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UNANIMITY RULE: A voting rule in which decisions are made based on unanimous approval of those casting votes. That is, every voter must cast the same vote. Unanimity is used in elections where there is no room for doubt or disagreement. The most common example is court cases where a jury must vote unanimously for conviction or acquittal. Private clubs also employ unanimity vote when admitting new members. This is one of several voting rules. Others include majority, super majority, and plurality.

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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 MARKET

An economic model relating the price level and real production that is used to analyze business cycles, gross production, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The aggregate market, inspired by the standard market model, but adapted to the macroeconomy, captures the interaction between aggregate demand (the buyers) and short-run and long-run aggregate supply (the sellers). Also known by the names AS-AD model or income-price model, the aggregate market is THE cornerstone model of macroeconomic analysis.

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Today, you are likely to spend a great deal of time touring the new suburban shopping complex seeking to buy either blue cotton balls or a genuine down-filled pillow. Be on the lookout for door-to-door salesmen.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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