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Lesson 22: Factor Supply | Unit 4: Determinants Page: 19 of 25

Topic: Mobility <=PAGE BACK | PAGE NEXT=>

  • An important concept to consider: mobility.

  • Mobility is the ease with which resources or factors of production can move from one productive activity to another.
  • Some factors are highly mobile and thus are easily switched. Other factors are highly immobile and not easily switched.

  • Mobility generally takes one of two forms:

    • Geographical mobility
    • Occupational mobility

  • Factor mobility is most important to the price elasticity of factor supply.

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TOTAL REVENUE, PERFECT COMPETITION

The revenue received by a perfectly competitive firm for the sale of its output. Total revenue is one two bits of information a perfectly competitive firm needs to calculate economic profit, the other is total cost. In general, total revenue is the price times quantity--the price received for selling a good times the quantity of the good sold at that price. For a perfectly competitive firm, which receives a single unchanging price for all output sold, the calculation is relatively easy. Two other revenue measures directly related to total revenue are average revenue and marginal revenue. Total revenue is often depicted as a total revenue curve.

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