Midterm #2 Economics Study Guide How to find
MPL marginal product
fixed costs = T.C.
M. c. = marginal
cost added by producing prodvet
A.T.C. = ang total cost Profit - Price - A.T.C.
- add all the variable costs together then
divide by Q = answer A total fixed costs divicted by Q = Answer B
Answer A + Answer B=A.T.C. Don't forget about the age old question of What are examples of non-point sources of pollution?
A.V. C. = average variable cost
add up all the variable costs divided by Q=A.V. c. the Profit = T.R. - T.C. If you want to learn more check out What are the types of antifungal drugs?
M. u.= marginal utility
additional satisfaction from that one extra anit
Economics. Study Guide , page 2 D. W.L. - dead weight loss We also discuss several other topics like Does c supp increase protein synthesis and therefore provide basis for increase in strength?
D.W.C. - .5.W.CP2 - P.) •(01-02)
P. C.M. = Perfectly competetive market
→ price & quantity = where maneet elemand/ and
i market supply cross.
Mc. = M.R. If you want to learn more check out What does it mean to be modern? what did “modern” mean in 1876?
curve, the firm
Shutdown Pt = the minimum pt. on the Ave
if price falls belo this panther will shutdown
maximizing cetility: mualPA MU BIPAS
prisoners ditema two firms have two options If you want to learn more check out Can two paintings depict the same thing?
whose outcome depends crucially on the others choice, which happens at the same
time as the other i.e. two prisoners reperately dealing whether
to confess to a crime
Oligopolistic Market: If you want to learn more check out What are the two models of the pace of speciation?
only a few ads, product
large firms diff., barriers
* BE ABLE TO MO & IDENTIFY M.C. M.R.D
AND DEAD WEIGHT Loss!