Revenue | Easiest Explanation | Micro economics | Chapter 7

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🎯 Key Takeaways for quick navigation: 00:51 📦 *Revenue Definition and Types* - Revenue explained as the income generated from selling goods/services. - Three types of revenue: total, average, and marginal revenue. 01:17 📊 *Components of Revenue* - Total Revenue (TR), Average Revenue (AR), Marginal Revenue (MR) defined. - TR calculated by price multiplied by quantity sold. 02:00 💰 *Understanding Total, Average, and Marginal Revenue* - Total Revenue: Total income from goods/services sold. - Average Revenue: Revenue per unit sold. - Marginal Revenue: Additional revenue from selling one more unit. 03:03 🧮 *Calculating Marginal Revenue* - Marginal Revenue determined by changes in total revenue divided by quantity changes. - Helps understand additional income by selling additional units. 04:02 📈 *Relationship Between Average Revenue and Price* - Average Revenue often equated with the price of a product. - AR sometimes referred to as the price in economic contexts. 04:16 📊 *Revenue Calculation Basics* - Average revenue's relationship with price and quantity. - Total revenue calculation from sales of a given quantity of a commodity. - Marginal revenue and its link to additional units sold. 05:41 📈 *Revenue, Demand, and Curves* - Relationship between the demand curve and the revenue curve. - Exploring the concepts of average revenue and price equality per unit sold. - Illustrating the buyer's demand curve and its graphical representation. 06:38 📉 *Revenue Relationships: Concepts* - Understanding concepts related to revenue relationships: When price remains constant and when price decreases concerning output. - Different types of sellers in the market concerning price consistency and fluctuations. 07:18 📚 *Revenue Relationship Concepts* - Diving into two core concepts: when price remains constant and when price fluctuates concerning output. - Differentiation between scenarios where sellers maintain a consistent price versus those with varying prices based on units sold. 08:02 📊 *Understanding Perfect and Imperfect Competition* - Distinguishing perfect and imperfect competition: *- Perfect competition involves a constant price determined by the market.* *- Imperfect competition sees price variations based on output levels.* 09:46 💰 *Revenue Calculation in Different Market Scenarios* - Revenue calculation scenarios: *- Under perfect competition, total revenue stays constant despite the quantity sold.* *- Imperfect competition affects total revenue as price shifts with the quantity sold.* 11:18 📈 *Marginal Revenue Determination in Market Conditions* - Understanding marginal revenue: *- Deriving marginal revenue by subtracting the total revenue of the previous quantity from the total revenue of the current quantity.* *- Differentiating between perfect and imperfect competition in determining total revenue and marginal revenue.* 12:26 📈 *Revenue in Perfect Competition* - Perfect competition implies fixed prices, no changes allowed. - Regardless of quantity sold, additional units bring in the same revenue at the same price. - Changes in quantity sold don't affect the additional revenue, it stays constant. 13:35 🔄 *Relationship between Output and Price* - Perfect competition maintains a constant price regardless of output. - Firms don't influence prices; they sell at the market price set by demand and supply. - Direct relationship exists between output and revenue; output increases, revenue increases accordingly. 14:17 📉 *Elasticity in Demand Curves* - Perfectly elastic demand curves have a horizontal line parallel to the x-axis. - Inversely, perfectly inelastic demand curves slope vertically. - Direct relationships between output and revenue define the curves: when one increases, so does the other. 20:15 📈 *Revenue impact based on AR and MR slopes* - Understanding competitive and perfect markets: AR and MR slopes differ. - AR is the falling rate, while MR can be zero, negative, or positive. - In perfect competition, AR and MR coincide, but in imperfect markets, they diverge. 21:12 💹 *Impact of market structures on Total Revenue* - Perfect competition shows how AR and MR align. - Imperfect competition demonstrates how AR and MR differ, affecting Total Revenue. - Analyzing how Total Revenue changes with MR's positivity or negativity in different market structures. 22:17 💰 *Understanding profit shifts in pricing strategies* - When MR is negative but Total Revenue rises, initial price reductions to increase sales occur. - Despite lower profits initially, increased sales can offset this. - An examination of scenarios where MR hits zero, aligning with the highest and then declining to negative, impacting sales and profit. 23:28 📉 *Examining AR, MR, and their impact on pricing* - MR's positivity influences Total Revenue positively until MR hits zero. - Beyond nine units, the highest point is determined, and MR's negativity leads to a decline in Total Revenue. - Understanding the start of a decline as MR turns negative, impacting pricing strategies. 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Producer equilibrium?

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