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NATIONAL INCOME AND PERSONAL INCOME: National income (NI) is the total income earned by the citizens of the national economy resulting from their ownership of resources used in the production during a given period of time, usually one year. Personal income (PI) is the total income received by the members of the domestic household sector, which may or may not be earned from productive activities during a given period of time. Personal income can be derived from national income by subtracting income earned but not received (IEBNR) and adding income received but not earned (IRBNE).

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Lesson 19: Monopolistic Competition | Unit 2: Revenue And Cost Page: 7 of 22

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

  • The revenue side of the firm's production decision involves two curves:

    • Demand (Average Revenue) (D = AR): The average revenue curve, which is also the demand curve, is negatively-sloped, reflecting the law of demand and the firm's minimal market control.

    • Marginal Revenue (MR): The marginal revenue curve indicates the extra revenue received by the firm for producing extra units.


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PERFECT COMPETITION, SHORT-RUN SUPPLY CURVE

A perfectly competitive firm's supply curve is that portion of its marginal cost curve that lies above the minimum of the average variable cost curve. A perfectly competitive firm maximizes profit by producing the quantity of output that equates price and marginal cost. As such, the firm moves along its positively-sloped marginal cost curve in response to changing prices.

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Today, you are likely to spend a great deal of time touring the new suburban shopping complex hoping to buy either a dozen high trajectory optic orange golf balls or a large red and white striped beach towel. Be on the lookout for broken fingernail clippers.
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The 1909 Lincoln penny was the first U.S. coin with the likeness of a U.S. President.
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