Hi Everyone in this video I go through understanding Total, Average and Marginal Revenue for Firms with Market Power e.g. Monopolist, Monopolistic Competitive Firms.
The other videos that I mention/might be useful:
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Why Elasticity changes along some demand curves: • Why Elasticity Changes Along Demand C...
Elasticity and Total Revenue: • The relationship between Elasticity a...
Timestamps for the video:
0:00 Introduction
0:28 Definitions
1:37 TR, AR and MR for a particular outcome
2:56 AR Function
3:47 MR Function
7:04 Understanding TR Function