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March 29, 2024 

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MARGINAL REVENUE, PERFECT COMPETITION: The change in total revenue resulting from a change in the quantity of output sold. Marginal revenue indicates how much extra revenue a perfectly competitive firm receives for selling an extra unit of output. It is found by dividing the change in total revenue by the change in the quantity of output. Marginal revenue is the slope of the total revenue curve and is one of two revenue concepts derived from total revenue. The other is average revenue. To maximize profit, a perfectly competitive firm equates marginal revenue and marginal cost.

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GREEN LOGIGUIN
Your compete MICRO*scope for today

You are the type of person who realizes that there are two sides to every market transaction, sometimes you buy and sometimes you sell. Family and friends wonder how you manage to keep your life on such an even keel. Today, you are likely to spend a great deal of time flipping through mail order catalogs wanting to buy either a T-shirt commemorating the first day of winter or software that won't crash your computer. Be on the lookout for pencil sharpeners with an attitude. You should consider shopping at stores or businesses beginning with the letter U, but do not buy any products with a serial number or product code containing the number 379991. Your preferred shopping venue is strip malls. Your special symbol is the equal sign (=).


Is this You?

As a Green Logiguin, you seek a balance in life and your market activities. You are logical and reasonable, always seeking to weigh costs and benefits, pros and cons, ups and downs, ins and outs, goods and bads. You are the embodiment of yin and yang. You know that there are two sides to every story and every market exchange. Sometimes you buy. Sometimes you sell. You search out the best deals, with the highest quality and lowest price.


This isn't me! What am I?
PRODUCTION POSSIBILITIES CURVE

A curve that illustrates the production possibilities of an economy--the alternative combinations of two goods that an economy can produce with given resources and technology. A production possibilities curve (PPC) represents the boundary or frontier of the economy's production capabilities, hence it is also frequently termed a production possibilities frontier (PPF). As a frontier, it is the maximum production possible given existing (fixed) resources and technology. Producing on the curve means resources are fully employed, while producing inside the curve means resources are unemployed. The law of increasing opportunity cost is what gives the curve its distinctive convex shape.

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Borrowing Through The FINANCIAL MARKETS

We never know whom we might encounter on our leisurely stroll through the economy. Passing by the marble columns of Interstate OmniBank -- the beacon of safety and security -- we have the good fortune of crossing paths with our Ivy-League-educated pillar of the financial community -- Winston Smythe Kennsington III. Although he seems to be a touch condescending, he's kind enough to show us a freshly signed check for $37 gadzillion, which is but a small part of a multi-gadzillion dollar loan from the Interstate OmniBank. To what constructive purpose Winnie will put these funds remains unclear; how this loan will be repaid, he never says; but Winnie proudly reminds us several times that this loan once again proves his unchallenged standing as the majordomo of the financial markets.
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APLS

Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
"The mediocre teacher tells. The good teacher explains. The superior teacher demonstrates. The great teacher inspires."

-- William Ward ‚ Texas Wesleyan University Administrator

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