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ADAM SMITH: A Scottish professor (born 1723, died 1790) who is considered the father of modern economics for his revolutionary book, entitled An Inquiry into the Nature and Causes of the Wealth of Nations published in 1776.

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Lesson 16: Perfect Competition | Unit 3: Doing Graphs Page: 12 of 28

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

  • Total Revenue: The first curve to note is the total revenue curve, labeled TR. The reason is that it is a straight line.

  • Total Cost: The second curve is the total cost curve, labeled TC.

  • The shape of the total cost curve reflects the principles of short-run production.

  • Profit is the difference between total revenue and total cost, which is visually seen as the vertical distance between the two curves.

  • The breakeven output.

  • Breakeven output is the quantity of output in which the total revenue is equal to total cost such that a firm earns exactly a normal profit, but receives no economic profit nor incurs an economic loss.

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    AVERAGE TOTAL COST CURVE

    A curve that graphically represents the relation between average total cost incurred by a firm in the short-run product of a good or service and the quantity produced. The average total cost curve is constructed to capture the relation between average total cost and the level of output, holding other variables, like technology and resource prices, constant. The average total cost curve is one of three average curves. The other two are average variable cost curve and average fixed cost curve. A related curve is the marginal cost curve.

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    Today, you are likely to spend a great deal of time browsing about a thrift store seeking to buy either a remote controlled World War I bi-plane or a wall poster commemorating Thor Heyerdahl's Pacific crossing aboard the Kon-Tiki. Be on the lookout for neighborhood pets, especially belligerent parrots.
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    North Carolina supplied all the domestic gold coined for currency by the U.S. Mint in Philadelphia until 1828.
    "And while the law of competition may be sometimes hard for the individual, it is best for the race, because it ensures the survival of the fittest in every department. "

    -- Andrew Carnegie, entrepreneur

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