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INDIRECT: The mathematical notion that two variables change in the opposite directions, that is, an increase in X goes with a decrease in Y, or a decrease in X goes with an increase in Y. The alternative to an indirect relation is a direct relation, in which an increase in one variable goes with an increase in the other. Indirect relations are graphically illustrated by negatively-sloped curves, a common example being the demand curve.

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Lesson 12: Elasticity and Demand | Unit 3: Measurement Page: 15 of 25

Topic: Total Revenue <=PAGE BACK | PAGE NEXT=>

From these numbers you can see that:
  • One, as the price increases from 0 cents per minute to 10 cents per minute, total revenue values increase.
  • Two, as the price increases from 10 cents per minute to 20 cents per minute, total revenue values decrease.
  • Three, at the price of 10 cents per minute, total revenue is at its maximum value or $500,000.
A few conclusions:
  • Total revenue increases in the inelastic range of demand when they increase their price.
  • Total revenue increases in the elastic range of demand when they decrease their price.
  • Total revenue is at the maximum level at the unit elastic point.

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AGGREGATE EXPENDITURES EQUATION

An equation that summarizes the four aggregate expenditures on gross domestic product by the four macroeconomic sectors. In the study of Keynesian economics, this equation is commonly used to summarize the demand side of the macroeconomy. The aggregate expenditures equation actually comes in three different versions depending on how many of the four sectors and their expenditures are included.

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