Tutor profile: Neha S.

Name and explain some poetic devices, with examples.

-Metaphor: A comparison between two objects with the intent of giving clearer meaning to one of them. Example: "all the world's a stage" -Onomatopoeia: The use of words which imitate sound. Example: thundering sea, clinking glasses. -Simile: A comparison between two objects using a specific word or comparison such as "like", "as", or "than." Example: as red as a rose, as busy as a bee. -Alliteration: The repetition of initial consonant sounds. Examples: "For the sky and the sea, and the sea and the sky"

What is the difference between revenue, income, and gain?

Revenue is the amount earned from a company's main activities. For example: Selling furniture for a furniture manufacturer, or selling teaching services for a coaching center. A gain results from a peripheral activity, such as selling any obsolete fixed assets. For example the money realized on the sale of an old fax machine. A gain is the amount received that is in excess of the asset's book value. For example, if the company receives $200 for the machine, and its book value was $50, the company will report a gain of $150. Income means "net of revenues and expenses." For example, a furniture manufacturers income from operations is sales minus the cost of goods sold minus operating expenses.

What is the difference between the Average Revenue (AR) and Marginal Revenue (MR) curves under the market forms of Monopoly and Monopolistic Competition?

Monopoly and Monopolistic competition both fall under the category of imperfect competition. Therefore, AR and MR curves slope downwards in both cases as more units can be sold only by reducing the price. The key difference lies in the elasticity of the curves. Under monopolistic competition, AR and MR curves are more elastic due to the presence of close substitutes in the market. Under monopoly, there is a complete absence of close substitutes, therefore, the curve is relatively less elastic. This implies that when the price of a commodity is increased in both markets, the proportionate fall in demand will be more in case of monopolistic competition, and less for monopoly.