Ec 201, Dr. Liedholm. midterm #2
Ec 201, Dr. Liedholm. midterm #2 EC 201
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This 1 page Study Guide was uploaded by Anne Koster on Tuesday March 29, 2016. The Study Guide belongs to EC 201 at Michigan State University taught by C. Liedholm in Summer 2015. Since its upload, it has received 9 views. For similar materials see Intro to Microeconomics in Economcs at Michigan State University.
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Date Created: 03/29/16
Read chapters 13, 14, 15, 7 and review chapter 6 on taxation Go over practice exam given on d2l and also review exam #1 because one question from that will be on this exam. Know the difference between perfect competition and monopoly in the short run and in the long run. Remember AFC always declines with output increase. What is the law of diminishing marginal product? Is it only in the short run or long run? What’s an implicit cost? What’s an explicit cost? What’s statutory burden? What’s economic burden? Define excise tax Remember that tax raises supply curve by amount of tax per unit. Consumer burden = change in price TR – TC =? Economic Vs. Accounting profit? Production function is? Short run vs long run? ECON exam #2 book quiz questions: How does a competitive firm determine its profit-maximizing level of output? When does a profit-maximizing competitive firm decide to shut down? When does it decide to exit a market?
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