|
|
TR: The abbreviation for total revenue, which is the revenue received by a firm for the sale of its output. Total revenue is one of two parts a firm needs for the calculation of economic profit, the other is total cost. In general, total revenue is the price received for selling a good times the quantity of the good sold at that price. For a perfectly competitive firm, which receives a single unchanging price for all output sold, the calculation is relatively easy. For other real world firms, that charge different prices to different buyers for different quantities, the calculation can be more complex. Total revenue is very important in the analysis a firm's short-run production decision. Two other revenue measures directly related to total cost are average revenue and marginal revenue. Total revenue is often depicting as the total revenue curve. For a perfectly competitive firm, the total revenue curve is a straight line from the origin. For a monopoly, oligopoly, or monopolistically competitive firm, the total revenue curve is "hump-shaped," increasing at a decreasing rate, reaching a peak, then declining.
Visit the GLOSS*arama
|
|
|
|
|
|
|
|
TOTAL COST AND MARGINAL COST A mathematical connection between marginal cost and total cost stating that marginal cost IS the slope of the total cost curve. This relation between total cost and marginal cost is also seen with total variable cost. The slope of the total variable cost curve is marginal cost, as well. The relation between total cost and marginal cost is but another in the long line of applications of the total-marginal relation.
Complete Entry | Visit the WEB*pedia |
|
|
BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time at a flea market hoping to buy either a Boston Red Sox baseball cap or a square lamp shade with frills along the bottom. Be on the lookout for high interest rates.
Your Complete Scope
This isn't me! What am I?
|
|
|
The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
|
|
|
"A man flattened by an opponent can get up again. A man flattened by conformity stays down for good. " -- Thomas Watson Jr., executive
|
|
AAXICO
American Air Export and Import Company
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
