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WGU D089 Principles of Economics Questions and Answers (100% Correct Answers) Already Graded A+

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WGU D089 Principles of Economics Questions and Answers (100% Correct Answers) Already Graded A+

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WGU D089 Principles of Economics
Questions and Answers (100% Correct
Answers) Already Graded A+
opportunity cost [ANS:] = The value of what you give up / The
value of what you gain

Elasticity of Demand [ANS:] ed= % of change in Quantity / % of
change in Price
© 2025 Assignment Expert




Elasticity of Supply [ANS:] es= % of change in Quanity / % of
change in Price
Guru01 - Stuvia




Elastic [ANS:] ed or es > 1

Unit Elastic [ANS:] ed or es = 1

Inelastic [ANS:] ed or es <1

Total Revenue [ANS:] = Price x Quantity

Accounting Profit [ANS:] = Total Revenue - Explicit Costs

Economic Revenue [ANS:] = Total Revenue - Explicit Costs - Implicit
Costs

Total Cost [ANS:] = Total Variable Costs + Total Fixed Costs

Average Fixed Cost [ANS:] = Total Fixed Cost / Quantity

Average Variable Cost [ANS:] = Total Variable Cost / Quantity

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