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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.
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LAND The naturally occurring resources used in the production of goods and services, including the land itself; the minerals and nutrients in the ground; the water, wildlife, and vegetation on the surface; and the air above. Land also includes the productive dimensions of space and accessibility. This is one of four basic categories of resources, or factors of production. The other three are labor, capital, and entrepreneurship.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either a T-shirt commemorating the 2000 Olympics or a genuine fake plastic Tiffany lamp. 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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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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"The greatest things ever done on Earth have been done little by little. " -- William Jennings Bryan
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MGF
Moment Generating Function
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