost being in the form of value added by domestic labor).
The cost of power from post-production-peak gas or oil plants, or from coal plants with full CO2 sequestration, is likely to be higher than this.
Extrapolations using this data shows that at a (still economical) price of a few hundred dollars per kg of uranium, there is enough recoverable uranium to provide all of our nuclear power needs for several hundred (perhaps 1000) years, even at a greatly increased rate of usage.
www.americanenergyindependence.com /uranium.html   (2283 words)

 [No title]
Marginal user cost is the opportunity cost of using an additional unit of a resource this period, in terms of the foregone marginal net benefits that could have been obtained from that unit in another period.
When the price reaches to the level of backstop price, either the stock is entirely depleted (when MEC is fixed) or some stock is not extracted because it is too expensive to extract (when MEC increases with the depletion).
The pricing system used by public utilities for municipal water is generally of two types: flat rates, independent of the amount of water consumed; and unit pricing based on the amount of water consumed.
www.colorado.edu /Economics/vjcourses/resource/NotesII.doc   (11196 words)

 HIV/AIDS Bureau - ADAPS Cost-Containment Strategies
However, the high cost of combination therapy-approximately $11,000 to $12,000 per patient per year excluding Fuzeon-has significantly increased pressure on ADAPs to adopt a wide variety of cost-containment strategies designed to maximize resources.
Public Law 102-585, the Veterans' Health Care Act of 1992, was designed to establish price controls that limit the cost of drugs to Federal purchasers and certain grantees of Federal agencies.
This agreement states that the price charged for covered outpatient drugs will not exceed the statutory ceiling price (the average manufacturers' price reduced by the Medicaid rebate percentage).
hab.hrsa.gov /programs/factsheets/adapcost.htm   (875 words)

 Media Release Nat 97/27 - Motor vehicle depreciation cost price limit announced
Therefore the indexed motor vehicle cost price limit for 1997-98 remains at $55,134.
If the cost of the vehicle exceeds the limit for the financial year in which the vehicle is first used, its depreciable cost is deemed to be equal to the limit," Mr Carmody said.
"Motor vehicles priced with a taxable value above $36,995 are subject to sales tax at the rate of 45 per cent on the portion of the taxable value of the vehicle exceeding $36,995," Mr Carmody said.
www.ato.gov.au /print.asp?doc=/content/mr9727.htm   (349 words)

 The Sky's the Limit: Medicare's Upwardly Mobile Drug Cost Projections
When Congress passed the Medicare Modernization Act in 2003, CBO and Administration officials said that the initial ten-year cost (over the period from 2004 to 2013) was going to be roughly $400 billion.
Cost estimates for the 18-month MDDC come in at just $5.1 billion, whereas the first year of the drug entitlement in 2006 is estimated to cost $43.7 billion.
Governor George W. Bush, as a presidential candidate, proposed an overall reform of Medicare at a cost of $198 billion over 10 years, $158 billion of which was to be used to cover prescription drugs.
www.heritage.org /Research/HealthCare/wm326.cfm   (1913 words)

 Aussie Boat Loans - Cheap boat loans & insurance for boats, outboard motors, jet-skis & yachts.
Monthly payments are calculated based on the vehicle's depreciation of pre GST cost price during the lease of the term, interest charges, duties, and other fees.
Passenger vehicles over the motor vehicle depreciation cost limit (also known as luxury car limit) cannot be claimed as a lease.
The claimable depreciation is limited by the motor vehicle depreciation cost limit.
www.aussieboatloans.com.au /leasevshirepurchase.html   (1040 words)

 Boston.com / News / Local / Critics of project's price tag question cost of labor agreement
When they are not explaining cost overruns in the Milton school construction project, those lobbying for a $14 million Proposition 2 override on April 27 are defending a deal the School Building Committee approved between the project's manager, Gilbane Building Co., and at least a dozen construction unions two years ago.
In January 2002, the committee voted to authorize a project labor agreement that prohibits contracts from going to any construction company that did not exclusively hire through unions.
Officials there expect a new high school to cost about $5 million less than the $58 million the town had budgeted.
www.boston.com /news/local/articles/2004/04/15/critics_of_projects_price_tag_question_cost_of_labor_agreement   (522 words)

