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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: 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 34 Views 2 Unlocks
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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

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# 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.)

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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?



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?

3

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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

222

Midterm #2

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= price

Q=quantity

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P. C.M. = Perfectly competetive market

→ price & quantity = where maneet elemand/ and

i market supply cross.

profit max

= where

Mc. = M.R. If you want to learn more check out What does it mean to be modern? what did “modern” mean in 1876?

Study Soup

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

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Oligopolistic Market: If you want to learn more check out What are the two models of the pace of speciation?

compette es

only a few ads, product

large firms diff., barriers

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(A =D.w.l.

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

AND DEAD WEIGHT Loss!

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