×
Log in to StudySoup
Get Full Access to UW - Econ 200 - Study Guide
Join StudySoup
Get Full Access to UW - Econ 200 - Study Guide

Already have an account? Login here
×
Reset your password

UW / Economics / ECON 200 / What pertains to the cost added by producing one extra item of product

What pertains to the cost added by producing one extra item of product

What pertains to the cost added by producing one extra item of product

Description

School: University of Washington
Department: Economics
Course: Introduction to Microeconomics
Professor: Mellisa knox
Term: Fall 2016
Tags:
Cost: 50
Name: Midterm 2 Study Guide
Description: These are all the key concepts we need to go over for the second midterm!
Uploaded: 12/02/2016
3 Pages 127 Views 2 Unlocks
Reviews


anc


What pertains to the cost added by producing one extra item of product?



Midterm #2 Economics Study Guide How to find

MPL marginal product

of

labor

StudySoup

# of

employees

Output

sogon

SO

T.C. =

Totee

dy SOUT

cost

variable costs

(V.C.)

&

fixed costs = T.C.


What makes a market oligopolistic?



(f. C.)

Study Soi

M. c. = marginal

One extra

cost the

item of

cost added by producing prodvet

A.T.C. = ang total cost Profit - Price - A.T.C.

- add all the variable costs together then


What does the prisoner's dilemma imply?



If you want to learn more check out What are criteria pollutants based on?

divide by Q = answer A total fixed costs divicted by Q = Answer B

Answer A + Answer B=A.T.C.

3

dy Soup

A.V. C. = average variable cost

add up all the variable costs divided by Q=A.V. c. the Profit = T.R. - T.C. We also discuss several other topics like What is the difference between aerial and vegetative hyphae?

M. u.= marginal utility

additional satisfaction from that one extra anit We also discuss several other topics like Does c supp increase protein synthesis and therefore provide basis for increase in strength?

222

Midterm #2

Economics. Study Guide , page 2 D. W.L. - dead weight loss

D.W.C. - .5.W.CP2 - P.) •(01-02)

P= price

Q=quantity

Studys

Studs soup

P. C.M. = Perfectly competetive market Don't forget about the age old question of What does it mean to be modern? what did “modern” mean in 1876?

→ price & quantity = where maneet elemand/ and

i market supply cross.

profit max

= where

Mc. = M.R.

Study Soup

curve, the firm

Shutdown Pt = the minimum pt. on the Ave Don't forget about the age old question of What does the painting titian, diana, and actaeon depict?

if price falls belo this panther will shutdown

maximizing cetility: mualPA MU BIPAS

prisoners ditema two firms have two options

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

srudy Soup If you want to learn more check out What are the two models of the pace of speciation?

Oligopolistic Market:

compette es

only a few ads, product

large firms diff., barriers

Stuc

StudySoup

Stucs soup

Study SOUT

StudySoup

(A =D.w.l.

* BE ABLE TO MO & IDENTIFY M.C. M.R.D

AND DEAD WEIGHT Loss!

StudySoup

Stiv Soup

SV SO

VMK

3

4

Study SOUS

Sty Soup

tudy So

BASIC GRAPHbum

StudySoup

Page Expired
5off
It looks like your free minutes have expired! Lucky for you we have all the content you need, just sign up here