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ECON 251 EXAM 3 – PURDUE LATEST UPDATE GRADED A

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This document provides a concise overview of essential concepts, formulas, and definitions for ECON 251 Exam 3 at Purdue University. It covers profit maximization, cost structures, utility maximization, elasticity-related effects, production theory, and market efficiency conditions. The material is ideal as a study guide, summarizing core microeconomic relationships frequently tested on exams.

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ECON 251 EXAM 3 – PURDUE LATEST UPDATE GRADED A




Max profit
MR = MC




substitution effect
Px/Py
effect of change in "relative price"




Profit
Tr-Tc
or
(mc)(q)-TC
or
q(p-ATC)




MPl

, change in Q / change in L




Marginal utility per dollar
Mu/p


Mu= change in U/ change in Q




P ( for natural)
MC, but MC<Atc


So P<ATC




Max Utility
MUx/Px = MUy/Py




ATC
TC/Q
or
AFC + ATC

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