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MARGINAL REVENUE CURVE, MONOPOLY: A curve that graphically represents the relation between marginal revenue received by a monopoly for selling its output and the quantity of output sold. The marginal revenue curve reflects the market control held by a monopoly firm. For a monopoly firm with complete market control, the marginal revenue curve is negatively-sloped. Moreover, for a given quantity of output, marginal cost is less than price, and the marginal revenue curve lies below the demand curve.
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ARC ELASTICITY The average elasticity for discrete changes in two variables. The distinguishing characteristic of arc elasticity is that percentage changes are calculated based on the average of initial and ending values of each variable, rather than initial values. Arc elasticity is generally calculated using the midpoint elasticity formula. The contrast to arc elasticity is point elasticity. For infinitesimally small changes in two variables, arc elasticity is the same as point elasticity.
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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time surfing the Internet looking to buy either a key chain with a built-in flashlight and panic button or a green and yellow striped sweater vest. Be on the lookout for neighborhood pets, especially belligerent parrots.
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The average bank teller loses about $250 every year.
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"A genius is a talented person who does his homework." -- Thomas Edison
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IDA
International Development Association
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