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VARIABLE FACTOR OF PRODUCTION: An input whose quantity can be changed in the time period under consideration. This usually goes by the shorter term fixed input and should be immediately compared and contrasted with fixed factor of production, which goes by the shorter term fixed input. The most common example of a variable factor of production is labor. A variable factor of production provides the extra inputs that a firm needs to expand short-run production. In contrast, a fixed factor of production, like capital, provides the capacity constraint in production. As larger quantities of a variable factor of production, like labor, are added to a fixed factor of production like capital, the variable factor of production becomes less productive.

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Lesson 16: Perfect Competition | Unit 3: Doing Graphs Page: 15 of 28

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

  • 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.


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AVERAGE REVENUE, MONOPOLISTIC COMPETITION

The revenue received for selling a good per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue often goes by a simpler and more widely used term... price. For a monopolistically competitive firm average revenue is greater than marginal revenue. Average revenue for a monopolistically competitive firm is often depicted by a negatively-sloped average revenue curve.

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