 Raise FHA High-Cost Loan Limits
The bill would increase FHA loan limits for single-family homes in high-cost areas like California, Connecticut, New Jersey, New York and Massachusetts, and would allow FHA loan limits to rise to the local area median-home price, providing more housing opportunities for families living in high-cost areas.
FHA’s maximum loan limit is capped at 87 percent of Freddie Mac’s conforming loan limit, which results in an FHA ceiling of $290,319 this year.
However, the 2003 median home price was $364,040 in California and $353,000 across the New York-New Jersey-Connecticut-Massachusetts area, with much higher costs in specific cities.
www.realtor.org /PublicAffairsWeb.nsf/Pages/FHAHighCostLimits?OpenDocument   (517 words)

 NAR Backs FHA Loan Limit Legislation
Prospective homebuyers in high cost states should not be left behind just because of their geographic location.
Despite its successes as a homeownership tool FHA is not a useful product in high cost areas of the country because its maximum mortgage limits are restrictive.
Those who happen to live in communities with high housing cost are not afforded the benefits of FHA simply because the limits put them at a disadvantage.
www.realtor.org /realtororg.nsf/pages/FHAloanlimit?OpenDocument   (594 words)

 Yorkshire CND - Price tag, purpose of space exploration up in the air - 7/12/03
Cost of Mars, moon trips depends on the technology used
A lunar base, some experts say, could have a price tag of $50 billion to $150 billion depending on how many people and what equipment are used.
Others peg the costs even lower, about $6 billion to set up, with a $1.4 billion a year operations cost, according to Huntsville space consultant Gordon Woodcock.
www.cndyorks.gn.apc.org /yspace/articles/lunar_price_tag.htm   (1320 words)

The limits are based on data from a mortgage survey conducted by the Federal Housing Finance Board and modified by HUD.
In 1994 HUD announced that it was unwilling to release future purchase price limits until data reliability could be improved.
A. Although MHDC did recently complete a survey to adjust the MRB purchase price limits in Missouri, this is only a temporary solution.
www.mhdc.com /about/legislative_items/Legislative-FAQ.htm   (791 words)

 The sky's the limit
Costanza's study joins a growing movement by scientists who are attempting to formulate the "market value" of the things the world gives us for free.
It's a slippery issue, they acknowledge, but we are utterly dependent on these services and the attempt to price them will help ensure that environmental services are given greater consideration in policy debates.
While the sure-to-be-stormy summit in Kyoto focuses on climate and the economic costs involved with mitigating human influences on it, it may serve delegates and world leaders to factor in the costs of things we've always taken for granted.
whyfiles.org /shorties/cost_nature.html   (365 words)

 The Body: AIDS Drug Assistance Program (ADAP) Cost-Containment Strategies
However, the high cost of combination therapy -- approximately $10,000 to $12,000 per patient per year -- has significantly increased pressure on ADAPs to adopt a wide variety of cost-containment strategies designed to maximize resources.
Currently, 22 States and 3 Territories use a point of purchase discount, which calculates a significant discount off the average manufacturers' price of each drug for qualified "covered entities." Participation in the point of purchase system is easiest for States that centrally purchase and dispense medications.
As of June 2002, 27 States are registered in the ADAP 340B rebate option.
www.thebody.com /hrsa/adapcost.html   (957 words)

 The high cost of low price | LJWorld.com
The result of Greenwald’s investigation is “Wal-Mart: The High Cost of Low Price.” The documentary meticulously takes the mega-retailer to task in areas such as worker exploitation, government subsidies, foreign labor practices and environmental abuses.
I agree that wal-mart could raise prices a bit and improve health care coverage, but if you want to fight the battle for affordable health care, send your troops to Washington, not Arkansas.
In fact, if Mexico wasn't exporting all their cheap labor to the US perhaps a few 'evil corporations' could open factories that paid Mexican labor better rates than the US minimum wages and as a bonus they could keep their labor force, their culture, their hardest workers, and the country's future in Mexico.
www2.ljworld.com /news/2006/jun/02/high_cost_low_price   (3944 words)

 SSRN-Publications and Documents That Reference 'Price Impact Costs and the Limit of Arbitrage' by Zhiwu Chen, Werner ...   (Site not responding. Last check: 2007-10-30)
Price Impact Costs and the Limit of Arbitrage
The weighted average of the cost of equity and the after-tax cost of debt is known as the Weighted Average Cost of Capital (WACC).
Chen, Zhiwu, Werner Stanzl, and Masahiro Watanabe, 2001, Price impact costs and the limit of arbitrage, Working paper, Yale School of Management.
papers.ssrn.com /sol3/RefPointingTo.cfm?abid=302065   (337 words)

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