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ECON 251 EXAM 3 - PURDUE QUESTIONS AND ANSWERS 2026

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ECON 251 EXAM 3 - PURDUE QUESTIONS AND ANSWERS 2026

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ECON 251 PURDUE

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ECON 251 PURDUE

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Institution: ECON 251 PURDUE
Course: ECON 251 PURDUE

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Uploaded on: December 17, 2025
Number of pages: 3
Written in: 2025/2026
Type: Exam (elaborations)
Contains: Questions & answers

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econ 251 exam 3 purdue
purdue
econ 251
econ
econ 251 exam 3
econ 251 exam 3 purdue questions and answers

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ECON 251 EXAM 3 - PURDUE

Max profit - ANSWERS-MR = MC

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

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

MPl - ANSWERS-change in Q / change in L

Marginal utility per dollar - ANSWERS-Mu/p

Mu= change in U/ change in Q

P ( for natural) - ANSWERS-MC, but MC<Atc

So P<ATC

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ECON 251 EXAM 3 - PURDUE QUESTIONS AND ANSWERS 2026

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