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Principles of Microeconomics

by: Grayce Heidenreich

Principles of Microeconomics EC 201

Marketplace > North Carolina State University > Economcs > EC 201 > Principles of Microeconomics
Grayce Heidenreich
GPA 3.84


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This 2 page Study Guide was uploaded by Grayce Heidenreich on Thursday October 15, 2015. The Study Guide belongs to EC 201 at North Carolina State University taught by Staff in Fall. Since its upload, it has received 27 views. For similar materials see /class/223927/ec-201-north-carolina-state-university in Economcs at North Carolina State University.


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Date Created: 10/15/15
3rd EXAM NOTATION WE USE IN CLASS Consumer theog Uutility Xconsumption of commodity X Achange in MUmarginal utility MUX xed utility along an indiiTerence curve p or Pprice Iincome AY MUX 7 7 MRS l l l l imargmal rate of substitutionislope of mdi erence curve AX MUY AY MUX 7 PX MRS l l l l 7 1e slope ofmdiiTerence curve equals slope ofbudget line AX MUY PY MUX MUY is the Prmc1ple of Equal Marginal Ut111t1es per Dollar PX PY Production theory q or Qoutput Kcapital Llabor QFIZLfLshortrun production lnction with xed capital and variable labor QFKLlongrun production lnction with variable capital and labor K xed capital AP average product of laborproductivity L MP qnarginal product of labor L AL MP mar inal roduct of ca ital K AK g P P C or TC otal cost FC xed cost VCvariable cost AF C shortrun average xed cost AVC shortrun average variable cost ATC shortrun average total cost ATCAFCAVC 3 xed output along an isoquant wwage rate iuser cost of capital LAC T QC longrun average total cost LMC AA lg longrun marginal cost AK MPL 7 7 MRTS l P l imargmal rate of techn1cal subst1tut1on7slope of 1soquant MP MRTS l L l Liv ie slope of isoquant equals slope of isocost line AL MPK 1 MPL MPK 1s the Prmc1ple of Equal Marginal Products per Dollar w 1 Hpro t Rrevenue MHmarginal pro t AQ MRmarginal revenue AQ MCmarginal cost E AQ PMC is the optimality condition for perfect competition PzAVC is the shortrun noshutdown condition


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