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AR: The abbreviation for average revenue, which is the revenue received for selling a good, per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue actually goes by a simpler and more widely used term... price. Average revenue is really a fancy-schmancy term for the price received by a seller for selling a good. However, using the longer term average revenue let's us see the connection with other terms, like total revenue, marginal revenue, and quantity.
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AVERAGE PROPENSITY TO CONSUME The proportion of household income that is used for consumption expenditures. The average propensity to consume (abbreviated APC) is really nothing more than average consumption. Together with the average propensity to save, it indicates how a given level of income is divided between consumption and saving. A related consumption measure is the marginal propensity to consume.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time at an auction trying to buy either a package of 3 by 5 index cards, the ones without lines or a blue mechanical pencil. Be on the lookout for mail order catalogs with hidden messages.
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This isn't me! What am I?
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Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
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"The roots of education are bitter, but the fruit is sweet." -- Aristotle, philosopher
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PO
Pareto Optimal
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