|
|
DECISION MAKING PROCESS: The five step decision making process the consumer uses to complete a purchasing decision. Step one is defining the problem. Step two is collecting data on possible choices. Step three is evaluating the alternatives. Step four is making a decision. Step five is post-purchase behavior, sometimes buyerÕs remorse.
Visit the GLOSS*arama
|
|
|
|
|
Lesson 16: Perfect Competition | Unit 3: Doing Graphs
|
Page: 15 of 28
|
|
Topic:
Dividing Revenue
|
|
|
- A diagram can help us identify the firm's division of revenue.
- Total Revenue: First, the MR curve is also average revenue and the product price, $4 per unit. This total revenue can be graphically highlighted as the rectangle bounded by the vertical and horizontal axes on the left and bottom, the MR curve on the top, and the vertical line connecting the MR-MC intersection point with the quantity axis on the right.
- Total Cost: Total cost can be graphically highlighted as the rectangle bounded by the vertical and horizontal axes on the left and bottom, the horizontal line indicating $3.00 average total cost on the top, and the vertical line connecting the MR-MC intersection point with the quantity axis on the right.
- Profit: The difference between the total revenue area and the total cost area is economic profit. This is the smaller rectangle near the top of the total revenue are.
|
|
|
|
|
|
|
COMPLEMENT-IN-PRODUCTION One of two (or more) goods that are simultaneously produced using a given resource. A complement-in-production is one of two alternatives falling within the other prices determinant of supply. The other is a substitute-in-production. An increase in the price of one complement good causes an increase in supply for the other.
Complete Entry | Visit the WEB*pedia |
|
|
BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time at a crowded estate auction wanting to buy either clothing for your pet iguana or a set of hubcaps. Be on the lookout for small children selling products door-to-door.
Your Complete Scope
This isn't me! What am I?
|
|
|
The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
|
|
|
"Lord, where we are wrong, make us willing to change; where we are right, make us easy to live with. " -- Peter Marshall, US Senate chaplain
|
|
IMF
International Monetary Found
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
