ECON 111 - Microeconomics: Final
Exam fully solved
Marginal cost formula - correct answer ✔✔Change in total cost/output
Implicit costs - correct answer ✔✔Foregone salary, rental income, etc.
Explicit costs - correct answer ✔✔Inventory, Labor, etc.
Accounting profit - correct answer ✔✔Total revenue-explicit costs
Economic profit - correct answer ✔✔Accounting profit-implicit costs
Midpoint formula - correct answer ✔✔% change in quantity/%change in price
Perfectly inelastic demand - correct answer ✔✔Insulin
Perfectly elastic demand - correct answer ✔✔Wheat, soybean
Price effect - correct answer ✔✔Vertical distance between two price changes
Quantity effect - correct answer ✔✔Horizontal distance between two price changes
Average total cost formula - correct answer ✔✔TC/q
Exam fully solved
Marginal cost formula - correct answer ✔✔Change in total cost/output
Implicit costs - correct answer ✔✔Foregone salary, rental income, etc.
Explicit costs - correct answer ✔✔Inventory, Labor, etc.
Accounting profit - correct answer ✔✔Total revenue-explicit costs
Economic profit - correct answer ✔✔Accounting profit-implicit costs
Midpoint formula - correct answer ✔✔% change in quantity/%change in price
Perfectly inelastic demand - correct answer ✔✔Insulin
Perfectly elastic demand - correct answer ✔✔Wheat, soybean
Price effect - correct answer ✔✔Vertical distance between two price changes
Quantity effect - correct answer ✔✔Horizontal distance between two price changes
Average total cost formula - correct answer ✔✔TC/q
