EC 120 Introduction to Microeconomics Final Exam Cheat Sheet 2025 Wilfrid Laurier
University
Supply + Tax
When a country exports or
imports it gains total
surplus, imports are better
for consumers and exports
are better off for producers,
however, economists prefer
trade because of the
increase in total surplus.
Short-run Per-unit cost Curves
Long-run Average Total Cost Curve
Constant returns to scale
Long to short to long run
If we are at a long run equilibrium the demand
goes up then the firm is making profit and other
University
Supply + Tax
When a country exports or
imports it gains total
surplus, imports are better
for consumers and exports
are better off for producers,
however, economists prefer
trade because of the
increase in total surplus.
Short-run Per-unit cost Curves
Long-run Average Total Cost Curve
Constant returns to scale
Long to short to long run
If we are at a long run equilibrium the demand
goes up then the firm is making profit and other
