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AGGREGATE DEMAND: The total (or aggregate) real expenditures on final goods and services produced in the domestic economy that buyers would willing and able to make at different price levels, during a given time period (usually a year). Aggregate demand (AD) is one half of the aggregate market analysis; the other half is aggregate supply. Aggregate demand, relates the economy's price level, measured by the GDP price deflator, and aggregate expenditures on domestic production, measured by real gross domestic product. The aggregate expenditures are consumption, investment, government purchases, and net exports made by the four macroeconomic sectors (household, business, government, and foreign).

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Lesson 16: Perfect Competition | Unit 2: Short-Run Output Page: 6 of 28

Topic: The Revenue Side <=PAGE BACK | PAGE NEXT=>

  • Understanding the revenue side of perfect competition involves three related revenue measures:

  • total revenue.

  • 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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IMPORTS LINE

A graphical depiction of the relation between imports bought from the foreign sector and the domestic economy's aggregate level of income or production. This relation is most important for deriving the net exports line, which plays a minor, but growing role in the study of Keynesian economics. An imports line is characterized by vertical intercept, which indicates autonomous imports, and slope, which is the marginal propensity to import and indicates induced imports. The aggregate expenditures line used in Keynesian economics is derived by adding or stacking the net exports line, derived as the difference between the exports line and imports line, onto the consumption line, after adding investment expenditures and government purchases.

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GREEN LOGIGUIN
[What's This?]

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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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
"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

FCLT
Functional Central Limit Theorem
A PEDestrian's Guide
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