Rvenue and Cost.pptx
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This document discusses concepts related to revenue, including total revenue, average revenue, and marginal revenue. It provides the following definitions: Total revenue is the total amount of sale proceeds or receipts for a firm. It is calculated by multiplying price and quantity sold. Average revenue is total revenue divided by quantity sold and represents the average sale price per unit. Marginal revenue is the change in total revenue from selling one additional unit. Under perfect competition, price remains constant so average revenue and marginal revenue are equal. They form a horizontal line. Under imperfect competition, price falls as output rises, so average revenue decreases and marginal revenue lies below the average revenue curve.
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Understand the relationships between total revenue, price elasticity of demand and marginal revenue
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There are 4 main types of market structures: perfect competition, monopoly, monopolistic competition, and oligopoly. Perfect competition is characterized by many small firms, homogeneous products, free entry and exit, and perfect information. Under perfect competition, firms are price takers and marginal revenue equals price. In both the short run and long run, firms will produce where marginal cost equals marginal revenue to maximize profits. The perfectly competitive market leads to productive and allocative efficiency.
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The document discusses concepts related to revenue, costs, and profit maximization for a firm. It defines total revenue, average revenue, and marginal revenue, and how they relate. It also discusses total costs, fixed costs, variable costs, marginal costs, and how profit is calculated as total revenue minus total costs. Graphs are used to illustrate the relationships between these concepts and how a firm can determine its profit-maximizing level of output by producing where marginal revenue equals marginal cost, or finding the maximum difference between total revenue and total cost curves.
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The market is made up of buyers and sellers who conduct exchange transactions. Markets can be classified based on area, the nature of transactions, volume, time period, and level of competition. Under perfect competition, there are many small firms and homogeneous products. Individual firms are price takers and maximize profits where marginal revenue equals marginal cost. Monopolies have single firms and differentiated products, allowing them to be price makers that also set output at the point where marginal revenue equals marginal cost. Oligopolies feature a few interdependent firms, and pricing may involve price leadership or tacit collusion to coordinate prices.
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Illustrate and perform simple calculations using total revenue, average revenue and marginal revenue.
Draw and interpret revenue curves
Understand the relationships between total revenue, price elasticity of demand and marginal revenue
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There are 4 main types of market structures: perfect competition, monopoly, monopolistic competition, and oligopoly. Perfect competition is characterized by many small firms, homogeneous products, free entry and exit, and perfect information. Under perfect competition, firms are price takers and marginal revenue equals price. In both the short run and long run, firms will produce where marginal cost equals marginal revenue to maximize profits. The perfectly competitive market leads to productive and allocative efficiency.
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2) A key aspect of perfect competition is that there are many small producers and consumers in the market buying and selling homogeneous products, and all participants have perfect information. The market price is determined by supply and demand forces outside the control of individual firms.
3) For a firm to be in equilibrium under perfect competition, its marginal cost must equal its marginal revenue (which is equal to the market price). At this equilibrium point, the firm maximizes its profits.
4) The document contrasts the short run and long run equilibriums for firms under perfect competition and how super normal profits, normal profits
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A breakeven analysis is used to determine how much sales volume your business needs to start making a profit.
The breakeven analysis is especially useful when you're developing a pricing strategy, either as part of a marketing plan or a business plan.
In economics & business, specifically cost accounting, the break-even point (BEP) is the point at which cost or expenses and revenue are equal: there is no net loss or gain, and one has "broken even".
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Healing can occur in two ways: Regeneration and Repair
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Rvenue and Cost.pptx
- 1. Revenue and Market Structure Introduction to Economics ECO-101
- 2. Contents • Concept of revenue • Total revenue • Average Revenue • Average revenue and price • Marginal revenue • Relationship between AR and MR
- 3. Revenue • Total revenue: The total amount of sale proceeds or the total receipts of the firm. We can calculate the Total Revenue of the firm by multiplying the quantity of goods with its price. TR= P×Q For Example: If a firm sells 100 meters of cloth at a price of 4 Rs. per meter. Then TR will be: TR= 100 x 4= 400
- 4. Average Revenue • Average Revenue (AR) is revenue earned per unit of output. Average Revenue is obtained by dividing the total revenue by the number of units sold in the market. • Average Revenue represents the average sale price per unit of the commodity. • Average revenue can also be called demand curve. • AR = 𝑡𝑜𝑡𝑎𝑙 𝑟𝑒𝑣𝑒𝑛𝑢𝑒 𝑡𝑜𝑡𝑎𝑙 𝑜𝑢𝑡𝑝𝑢𝑡 𝑠𝑜𝑙𝑑 • AR= 𝑇𝑅 𝑄
- 5. Marginal revenue • Marginal revenue is the addition made to the total revenue by a one- unit increase in the volume of the sales by the firm in the market. • MR = TR Q Under Perfect Competition : Price remains constant Under Imperfect Competition: Price decreases with increase in output
- 6. Relationship between AR and MR Under Perfect Competition (when price remains constant) • when price remains constant, firms can sell any quantity of output at the price fixed by the market. • No firm is in a position to influence the market price of the product. • A firm can sell more quantity of output at the same price. • It means, the revenue of every additional unit (MR) is equal to AR.
- 8. Explanation • As a result, MR curve and AR is a horizontal straight line parallel the x-axis. • Since MR remains constant, TR increases at a constant rate. Due to this reason, the TR curve is positively sloped straight line. • As TR zero at zero level of output, TR curve starts from the origin.
- 9. TR MR and AR
- 10. Relationship between AR and MR Under Imperfect Competition (when price falls with increase in output) • It can be in the form of Monopoly, duopoly or oligopoly. • Demand curve facing the firm is negatively sloped. • Under imperfect competition, the behavior of MR is that it lies below the AR Curve.
- 12. When firms can increase their volume of sales only by decreasing the price, AR falls with increase in sale. It means, revenue from every additional unit (i.e. MR) will be less than AR. As a result, both AR and MR curve slope downwards from left to right. Both MR and AR fall with increase in output. However, fall in MR is double than that in AR.i.e., MR falls at a rate which is twice the rate of fall in AR. MR curve is steeper than AR curve because MR is limited to one unit, whereas, AR is derived by all units.