MARGINAL ANALYSIS AND EMPIRICAL RESEARCH.

This section concludes that the marginal theory of business conduct of the firm has not been shaken, discredited or disproved by the empirical tests discussed in the paper. Marginalism, as the logical process of finding a maximum, is clearly implied in the so-called economic principle--striving to achieve with given means a maximum of ends. The proposition that the firm will attempt to equate marginal cost and marginal revenue is logically implied in the assumption that the firm will attempt to maximize its profit or minimize its losses.