File:Bell telephone magazine (1922) (14569970747).jpg

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Identifier: belltelephone7273mag00amerrich (find matches)
Title: Bell telephone magazine
Year: 1922 (1920s)
Authors: American Telephone and Telegraph Company American Telephone and Telegraph Company. Information Dept
Subjects: Telephone
Publisher: (New York, American Telephone and Telegraph Co., etc.)
Contributing Library: Prelinger Library
Digitizing Sponsor: Internet Archive

View Book Page: Book Viewer
About This Book: Catalog Entry
View All Images: All Images From Book
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or thesake of simplification, lets alsomake the economists standard as-sumption that all other things re-main equal, including the cost oftraining dentists to use the newdrill and the cost of the drill itself(that is, that the new drill costs nomore than the old one). Under these circumstances,there would immediately be a dou-bling of the supply of standard cav-ity fixing in Town Alpha. The priceof fixing a cavity under those con- WAGES, PRODUCTIVITY, PRICES Average annual increase 1948-1972 Compensation Per Manhour Output Per Manhour Consumer Price Index OUTPUT PER MANHOUR Average annual I Chemicals Fabricated Metal Products AVERAGE HOURLY EARNINGS Average annual increase Chemicals 1948 1972 Fabricated Metal Products Chemicals Fabricated Metal Products 1972—If set according to productivity PRODUCTIVITY VS. COMPENSATION Average annual increase 1948-1972 Chemicals Output Per Manhour Compensation Per Manr Petroleum Coal Mining Primary Metal Products Machinery Fabricated Metal Products
Text Appearing After Image:
ditions would be bid down by den-tists, even though they presumablywould want to maintain or increasetheir same overall rates of income.Just where the new equilibriumprice for dental services would ac-tually be reached, however, woulddepend upon the slopes of the sup-ply and demand curves—what econ-omists call the elasticity of supplyand demand. There might actuallybe fewer dentists eventually—thatis, not a complete doubling of ca-pacity. If this happened, however,there might also be a somewhatlower rate of total income for den-tists, since now that fewer dentistswere needed, not quite so muchwould have to be paid to get them.In this example, then, increasedproductivity brings both a declinein prices and a slightly lower rateof overall income for dentists. How-ever, in this example, the wagerates for dentists would continueto equal the marginal value of theirproductivity. Seems crazy, doesnt it, since weall know that the real productivityof dentists went up. The crucialdifference,

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Author Internet Archive Book Images
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(Reusing this file)		 At the time of upload, the image license was automatically confirmed using the Flickr API. For more information see Flickr API detail.
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51-52
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27 July 2014

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This image was originally posted to Flickr by Internet Archive Book Images at https://flickr.com/photos/126377022@N07/14569970747. It was reviewed on 17 September 2015 by FlickreviewR and was confirmed to be licensed under the terms of the No known copyright restrictions.

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