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AAUP: The abbreviation for American Association of University Professors, which is an association of university and college faculty established in 1915 to protect academic freedom. The AAUP is the closest thing university faculty have to a labor union. While it does engage in some collective bargaining functions with specific universities, similar to traditional labor unions, its primary function is to ensure that faculty maintain intellectual or academic freedom from political of social pressures.
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Lesson 16: Perfect Competition | Unit 2: Short-Run Output
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Page: 7 of 28
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Topic:
The Revenue Numbers
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The revenue side of a typical perfectly competitive firm is presented in this table.- Quantity (Q): The quantity of output produced by the firm, presented in the first column, ranges from 0 to 10 units.
- Price (P): The second column presents the price received by the firm. This is the market price.
- Total Revenue (TR): The firm's total revenue is presented in the third column.
- Average Revenue (AR): The fourth column presents average revenue, which is total revenue per unit of output, or total revenue divided by the quantity.
- Marginal Revenue (MR): The fifth column presents marginal revenue, the change in total revenue divided by the change in quantity.
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WHAT? The allocation question that determines the types and quantities of goods and services produced with society's limited resources. What goods and services are produced with society's limited resources? This is one of three basic questions of allocation. The other two are How? and For Whom?
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway looking to buy either an AC adapter that won't fry your computer or a case for your designer sunglasses. Be on the lookout for slow moving vehicles with darkened windows.
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This isn't me! What am I?
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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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"Sometimes when you innovate, you make mistakes. It is best to admit them quickly and get on with improving your other innovations. " -- Steve Jobs, Apple Computer founder
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KCBT
Kansas City Board of Trade
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