{
  "id": "revenue-imperfect-competition",
  "name": "Revenue curves in imperfect competition",
  "unit": "micro",
  "unitName": "Unit 2 · Microeconomics",
  "topic": "Costs & revenues (HL)",
  "hl": true,
  "description": "With a downward-sloping demand (AR) curve, MR falls twice as fast. Demand is price elastic where MR > 0 and inelastic where MR < 0; total revenue is maximised where MR = 0 (unit elasticity).",
  "keywords": [
    "average revenue",
    "marginal revenue",
    "total revenue",
    "price elasticity",
    "unit elastic",
    "revenue maximisation",
    "price maker"
  ],
  "schemaUrl": "https://graphs.lectere.com/api/v1/templates/revenue-imperfect-competition",
  "previewUrl": "https://graphs.lectere.com/thumbs/revenue-imperfect-competition.svg",
  "editorUrl": "https://graphs.lectere.com/graph/revenue-imperfect-competition/",
  "params": [
    {
      "key": "tr",
      "label": "Show total revenue panel",
      "default": true,
      "type": "boolean"
    },
    {
      "key": "ped",
      "label": "Label elastic and inelastic ranges",
      "default": true,
      "type": "boolean"
    },
    {
      "key": "negMR",
      "label": "Extend MR below zero",
      "default": false,
      "type": "boolean"
    }
  ],
  "defaults": {
    "tr": true,
    "ped": true,
    "negMR": false
  },
  "panels": [
    {
      "id": "tr",
      "title": null,
      "xLabel": "Output",
      "yLabel": "Total revenue",
      "xRange": [
        0,
        10
      ],
      "yRange": [
        0,
        28
      ],
      "axisKeys": {
        "x": "tr:x",
        "y": "tr:y"
      }
    },
    {
      "id": "armr",
      "title": null,
      "xLabel": "Output",
      "yLabel": "Price, revenue",
      "xRange": [
        0,
        10
      ],
      "yRange": [
        0,
        10
      ],
      "axisKeys": {
        "x": "armr:x",
        "y": "armr:y"
      }
    }
  ],
  "labels": [
    {
      "key": "tr:y",
      "default": "Total revenue",
      "hint": "Vertical axis",
      "panel": "tr"
    },
    {
      "key": "tr:x",
      "default": "Output",
      "hint": "Horizontal axis",
      "panel": "tr"
    },
    {
      "key": "tr.tr",
      "default": "TR",
      "hint": "Curve",
      "panel": "tr"
    },
    {
      "key": "tr.trmax",
      "default": "TR max",
      "hint": "Point",
      "panel": "tr"
    },
    {
      "key": "tr.trmax:x",
      "default": "Q_1",
      "hint": "Horizontal-axis value",
      "panel": "tr"
    },
    {
      "key": "armr:y",
      "default": "Price, revenue",
      "hint": "Vertical axis",
      "panel": "armr"
    },
    {
      "key": "armr:x",
      "default": "Output",
      "hint": "Horizontal axis",
      "panel": "armr"
    },
    {
      "key": "armr.ar",
      "default": "D = AR",
      "hint": "Curve",
      "panel": "armr"
    },
    {
      "key": "armr.mr",
      "default": "MR",
      "hint": "Curve",
      "panel": "armr"
    },
    {
      "key": "armr.unit",
      "default": "PED = 1",
      "hint": "Point",
      "panel": "armr"
    },
    {
      "key": "armr.unit:y",
      "default": "P_1",
      "hint": "Vertical-axis value",
      "panel": "armr"
    },
    {
      "key": "armr.unit:x",
      "default": "Q_1",
      "hint": "Horizontal-axis value",
      "panel": "armr"
    },
    {
      "key": "armr.elastic",
      "default": "PED > 1 (elastic)",
      "hint": "Text",
      "panel": "armr"
    },
    {
      "key": "armr.inelastic",
      "default": "PED < 1 (inelastic)",
      "hint": "Text",
      "panel": "armr"
    }
  ],
  "elements": [
    {
      "key": "tr.tr",
      "kind": "curve",
      "label": "TR"
    },
    {
      "key": "tr.trmax",
      "kind": "point",
      "label": "TR max"
    },
    {
      "key": "armr.ar",
      "kind": "curve",
      "label": "D = AR"
    },
    {
      "key": "armr.mr",
      "kind": "curve",
      "label": "MR"
    },
    {
      "key": "armr.unit",
      "kind": "point",
      "label": "PED = 1"
    },
    {
      "key": "armr.mr0",
      "kind": "point"
    },
    {
      "key": "armr.elastic",
      "kind": "text",
      "label": "PED > 1 (elastic)"
    },
    {
      "key": "armr.inelastic",
      "kind": "text",
      "label": "PED < 1 (inelastic)"
    }
  ],
  "stats": null,
  "example": {
    "template": "revenue-imperfect-competition",
    "params": {
      "tr": true,
      "ped": true,
      "negMR": false
    }
  }
}