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PERFECT COMPETITION, PROFIT ANALYSIS: A perfectly competitive firm produces the profit-maximizing quantity of output that generates the highest level of profit. This profit approach is one of three methods that used to determine the profit-maximizing quantity of output. The other two methods involve a comparison of total revenue and total cost or a comparison of marginal revenue and marginal cost.

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Lesson 12: Business Cycles | Unit 3: Measurement Page: 14 of 26

Topic: Coincident <=PAGE BACK | PAGE NEXT=>

Coincident economic indicators move along with the aggregate economy. They mark the business cycle.
  • We don't know how the economy is doing until after the fact. Real GDP is released every three months. Coincident indicators are available monthly.
  • The four coincident indicators are measures of production, employment, income, and sales.
  • The Composite Index of Coincident Indicators, displayed in the graph, combines all four. Turns in this index mark business cycle peaks and troughs.
  • Leading and coincident indicators work together. Leading indicators forecast turning points. Coincident indicators turn 3 to 12 months later.

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AVERAGE REVENUE CURVE, PERFECT COMPETITION

A curve that graphically represents the relation between average revenue received by a perfectly competitive firm for selling its output and the quantity of output sold. Because average revenue is essentially the price of a good, the average revenue curve is also the demand curve for a perfectly competitive firm's output.

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