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LEAKAGE LINE: A line used in the injection-leakage model representing the relation between non-consumption uses of income (that is, leakages) and national income. The three leakages are saving, taxes, and imports. The foundation of the leakages line is the saving line, which is then enhanced by adding taxes and imports. The other part of the injection-leakage model is a line representing injections. The intersection of the injection and leakage lines identifies equilibrium aggregate output, or Keynesian equilibrium.

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Lesson 16: Perfect Competition | Unit 2: Short-Run Output Page: 7 of 28

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

The revenue side of a typical perfectly competitive firm is presented in this table.
  • Quantity (Q): The quantity of output produced by the firm, presented in the first column, ranges from 0 to 10 units.

  • Price (P): The second column presents the price received by the firm. This is the market price.

  • Total Revenue (TR): The firm's total revenue is presented in the third column.

  • Average Revenue (AR): The fourth column presents average revenue, which is total revenue per unit of output, or total revenue divided by the quantity.

  • Marginal Revenue (MR): The fifth column presents marginal revenue, the change in total revenue divided by the change in quantity.


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PROPRIETORS' INCOME

The official factor payment item in the National Income and Product Accounts maintained by the Bureau of Economics Analysis measuring the combined payments for all four factors of production used in owner-operated business firms. Specifically, proprietors' income is the excess of revenue over explicit production cost of owner-operated businesses and includes payments for labor, capital, land, and entrepreneurship. This is one of five official factor payments making up national income. The other four are compensation of employees, rental income of persons, net interest, and corporate profits. Proprietors' income is usually less than 10 percent of national income, typically in the 7 to 10 percent range.

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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius trying to buy either a bottle of blackcherry flavored spring water or a travel case for you toothbrush. Be on the lookout for deranged pelicans.
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Two and a half gallons of oil are needed to produce one automobile tire.
"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

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