Yet no matter how highly we may value them, art and culture are produced by individuals and institutions working within the general economy, and therefore cannot escape the constraints of the material world.
James Heilbrun and Charles M. Gray, The Economics of Art and Culture
Market and Market Failure
TFC, TVC, AFC, AVC, TC, VC, FC
Law of diminishing returns
Economies of Scale
Law of demand
Law of supply
Elasticity, Demand elasticity, Supply elasticity
Scaling the house
Unrestricted net assets, Temporarily restricted net assets, ...