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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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INELASTIC SUPPLY The general elasticity relation in which relatively large changes in price cause relatively small changes in quantity supplied. Large changes in price cause relatively small changes in quantity supplied or the percentage change in quantity supplied is smaller than the percentage change in price. This characterization of elasticity is most important for the price elasticity of supply. Inelastic supply is one of two general elasticity relations for supply. The other is elastic supply.
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PURPLE SMARPHIN
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Today, you are likely to spend a great deal of time looking for a downtown retail store wanting to buy either a remote controlled sports car with an air spoiler or semi-gloss photo paper that works with your neighbor's printer. Be on the lookout for fairy dust that tastes like salt.
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The average bank teller loses about $250 every year.
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"The art of leadership is saying no, not yes. It is very easy to say yes. " -- Tony Blair, British prime minister
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