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BUDGET CONSTRAINT: The alternative combinations of two different goods that can be purchased with a given income and given prices of the two goods. This budget constraint, also termed budget line, plays a major role in the analysis of consumer demand using indifference curve analysis. Indifference curves represents the "willingness" aspect of consumer demand, the budget constraint captures the "ability". One key consumer demand topic is to analyze how consumer equilibrium is affected by changes in the price of one good. Then end result of this analysis is a demand curve. For more fascinating uses of the budget constraint and indifference curves, and consumer demand analysis, see income-consumption curve and price-consumption curve.
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TOTAL REVENUE CURVE A curve that graphically represents the relation between the total revenue received by a firm for selling its output and the quantity of output sold. It is combined with a firm's total cost curve to determine economic profit and the profit maximizing level of production. The slope of the total revenue curve is marginal revenue. The total revenue curve for a firm with no market control is a straight line. The total revenue curve for a firm with market control is "hump-shaped."
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ORANGE REBELOON
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Today, you are likely to spend a great deal of time looking for a downtown retail store seeking to buy either a cross-cut paper shredder or a birthday greeting card for your father. Be on the lookout for cardboard boxes.
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The average length of a "business lunch" is about 36 minutes.
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"We may affirm absolutely that nothing great in the world has been accomplished without passion." -- Hegel
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BACS
Bankers Automated Clearing Services
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