Physics 101 Week 1 Class Notes
Physics 101 Week 1 Class Notes PHYSICS 1011
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This 3 page Class Notes was uploaded by Lakasha9447 on Thursday August 11, 2016. The Class Notes belongs to PHYSICS 1011 at Louisiana State University taught by David Horne in Fall 2016. Since its upload, it has received 7 views. For similar materials see Objects in motion in Physics at Louisiana State University.
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Date Created: 08/11/16
ECON202 Exam 3 (Chapters 7-9) Review/Study Guide Exam 3 will cover material from chapters seven through nine. The following study guide lists the concepts to focus on for each chapter. Chapter 7 Types of Profit o Accounting Profit Define it Calculate it (Accounting Profit = total revenue – explicit cost) o Economic Profit Define it Calculate it (Economic Profit = total revenue – explicit cost – implicit cost) Types of Cost o Know how to calculate TFC, AFC, TVC, AVC, TC, ATC, and MC o Know how to complete the cost table o Know how to graph the basic cost curves (ATC, AVC, AFC, and MC) ATC is “stacked” AFC and AVC AVC is a “U” ATC is a “U” ATC is always above AVC MC is a “check” MC crosses ATC at its lowest point MC crosses AVC at its lowest point Chapter 8 Rules for perfectly competitive markets o Many buyers and sellers o Homogenous products o No barriers to market entry or exit o No control over price – causes firms to be price takers Relationship between perfectly competitive market demand and individual firm demand o Individual firm faces flat demand curve Determining optimal price and quantity o Profit is maximized when quantity made and sold by a firm is the quantity where MR curve intersects MC curve Calculating/graphing profit (steps) 1. Id optimal quantity 2. Id optimal price 3. Calculate Total Revenue (optimal price * optimal quantity) 4. Id ATC at optimal quantity 5. Calculate Total Cost (ATC at optimal quantity * optimal quantity) 6. Calculate Profit (Profit = total revenue – total cost) Explain why perfectly competitive firms should expect normal profits ($0 econ profit) in long term Use ATC, AVC, MC, D, and MR to determine if a firms that cannot earn a profit will shut down or operate at a loss o If will operate at a loss, what is the loss Chapter 9 – Part 1 ***No natural monopoly, are monopolies good/bad, or regulating monopolies questions. These types of questions will be included in exam 4*** Rules for monopoly market o One sellers o NO close substitute for product o Significant barriers to market entry How monopoly markets are maintained o Economies of scale o Control of factor of production o Government franchise, patent, or copyright Why monopolists face downward sloped demand and marginal revenue ID profit with monopoly market graph – use the six steps (above)
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