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FAQ

The Bank and the Money Supply 6 . Marginal revenue is the corresponding change in total revenue from selling one more unit of output

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Marginal revenue is the corresponding change in total revenue from selling one more unit of output.

As the individual firm has to be a price-taker1, each firm's marginal revenue is the prevailing market price. Profits are the highest at the output level at which marginal cost is equal to marginal revenue, that is, to the market price of the output. If profits are negative at this output level, the firm should close down.

An increase in marginal cost reduces output. A rise in marginal revenue increases output. The optimal quantity also depends on the output prices, as well as on the input costs. Of course the optimal supply quantity is affected by such non-economic factors as technology, environment, etc2.

Making economic forecasts, it is necessary to know the effect of a price change on the whole output rather than the supply of individual firms.

Market supply is defined in terms of the alternative quantities of a commodity all firms in a particular market offer as price varies and as all other factors are assumed constant.

1 to be a price-taker - .

2 etc. - ,

 

II. .

 

8.

 

I. one. : .

II. it. : .

III. , . for + / + . : .

IV. Theory of Supply.

 

I. one :

1) .

: One of the most important tasks now is transportation of these goods. .

2) .

one , one . : I don't like this method, let's use another one. , ().

3) , .

one . : One economizes by buying large amounts of goods. , .

one , :

one must / one has to / one is to ,

one should / one ought to ,

one can / one may

: One should know the difference between these systems of marketing. .

4) one thing .

 

1. , one:
  1. One of my friends always asks me a lot of questions.
  2. I don't like this method, let's use another one.
  3. One economizes by buying large amounts of goods.
  4. One should know the differences between these systems of marketing.
  5. One thing in which workers are different is human capital.
  6. It is one of the three leading elements of production.
  7. One can classify labour into productive and unproductive.
  8. The most general distinction is the one made between physical, financial and human capital.
  9. Economists consider a satisfactory lease to be the one that is profitable both for the landowner and the tenant.

10. A worker in the United Kingdom earns more than the one in India.

 

II. it . :

1) .

, , . : This good is in great demand as it is of high quality. , .

2) .

: It is the best auto fuel. .

3) ; . : a) It is cold. . b) It is necessary to research this market. . c) It is desirable that the technology be improved. , .

4) it is... that, . : It is this method of analysis that yielded best results. .

 

2. , it:

  1. Firms can either save their income or pay it out to their owners.
  2. In comparing the national incomes it is not important which members of the population earn this income.
  3. It is economical to buy large quantities of a product rather that small quantities.
  4. Early economists said that that the value of product depended upon the amount of labour needed to produce it.
  5. The company is not large and it cannot invest much in production.
  6. It is the law of demand and supply that influences the retail price.
  7. It was our director who spoke about the losses of the company.
  8. It is essential that they keep accurate records of every transaction.
  9. It was the issued stocks that allowed our company to accumulate the necessary money for the new project.
  10. It is one of the three leading elements of production.

 

III. , -, . :

employ workers with little human capital is one of the ways of minimizing labour costs. 1) . 2) .

( .. ), , . in order (, ). :

In order to lower juvenile delinquen governments have to create jobs for young people. , .

in order , ( ). . :

lower juvenile delinquency governments have to create jobs for young people. , .

( ) enough () too (). :

The average wage in this industry is high enough to attract workers from other industries. , .

The wage in this enterprise is too low to attract qualified workers. , .

for + ( ) + , it is necessary / important / possible .., too (), enough (). , . :

For advanced technology to be introduced, the owner invested his profit in new equipment. , .

It is necessary for society to allocate resources sparingly. , .

The production costs in the enterprise are too high for it to work profitably. , .

 

3. , :

  1. To run a business is to plan its activities.
  2. To manufacture this model of equipment is profitable for producers.
  3. To earn more profit the firm has to vary its technology.
  4. The firm should change its production cycle to lower costs.
  5. Governments borrow money from firms and individuals to finance their spending.
  6. Labour markets should be effective enough for workers not to stay unemployed long.
  7. For research to be carried out, the governments have to invest enough resources in their research institutes.
  8. The unemployment is growing too rapidly for labour markets to be in equilibrium.
  9. For the business to be efficient, all production costs have to be minimized.
  10. To know the contribution of every industry to the national economy is very important for the government.
  11. The government ought to take steps to reduce the unemployment rate.
  12. To build atomic power stations near rivers is common practice.
  13. A business needs some financial capital to start the business before the corresponding revenue is earned.

 

IV. Demand and Supply Theory of Supply, .

 

:

The theory of supply is the theory of how much output firms choose to produce. The principal assumption of the supply theory is that the producer will maintain the level of output at which he maximizes his profit. Profit is the revenue from selling the output minus the costs of inputs used.

Aiming to get higher profits, firms obtain each output level as cheaply as possible. Profits are the highest at the output level at which marginal cost is equal to marginal revenue, that is, to the market price of the output.

When prices are high the supplied quantity is high as well. At low prices the supplied quantity is low. The optimal supply quantity depends on the output prices, the input costs, technology, degree of government regulation, environment, etc.

Market supply is the quantity of a commodity that all firms in a particular market offer as the price varies. Market supply is important for making economic forecasts.

 

9.

 

I. Factors of Production: Capital and Labour.

II. Theory of Supply.

I. , one it, , for + / + :

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