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TOTAL REVENUE, MONOPOLY: The revenue received by a monopoly firm for the sale of its output. Total revenue is one of two parts a monopoly needs for the calculation of economic profit, the other is total cost. In general, total revenue is the price received for selling a good times the quantity of the good sold at that price. Because a monopoly completely controls its market and faces a negatively-sloped demand curve, it charges a different price for a given quantity. If a monopoly sells a relatively small quantity, it charges a relatively high price. If it sells a relatively smaller quantity, it charges a relatively lower price. However, once the monopoly determines its' price/quantity combination, total revenue calculation is relatively straightforward, multiply the price times the quantity.

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Lesson 7: Market Equilibrium | Unit 5: The Method Page: 20 of 22

Topic: Too Much Production <=PAGE BACK | PAGE NEXT=>

This market has a 50-cent price and a 400-tape quantity in equilibrium.
  • Note the demand price and the supply price if the quantity is 500 tapes.
  • The demand price is 40 cents. This is the value of the good produced.
  • The supply price is 60 cents. This is the value of goods not produced.
  • Producing this quantity is the same as giving up 60 cents and getting 40 cents in return.
  • 500 tapes is not an efficient use of resources

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INFLATION CAUSES

Inflation, the persistent increase in the average price level, can be caused by an increase in aggregate demand or a decrease in aggregate supply. This suggests two basics sources, causes, or types of inflation--demand-pull inflation and cost-push inflation. While short-term bouts of inflation (up to several months) can result from anything (determinant) that might cause either increases in aggregate demand or decreases in aggregate supply, long-term inflation (a year or more) is possible ONLY through persistent increases in the money supply. As such, while demand-pull inflation and cost-push inflation are convenient ways to catalog the transmission mechanisms of inflation, the ultimate CAUSE of inflation is money.

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Today, you are likely to spend a great deal of time at an auction wanting to buy either a set of luggage without wheels or a how-to book on wine tasting. Be on the lookout for slow moving vehicles with darkened windows.
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
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GDP
Gross Domestic Product
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