{"id":544,"date":"2010-12-02T07:41:06","date_gmt":"2010-12-02T13:41:06","guid":{"rendered":"http:\/\/opengecko.com\/economics\/revenues-total-marginal-and-average\/"},"modified":"2010-12-02T07:41:06","modified_gmt":"2010-12-02T13:41:06","slug":"revenues-total-marginal-and-average","status":"publish","type":"post","link":"https:\/\/opengecko.com\/geckoview\/economics\/revenues-total-marginal-and-average\/","title":{"rendered":"Revenues &ndash;Total, Marginal and Average"},"content":{"rendered":"<p><font size=\"4\">By now you should understand the graphs for <\/font><\/p>\n<p><font size=\"4\">a) Total Product (b) Average and Marginal Product (c) FC, VC and TC (d) AFC, AVC, ATC, MC&#160; <\/font><\/p>\n<p><font size=\"4\">You should also recognise the ultimate assumption of firms \u2013 profit maximising <\/font><\/p>\n<p><font size=\"4\">Now we turn to <strong>revenue.<\/strong><\/font><\/p>\n<p><a href=\"https:\/\/opengecko.com\/geckoview\/wp-content\/uploads\/2010\/12\/image1.png\"><img loading=\"lazy\" decoding=\"async\" style=\"background-image: none; border-bottom: 0px; border-left: 0px; padding-left: 0px; padding-right: 0px; display: inline; border-top: 0px; border-right: 0px; padding-top: 0px\" title=\"image\" border=\"0\" alt=\"image\" src=\"https:\/\/opengecko.com\/geckoview\/wp-content\/uploads\/2010\/12\/image_thumb1.png\" width=\"500\" height=\"375\" \/><\/a><\/p>\n<p>Image: <a href=\"http:\/\/creativecommons.org\/licenses\/by-sa\/2.0\/\">Some rights reserved<\/a> by <a href=\"http:\/\/www.flickr.com\/photos\/saturnism\/\">saturnism<\/a><\/p>\n<p><font size=\"4\">You now need to: <\/font><\/p>\n<ul>\n<li><font size=\"4\">Recap on the difference between perfect competition and monopoly market structures <\/font><\/li>\n<li><font size=\"4\">Understand the different equations for cost and the equations for calculating revenue <\/font><\/li>\n<li><font size=\"4\">Understand the behaviour of revenue for a monopoly (a price giver acting in imperfect comp) (this includes relevant graphs, trends of graphs and explanations (you might also possibly recognise the role of elasticity) <\/font><\/li>\n<li><font size=\"4\">The same as above, but for Perfect Competition<\/font><\/li>\n<li><font size=\"4\">Understand the purpose of studying revenue and how relates to previous learning on output \/ product and costs <\/font><\/li>\n<\/ul>\n<p><font size=\"4\">First of all, recall the main differences between monopoly and perfect competition:<\/font><\/p>\n<p> <object style=\"height: 390px; width: 640px\"><param name=\"movie\" value=\"http:\/\/www.youtube.com\/v\/9Hxy-TuX9fs?version=3\"><param name=\"allowFullScreen\" value=\"true\"><param name=\"allowScriptAccess\" value=\"always\"><embed src=\"http:\/\/www.youtube.com\/v\/9Hxy-TuX9fs?version=3\" type=\"application\/x-shockwave-flash\" allowfullscreen=\"true\" allowScriptAccess=\"always\" width=\"640\" height=\"390\"><\/object>  <\/p>\n<p><font size=\"4\"><\/font><\/p>\n<p><font size=\"4\">Now make sure you know the <strong>Golden Equations<\/strong> \u2013 complete this work sheet before moving on:<\/font><\/p>\n<p align=\"center\"><a href=\"http:\/\/dl.dropbox.com\/u\/1207962\/Economics\/IB%20Eco%20Resources\/2%20Microeconomics\/2.3%20Theory%20of%20the%20Firm\/Golden_Equations_opengecko.doc\" target=\"_blank\"><font size=\"4\">Golden Equations MS Word version<\/font><\/a><\/p>\n<p align=\"center\"><a href=\"https:\/\/docs.google.com\/document\/d\/15iRQ1rKIIFqmnIBAYy6paxcpwse7QAXYEd9d3h3b6Cw\/edit?hl=en_GB\" target=\"_blank\"><font size=\"4\">Golden Equations Google Doc version<\/font><\/a><font size=\"4\"> \u2013 make your own copy before you can edit<\/font><\/p>\n<p><font size=\"4\">Now attempt to complete this spreadsheet worksheet. Take your time \u2013 work through it slowly and deliberately. There are two tabs to complete, one for monopoly situation (first) and one for perfect competiton. You might like to research a little to help give as full answers as possible for the text boxes. <\/font><\/p>\n<p align=\"center\"><font size=\"4\"><a href=\"http:\/\/dl.dropbox.com\/u\/1207962\/Economics\/IB%20Eco%20Resources\/2%20Microeconomics\/2.3%20Theory%20of%20the%20Firm\/Revenues-opengecko_TO_FILL.xls\" target=\"_blank\">Revenues \u2013 MS EXCEL version<\/a><\/font><\/p>\n<p><font size=\"4\">Once you have checked through your answers to the above, you can review your overall understanding with this video:<\/font><\/p>\n<p align=\"center\"><font size=\"4\"><a href=\"http:\/\/www.youtube.com\/watch?v=kSoSqiqc_p8\" target=\"_blank\">Revenue Curves For Firms by pajholden<\/a><\/font><\/p>\n<p><font size=\"4\">Finally, you should practice drawing the curves you have learned using the activities above and then try to annotate them with their key features and explanations <\/font><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By now you should understand the graphs for a) Total Product (b) Average and Marginal Product (c) FC, VC and TC (d) AFC, AVC, ATC, MC&#160; You should also recognise the ultimate assumption of firms \u2013 profit maximising Now we turn to revenue. Image: Some rights reserved by saturnism You now need to: Recap on&hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,10],"tags":[197,71,190],"class_list":["post-544","post","type-post","status-publish","format-standard","hentry","category-economics","category-ib-economics","tag-microeconomics-2","tag-revenue","tag-theory-of-the-firm"],"_links":{"self":[{"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/posts\/544","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/comments?post=544"}],"version-history":[{"count":0,"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/posts\/544\/revisions"}],"wp:attachment":[{"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/media?parent=544"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/categories?post=544"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/opengecko.com\/geckoview\/wp-json\/wp\/v2\/tags?post=544"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}