Principles of Economics covers scope and sequence requirements for a two-semester introductory economics course. The authors take a balanced approach to micro- and macroeconomics, to both Keynesian and classical views, and to the theory and application of economics concepts. The text also includes many current examples, which are handled in a politically equitable way.
Relationship between Marginal Revenue and Average Revenue is stated below:
(i) When AR is constant, MR = AR.
(ii) When AR is diminishing, AR > MR.
(iii) When AR is rising, AR<MR.
(iv) MR can be negative, but not AR.
