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BOND RATING: A measure of the ability of a firm to meet its debt obligations or credit worthiness. Basically, a bond rating summarizes the assessment of a firm's net worth, cash flow and viability of projects so that investors can assign the size of the default-risk premium to the bond. These measurements are so important that investors frequently pay professional analysts to collect, monitor and process information about firms. Standard and Poor's Corporation and Moody's Investors Service are two of the most respected bond rating agencies.

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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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RELATIVELY ELASTIC

An elasticity alternative in which relatively small changes in one variable (usually price) cause relatively large changes in another variable (usually quantity). In other words, quantity is very responsive to price. Quantity changes a lot in response to small changes in price. This characterization of elasticity is most important for the price elasticity of demand and the price elasticity of supply. Relatively elastic is one of five elasticity alternatives. The other four are perfectly elastic, perfectly inelastic, relatively inelastic, and unit elastic.

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Today, you are likely to spend a great deal of time going from convenience store to convenience store trying to buy either storage boxes for your summer clothes or 500 feet of coaxial cable. Be on the lookout for defective microphones.
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The New York Stock Exchange was established by a group of investors in New York City in 1817 under a buttonwood tree at the end of a little road named Wall Street.
"Think not of yourself as the architect of your career but as the sculptor. Expect to have to do a lot of hard hammering and chiseling and scraping and polishing. "

-- B. C. Forbes, founder, Forbes magazine

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