Ch. 7, 8 & 10 Study Guide
Ch. 7, 8 & 10 Study Guide EC 110
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Popular in Economics
This 2 page Class Notes was uploaded by Grace Heinerikson on Sunday October 16, 2016. The Class Notes belongs to EC 110 at University of Alabama - Tuscaloosa taught by Dr. Tao Chen Yeh in Fall 2016. Since its upload, it has received 18 views. For similar materials see Microeconomics in Economics at University of Alabama - Tuscaloosa.
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Date Created: 10/16/16
Ch. 7,8 & 10Study Guide READ THESE CHAPTERSIN THE TEXTBOOKIF YOU HAVE NOT ALREADY. Vocabulary: Fill in the blank(not necessarily a word forword definition, but a workingdefinition.Make sureyou understandeach term thoroughly.) FixedCosts VariableCosts ShortRun LongRun TotalPhysicalProduct Average Physical Product *Note: All definitions and MarginalPhysicalProduct MarginalRevenueProduct concepts for review in this Law ofDiminishingReturns studyguide can be found MarginalCost in thechapter notes TotalCosts uploadedto Study Stoup. TotalFixed/VariableCosts Average Cost Average Fixed/VariableCosts IncreasingReturnsto Scale ConstantReturnstoScale DecreasingReturnsto Scale TotalEconomicProfit AccountingProfit Perfect Competition Price-Taker Producer Surplus Concepts:Be ableto explain each of theseconcepts in detail. OptimalProduction Marginal-AverageRules Cost-MinimizationofTwo Inputs The Average RevenueCurve Profit Maximization MainCharacteristicsfora PerfectlyCompetitiveMarket A P.C. Firm’s DemandCurve Profit MaximizationforP.C.Firms Shutdownofa P.C.Firm The ShortRun SupplyCurvefor a P.C. Firm Firms EnteringandExitingthe Market Producer Surplusona Graph Good Luck! 2