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TR: The abbreviation for total revenue, which is 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. Total revenue is very important in the analysis a firm's short-run production decision. Two other revenue measures directly related to total cost are average revenue and marginal revenue. Total revenue is often depicting as the total revenue curve. For a perfectly competitive firm, the total revenue curve is a straight line from the origin. For a monopoly, oligopoly, or monopolistically competitive firm, the total revenue curve is "hump-shaped," increasing at a decreasing rate, reaching a peak, then declining.
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TOTAL PHYSICAL PRODUCT The total quantity of output produced by a firm for a given quantity of inputs. Total physical product is actually nothing more than total product. The insertion of the word "physical" merely keeps the phrase consistent with average physical product and marginal physical product, two terms useful in marginal-productivity theory and the analysis of factor demand.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time at a flea market wanting to buy either a birthday greeting card for your grandfather or a weathervane with a cow on top. Be on the lookout for pencil sharpeners with an attitude.
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The 22.6% decline in stock prices on October 19, 1987 was larger than the infamous 12.8% decline on October 29, 1929.
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"The greater danger for most of us is not that our aim is too high and we miss it, but that it is too low and we reach it." -- Michelangelo Buonarroti, Painter and Sculptor
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AFC
Average Fixed Cost
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