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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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 Lesson 4: Production Possibilities | Unit 3: The Curve Page: 11 of 24

 Topic: Slope and Cost <=PAGE BACK | PAGE NEXT=>

The slope of a line is measured by calculating the change in the value measured on the vertical axis divided by the change in the value measured on the horizontal axis.
• Another way of saying this is to take the rise over the run.

 rise change in shoes slope = ---- = -------------------------- run change in calibrators

• Slope between I and J is -70. Rise is a decrease of 70. Run is an increase of 1.
The slope of the production possibilities curve is the opportunity cost of the good measured on the horizontal axis, which in our example is clock calibrators.

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ABILITY-TO-PAY PRINCIPLE

A taxation principle stating that taxes should be based on the ability to pay taxes. The ability-to-pay principle works from the proposition that those who have the greatest income should pay the most taxes. The ability-to-pay principle is the only reasonable way to finance the provision of public goods such as national defense, public health, and environmental quality. This is one of two taxation principles. The other is the benefit principle, which states taxes should be based on the benefits received.

 PINK FADFLY[What's This?] Today, you are likely to spend a great deal of time at a flea market trying to buy either yellow cotton balls or a set of steel-belted radial snow tires. Be on the lookout for vindictive digital clocks with revenge on their minds.Your Complete Scope
 Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
 "Always make a total effort, even when the odds are against you."-- Arnold Palmer
 CPI-UConsumer Price Index-All Urban Consumers
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