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TOTAL REVENUE, PERFECT COMPETITION: The revenue received by a perfectly competitive firm for the sale of its output. Total revenue is one two bits of information a perfectly competitive firm needs to calculate economic profit, the other is total cost. In general, total revenue is the price times quantity--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. Two other revenue measures directly related to total revenue are average revenue and marginal revenue. Total revenue is often depicted as a total revenue curve.

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Lesson 11: Elasticity Basics | Unit 5: Market Elasticity Page: 23 of 25

Topic: Four Measures <=PAGE BACK | PAGE NEXT=>

The four specific elasticity measurements that are most important for our study of the market are:
  • The price elasticity of demand.
    • The percentage change in quantity demanded resulting from a percentage in price.
  • The price elasticity of supply.
    • The percentage change in quantity supplied resulting from a percentage in price.
  • The income elasticity of demand.
    • The percentage change in demand resulting from a percentage in income.
  • The cross elasticity of demand.
    • The percentage change in demand resulting from a percentage in the price of another good

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AGGREGATE DEMAND

The total real expenditures on final goods and services produced in the domestic economy that buyers are willing and able to undertake at different price levels, during a given time period (usually a year). Aggregate demand, usually abbreviated AD, is an inverse relation between price level and aggregate expenditures. This is one half of the AS-AD (aggregate market) analysis. The other half is aggregate supply. Aggregate demand consists of four aggregate expenditures--consumption expenditures, investment expenditures, government purchases, and net exports--made by the four macroeconomic sectors--household, business, government, and foreign.

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Today, you are likely to spend a great deal of time driving to a factory outlet seeking to buy either decorative picture frames or storage boxes for your income tax returns. Be on the lookout for telephone calls from long-lost relatives.
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Lombard Street is London's equivalent of New York's Wall Street.
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