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IMPORT SUBSTITUTION: A strategy for economic development for a country based on replacing imported goods with domestic production. This is often directed toward imported inputs used for domestic production. The goal of this policy is to encourage domestic production, which subsequently increases domestic income and consumption. A contrasting economic development is export promotion.

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Lesson 19: Monopolistic Competition | Unit 2: Revenue And Cost Page: 6 of 22

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

  • This table presents the total revenue (TR), average revenue (AR), and marginal revenue (MR) received by a given monopolistic firm.

  • A few points of interest about these numbers.

    1. Prices fall into a very narrow range, from $4.75 to $5.25. This narrow range is an indication of monopolistic competition.

    2. Total revenue increases and marginal revenue remains positive with greater levels of production. This indicates that demand facing this firm is elastic.

    3. In fact, should you calculate the price elasticity of demand, you'll see that demand is relatively elastic, which is another indication of monopolistic competition.


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LAGGING ECONOMIC INDICATORS

Seven economic statistics that tend to move up or down a few months AFTER business-cycle expansions and contractions. Most importantly, these measures indicate peak and trough turning points about three to twelve months after they occur. Lagging economic indicators are one of three groups of economic measures used to track business-cycle activity. The other two are coincident economic indicators and leading economic indicators.

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Today, you are likely to spend a great deal of time at the confiscated property police auction wanting to buy either a wall poster commemorating the moon landing or storage boxes for your winter clothes. Be on the lookout for door-to-door salesmen.
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This isn't me! What am I?

Al Capone's business card said he was a used furniture dealer.
"The man who does not read good books has no advantage over the man who cannot read them. "

-- Mark Twain

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