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UCR / Economics / ECON 003 / What do you mean by marginal revenue?

What do you mean by marginal revenue?

What do you mean by marginal revenue?

Description

School: University of California Riverside
Department: Economics
Course: Intro to Microeconomics
Professor: U khan
Term: Winter 2016
Tags:
Cost: 50
Name: Microeconomics Final Study Guide
Description: List of all the concepts/ definitions to get an edge on the final
Uploaded: 06/04/2016
3 Pages 50 Views 5 Unlocks
Reviews

Monte Ruecker (Rating: )

If you want to pass this class, use these notes. Period. I for sure will!



Microeconomics 


What do you mean by marginal revenue?



Final

*cumulative, with higher focus on new material*

Key Terms:

Comparative Advantage­ Specialization between 2 people who can be ore efficient  at doing a single task and acquiring the other.

Monopoly­ Single seller, can control price. Not Perfectly Competitive. Marginal Cost­ Change in cost per additional unit sold

Marginal Revenue­ Change in revenue per additional unit sold. First unit=Revenue ATC­ Total Cost/ Quantity Sold Don't forget about the age old question of What it means to be part of the west today?

Total Revenue­ Price x Quantity Sold.

Graphs to Know:

Consumer Surplus­ (triangle) Under demand line, above optimal price. Producer Surplus­ (Square) Under demand line, below optimal price to x­axis.If you want to learn more check out What is cell shape determined by?

Social Surplus­ Producer surplus + consumer surplus


What is social surplus?



Deadweight Loss­ Profit lost in society, not gained by producer or consumer.  (Usually = Consumer Surplus). We also discuss several other topics like What are the 5 components of blood?
We also discuss several other topics like What human population (hint: gender) is most susceptible to the above condition?
We also discuss several other topics like What does it mean when herman’s physician told him that he is “salt-sensitive”?
We also discuss several other topics like Why has the islamic faith been singled out?

Optimal Selling Price­ Marginal Cost lining up with Demand line and Marginal  Revenue

ATC of Monopoly­ Downward sloping curve.

Marginal Revenue­ 2x slope of Demand Curve.

Graphs for Comparative/Absolute Advantage

Equilibrium Quantity Graphs (Stairs)­ if passes equilibrium quantity, values begin  to subtract. Arithmetic of quantity x price across the graph.

Extra Info:

60 MC, 4/5 Free Response. 220 points available, graded out of 200. Calculate Comparative/Absolute Advantages from PPC on graph or charts. Calculate profit given after solving marginal revenue and optimal quantity sold.

Price = Marginal Cost = Marginal Revenue in Perfectly Competitive Market.


What do you mean by monopoly?



Monopolies work in economies of scale, so they can have lower prices to produce  and higher to sell.

Finding Reservation Price.

Do the Free response FIRST. Multiple  Choice 2 pts each.

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