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TOTAL REVENUE, MONOPOLISTIC COMPETITION: The revenue received by a monopolistically competitive firm for the sale of its output. Total revenue is one of two parts a monopoly needs to calculate 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. Because a monopolistically competitive firm has some degree of market control and faces a negatively-sloped demand curve, it charges a different price for a different quantities. If a monopoly sells a relatively small quantity, it charges a relatively high price. If it sells a relatively smaller quantity, it charges a relatively lower price. However, once the monopolistically competitive firms determines its' price/quantity combination, total revenue calculation is relatively straightforward, multiple the price times the quantity.
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AVERAGE REVENUE PRODUCT AND MARGINAL REVENUE PRODUCT A mathematical connection between average revenue product and marginal revenue product stating that the change in the average revenue product depends on a comparison between the average revenue product and marginal revenue product. If marginal revenue product is less than average revenue product, then average revenue product declines. If marginal revenue product is greater than average revenue product, then average revenue product rises. If marginal revenue product is equal to average revenue product, then average revenue product does not change.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club hoping to buy either arch supports for your shoes or an AC adapter that works with your MPG player. Be on the lookout for strangers with large satchels of used undergarments.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
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"How wonderful it is that nobody need wait a single moment before starting to improve the world. " -- Anne Frank, diarist
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CPI-W
Consumer Price Index-Urban Wage Earners and Clerical Workers
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