ECON 100 Exam 2 – Questions With IndepthSolutions

ECON 100 Exam 2 – Questions With Indepth
Solutions

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Terms in this set (51)



Total Variable Cost (TVC) costs that vary with output


Total Fixed Cost (TFC) costs that do not vary with output (also called overhead
costs)


Total Cost (TC)= TFC + TVC
Total Fixed Cost (TFC) - Total Variable Cost (TVC)


Average cost = cost per unit (hint: divide ....
cost by quantity)


Average Fixed Cost (AFC)= TFC / Q
Total Fixed Cost (TFC)/ Quantity


Average Variable Cost (AVC) = TVC / Q
Total variable cost / Quantity


Average Total Cost (ATC) = TC/Q


(Total Cost/Quantity)

, figure out with to do with that dumb***
table


Short (SR) Graphs, pt. 1




Short (SR) Graphs, pt. 2




Cost curves shift when there is a change Technology
in... Resource Prices
Businesss Taxes


Long Run (LR / LRATC-(Long-run It looks like a bathtub
average total cost))




True/ False True
Implicit costs are costs for resources
used in production where no monetary
payment is made.


Accounting Profit = Revenue- Explict Cost


Economic Profit= Revenue - (Explicit - Implicit Cost)


True/ False False
Accounting profits overestimate
economic costs.


figure out what to do about that other
dumb chart