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ECON003 Midterm 2 StudyGuide

by: Aaron Kleinert

ECON003 Midterm 2 StudyGuide Econ 003

Marketplace > University of California Riverside > Economcs > Econ 003 > ECON003 Midterm 2 StudyGuide
Aaron Kleinert
GPA 3.54

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About this Document

All the Definitions, graphs concepts, and extra information to wrap your head around for the test, a quick refresher to ace it!!
Intro to Microeconomics
Khan, U
Study Guide
50 ?




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This 2 page Study Guide was uploaded by Aaron Kleinert on Monday May 9, 2016. The Study Guide belongs to Econ 003 at University of California Riverside taught by Khan, U in Winter 2016. Since its upload, it has received 163 views. For similar materials see Intro to Microeconomics in Economcs at University of California Riverside.


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Date Created: 05/09/16
Econ 003 Midterm 2 Study Guide Key T erms: Total Cost : All Fixed Costs + All Variable Costs Average Total Cost : Add all Total Costs and divide by quantity Variable Cost: changes relative per company, all long run costs. Average Variable Cost: Take mean of variable costs Fixed Cost: Consistently owed by the company Average Fixed Cost: Mean of fixed costs. Marginal Cost: cost off adding additional unit Marginal revenue: additional revenue from additional output. Law of Diminishing Marginal Benefit: additional consumption decreases benefit. Law of Diminishing Marginal Returns: additional staff decreases efficiency. Other Information: Seller’s Problem Consumer Surplus- More product than the consumer wants to buy. Consumer Shortage- Not enough product for consumers. Marginal vs Average Maximizing Total Benefit= marginal benefit/cost. Sell @ the MARGIN to optimize! Arc vs Point Elasticity: IF not told, use POINT elasticity. Short Run= inputs fixed. Long Run= inputs can change, additional inputs used. Budget Constraint has predetermined FIXED PRICES. Graphs and Charts and Formulas: Surplus Total Cost/Average Cost Curves Money allocation: Buy good x over good y IF MBx/Px > MBy/Py Income Elasticity = negative, not quality good positive, luxury good [THE STUDYGUIDE THEY DON’T WANT YOU TO HAVE] close to 0, regular good [THE STUDYGUIDE THEY DON’T WANT YOU TO HAVE]


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