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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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Lesson 17: Money | Unit 1: Money Basics Page: 2 of 25

Topic: THE Medium <=PAGE BACK | PAGE NEXT=>

The notion of general acceptance makes money THE medium of exchange for economic transactions.

It must be generally accepted.

  • Two types of value:
    1. Value in use (intrinsic value): An item provides satisfaction of wants and needs.
    2. Value in exchange: An item does not provide satisfaction directly but can be traded for something that does.
  • Money may or may not have value in use, but to be a medium of exchange, it must have value in exchange.

Money is an economic lubricant.

  • Too much money prompts inflationary expansion and too little entices recessionary unemployment.
  • The challenge is to maintain the proper balance between too much and too little.

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SLOPE, AGGREGATE EXPENDITURES LINE

The positive slope of the aggregate expenditures line is the sum of the marginal propensity to consume (MPC), marginal propensity to invest (MPI), and marginal propensity for government purchases (MPG), less the marginal propensity to import (MPM). This slope is greater than zero but less than one, reflecting induced expenditures by the four macroeconomic sectors (household, business, government, and foreign). The slope of the aggregate expenditures line determines the magnitude of the multiplier process.

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Today, you are likely to spend a great deal of time calling an endless list of 800 numbers hoping to buy either a three-hole paper punch or decorative picture frames. Be on the lookout for fairy dust that tastes like salt.
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The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
"Man is born to live, not to prepare for life. "

-- Boris Pasternak, writer

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