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A POSTERIORI: A conclusion reached through logical reasoning based on facts and observations about the real world. This notion is closely related to the scientific verification of hypotheses and the identification of principles. A similar sounding, but opposite term is a prior, which is a unverified presumption made before an analysis is undertaken. For example, in the study of economics of crime you might assume, a priori, that people are basically "good", and conclude, a posteriori, that people are more likely to commit crimes when the threat of capture and conviction is lower.
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AVERAGE REVENUE The revenue received for selling a good per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue often goes by a simpler and more widely used term... price. Using the longer term average revenue rather than price provides a connection to other related terms, especially total revenue and marginal revenue. When compared with average cost, average revenue indicates the amount of profit generated per unit of output produced. Average revenue is often depicted by an average revenue curve.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction looking to buy either a rechargeable battery for your camera or a coffee cup commemorating the first day of spring. Be on the lookout for broken fingernail clippers.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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"Argue for your limitations, and sure enough, they're yours." -- Richard Bach
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PI
Personal Income
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