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Final Study Guide

by: Bethel MiChael

Final Study Guide ACCT 2010

Marketplace > Accounting > ACCT 2010 > Final Study Guide
Bethel MiChael


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About this Document

This is a study guide for the final.
Financial Accounting Concepts
Study Guide
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This 14 page Study Guide was uploaded by Bethel MiChael on Thursday January 14, 2016. The Study Guide belongs to ACCT 2010 at a university taught by in Spring 2016. Since its upload, it has received 26 views.

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Date Created: 01/14/16
FALL 2015 – FINAL EXAM STUDY GUIDE  MICRO 201 Demand­ Supply­ Quantity Demanded­ Quantity Supplied­ Factors of Demand­ Factors of Supply­ Elasticity­ Price Elasticity of Demand­ Price Elasticity of Supply­ Cross­Price Elasticity­ Income Elasticity­ Inelastic­ Elastic­ Perfectly Inelastic­ Perfectly Elastic­ Unit Elastic­ Comparative Advantage­ Absolute Advantage­ Normative Statements­ Positive Statements­ Efficiency­ Marginal Change­ Opportunity Cost­ Price Floor­ Price Ceiling­ Tax Incidence­ Tax­ Binding Price Floor­ Binding Price Ceiling­ Non­Binding Price Floor­ Non­Binding Price Ceiling­ Total Revenue­ Competitive Market­ Law of Demand­ Demand Schedule­ Demand Curve­ Normal Good­ Inferior Good­ Surplus­ Shortage­ Substitutes­ Compliments­ Law of Supply­ Supply Schedule­ Supply Curve­ Equilibrium­ Equilibrium Price­ Equilibrium Quantity­ Law of Supply and Demand­ Invisible Hand­ Market­ Gains from Trade­ Losers from Trade­ Production Possibilities Frontier­ Imports­ Exports­ Microeconomics­ Macroeconomics­ Consumer Surplus­ Producer Surplus­ Willingness to Pay­ Deadweight Loss­ Proportional Tax­ Public Good­ Private Good­ Rivalry­ Excludability­ Common Resources­ Natural Monopolies­ Free­rider Effect­ Externalities­ Production Function­ Marginal Labor­ Average Total Cost­ Total Cost­ Average Variable Cost­ Average Fixed Cost­ Fixed Cost­ Variable Cost­ Diminishing Marginal Product­ Marginal Cost­ Efficient Scale­ Constant Returns to Scale­ Economies of Scale­ Diseconomies of Scale­ Short­run Costs­ Long­run Costs­ Average total cost and Marginal cost curve relationship­ Marginal Cost and Marginal Revenue Relationship­ Average Total Cost U­shaped Curve (Explain why!)­ Total Revenue­ Profit­ Explicit Costs­ Implicit Costs­ Accounting Profit­ Economic Profit­ Marginal Product­ Output­ Marginal Product of Labor­ Understand which ways curves should shift depending on the factors of demand and supply that are affected. Determine if it is a movement along the curve or a curve shift. Know how to calculate elasticity using the mid­point method. Understand how to determine comparative and absolute advantage. If given a production possibilities frontier be able to clearly define what is attainable,  efficient and attainable, and what is not attainable.  Be able to calculate any elasticity using midpoint method. Be able to calculate total revenue, set up a demand schedule, set up a supply schedule and  solve for equilibrium. Be able to draw a graph with any and all of the following:  Demand Curve Supply Curve Binding Price Floor Non­Binding Price Floor Binding Price Ceiling Non­Binding Price Ceiling Equilibrium Price Equilibrium Quantity Shift in curves (demand or supply) New Equilibrium Price and Quantity Shortage Surplus Understand how to set two functions (Quantity supplied and Quantity Demanded) equal to  one another and solve for Price. Be able to accurately mark on a graph the following items: Consumer Surplus, Producer  Surplus, and Deadweight Loss. Be able to calculate Total Cost, Average Total Cost, Average Fixed Cost, Average Variable  Cost, Marginal Product of Labor, and Marginal Cost. Be able to calculate total revenue and profit if give the quantity at equilibrium, the price at  equilibrium, and total cost of a firm. Know the properties of common resources, public goods, private goods, and natural  monopolies. Be able to calculate deadweight loss, producer surplus, and consumer surplus. Know there differences between the tax structures. Be able to complete a tax problem from start to finish. (You should be able to find  consumer, producer, and total surplus before taxes. Then solve a formula for the new  Quantity supplied formula under a given tax amount, solve for the new consumer,  producer, and total surplus. Find the deadweight loss and tax revenue as well. You should  also be able to graph this problem given that information.) Know the different market structures and how each one is defined. Be able to draw and explain binding and non­binding price floors and ceilings. Be able to draw and explain each type of elasticity curve. Solve for a table with price, quantity, labor and costs to determine all the missing items.  (Finding things like average fixed cost, total cost, average variable cost, average total cost,  marginal cost, total revenue, marginal revenue, marginal product of labor, and the profit  maximizing point (where marginal revenue = marginal cost)).


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