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DISTRIBUTION: This was formerly, the placement variable of the marketing mix. The activities that put the product, service, or idea at the correct location the customer wants and needs in order to facilitate the purchase. Channels of distribution vary based on the businessŐ strategy, target market, and resources.
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Lesson 16: Perfect Competition | Unit 2: Short-Run Output
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Page: 6 of 28
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Topic:
The Revenue Side
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- Understanding the revenue side of perfect competition involves three related revenue measures:
- total revenue
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- Total revenue is the revenue received by a firm from the sale of output, calculated as the price times quantity.
- Consider the definition of average revenue.
- Average revenue is the revenue received by a firm per unit of output sold, which can be calculated as total revenue divided by quantity.
- The third revenue concept is marginal revenue.
- Marginal revenue is the addition to total revenue resulting from the sale of additional output, which is calculated as the change in total revenue divided by the change in output.
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AUTONOMOUS EXPENDITURES Expenditures on aggregate production by the four macroeconomic sectors that do not depend on income or production (especially national income or even gross domestic product). That is, changes in income do not generate changes in these expenditures. Each of the four aggregate expenditures--consumption, investment expenditures, government purchases, and net exports--have an autonomous component. Autonomous expenditures are affected by the ceteris paribus aggregate expenditures determinants and are measured by the intercept term of the aggregate expenditures line. The alternative to autonomous expenditures are induced expenditures, expenditures which do depend on income.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either a large, stuffed giraffe or a birthday greeting card for your aunt. Be on the lookout for strangers with large satchels of used undergarments.
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
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"We succeed in enterprises (that) demand the positive qualities we possess, but we excel in those (that) can also make use of our defects." -- Alexis de Tocqueville, Statesman
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NI
National Income, Net Income
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