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Economist - output of a good are determined by both supply...

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Economist Alfred Marshall (born 26 July 1842 in Bermondsey, London, England, died 13 July 1924 in Cambridge, England) was an English economist. He was one of the most influential economists of all time. He was one of the founders of neoclassical economics. His most famous work, Principles of Economics (1890), brings the ideas of supply and demand, of marginal utility and of the costs of production into a coherent whole. It became the most important economic textbook in England for a long time. In his most important book, Principles of Economics, Marshall emphasized that the price and
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Unformatted text preview: output of a good are determined by both supply and demand: the two curves are like scissor blades that intersect at equilibrium. While modern economists are trying to understand why the price of a good changes, they still start by looking for factors that may have shifted demand or supply, an approach they owe to Marshall. In the following article, we will explore on the factors that may have shifted demand....
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