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Average Revenue (AR)
This is the revenue per unit of the commodity sold. It is obtained by dividing Total Revenue by total quantity sold. For a firm in a perfectly competitive market, the AR is the same as price. Therefore, if price is denoted by P, then we can say:
P = AR
Because of this, the demand curve which relates prices to quantities demanded at those prices is also called Average Revenue Curve. In economic theory, the demand curve or price line is often referred to as the revenue curve.
Disadvantages of a Free Economy The free market gives rise to certain inefficiencies called market failures i.e. where the market system fails to provide an optimal allocation
Let consider the following game among an employer (Katharine) and an employee (Kevin). Katharine needs Kevin to work hard rather than loaf around and that is why she considers spe
structure of managerial economics
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Broader the range of other uses of a commodity, higher the price elasticity of its demand intended for the fall in price though less elastic for the increase in price. As price of
Ask questiHow does economic theory contribute to managerial decisions? on #Minimum 100 words accepted#
what does it mean?
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