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June 19, 2025 

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JUGLAR CYCLE: A cycle of economic activity lasting between 8 and 10 years that acquired the name of the first economist to study it, Clement Juglar. The Juglar cycles is attributed to investment in equipment and machinery. This is one of four separate cycles of macroeconomic activity that have been documented or hypothesized. The other three are Kitchin cycle, Kuznets cycle, and Kondratieff cycle.

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TOTAL PRODUCT AND AVERAGE PRODUCT: A graphical connection between total product curve and average product curve stating that the slope of a line between the origin and any point on the total product curve is equal to the average product. Imagine a ray shooting out of the origin and hitting the total product curve. As this ray hits each point on the curve, remaining anchored at the origin, the slope of the ray changes. And the slope of this ray is average product.

     See also | total product | average product | short-run production | slope | total-marginal rule | average-marginal rule | law of diminishing marginal returns | increasing marginal returns | decreasing marginal returns | marginal product |


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AVERAGE REVENUE

The revenue received for selling a good per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue often goes by a simpler and more widely used term... price. Using the longer term average revenue rather than price provides a connection to other related terms, especially total revenue and marginal revenue. When compared with average cost, average revenue indicates the amount of profit generated per unit of output produced. Average revenue is often depicted by an average revenue curve.

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