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PIE CHART: A circular graph divided into wedges that is commonly used to present the division of a total among parts. The circular "pie" represents the total value and each slice represents the portion distributed to each category. Pie charts are a handy way to present information, but are not well suited for more involved economic analysis.
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Lesson 16: Perfect Competition | Unit 2: Short-Run Output
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Page: 11 of 28
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In this unit, you should have learned about:- The revenue side of a perfectly competitive firm that contains three key measures -- total revenue, average revenue, and marginal revenue.
- How average revenue and marginal revenue are derived from total revenue.
- Why P = AR = MR for a perfectly competitive firm that is a price taker.
- The cost side of a perfectly competitive firm, which like any firm, is governed by the law of diminishing marginal returns in the short run.
- How the short-run output decision by a perfectly competitive firm can be analyzed by calculating profit as the difference between total revenue and total cost.
- That a perfectly competitive firm selects the quantity of output that maximizes profit.
- How the short-run output decision by a perfectly competitive firm can be identified by equating marginal revenue and marginal cost.
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AVERAGE PRODUCT CURVE A curve that graphically illustrates the relation between average product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the per unit output at each level of the variable input. The average product curve is one of three related curves used in the analysis of the short-run production of a firm. The other two are total product curve and marginal product curve.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel seeking to buy either a birthday gift for your mother or a weathervane with a horse on top. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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The average length of a "business lunch" is about 36 minutes.
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"You have to find something that you love enough to be able to take risks, jump over the hurdles and break through the brick walls that are always going to be placed in front of you. If you don't have that kind of feeling for what it is you're doing, you'll stop at the first giant hurdle. " -- George Lucas
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OSHA
Occupational Safety and Health Administration
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