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TOTAL REVENUE: The revenue received by a firm for the sale of its output. Total revenue is one of two parts a firm needs for the calculation of 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. For a perfectly competitive firm, which receives a single unchanging price for all output sold, the calculation is relatively easy. For other real world firms, that charge different prices to different buyers for different quantities, the calculation can be more complex.
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MARGINAL FACTOR COST The change in total factor cost resulting from a change in the quantity of factor input employed by a firm. Marginal factor cost, abbreviated MFC, indicates how total factor cost changes with the employment of one more input. It is found by dividing the change in total factor cost by the change in the quantity of input used. Marginal factor cost is compared with marginal revenue product to identify the profit-maximizing quantity of input to hire.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway seeking to buy either a T-shirt commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki or a wall poster commemorating the 2000 Olympics. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
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"I love the man who can smile in trouble, who can gather strength from distress and grow brave by reflection. " -- Thomas Paine, statesman
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ATS
Automatic Transfer Service
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