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WELFARE ECONOMICS: A branch of economics that studies efficiency and the overall well-being of society based on alternative allocations of scarce resources. Welfare economics extends the microeconomic analysis of indifference curves to society as a whole. It is concerned with broad efficiency questions and criteria (Pareto efficiency and Kaldor-Hicks efficiency) as well as more specific efficiency issues (market failures, externalities, public goods).
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Lesson 19: Monopolistic Competition | Unit 2: Revenue And Cost
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Page: 6 of 22
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Topic:
The Revenue Numbers
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- 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.
- Prices fall into a very narrow range, from $4.75 to $5.25. This narrow range is an indication of monopolistic competition.
- Total revenue increases and marginal revenue remains positive with greater levels of production. This indicates that demand facing this firm is elastic.
- 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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INTERMEDIATE GOODS Goods (and services) that are used as inputs or components in the production of other goods. Intermediate goods are combined into the production of finished products, or what are termed final goods. Unlike final goods, intermediate goods will be further processed before sold as final goods. Because gross domestic product seeks to measure the market value of final goods, and because the value of intermediate goods are included in the value of final goods, market transactions that capture the value of intermediate goods are not included separately in gross domestic product. To do so creates the problem of double counting.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites looking to buy either a rechargeable battery for your camera or a coffee cup commemorating the first day of spring. Be on the lookout for letters from the Internal Revenue Service.
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Okun's Law posits that the unemployment rate increases by 1% for every 2% gap between real GDP and full-employment real GDP.
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"There is at least one point in the history of any company when you have to change dramatically to rise to the next level of performance. Miss that moment, and you start to decline. " -- Andy Grove, Intel Corp. chairman
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MFN
Most-Favoured Nation
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