Econ 1110 Study guides, Class notes & Summaries

ECON 1110 Ellis UNT Exam 1 Questions and Answers Rated A Macroeconomics Study of economy as a whole; national based Microeconomics Studies decisions of individuals, households, and firms; businesses Scarcity exists because there are not enough resources available to produce all the goods and services that people want and need Choice one alternative is selected over another Opportunity Cost the best alternative given up when we make a choice or a decision Factors of Production (Resources/Inp...

ECON 1110 UNT EXAM 2 STUDY GUIDE QUESTIONS & ANSWERS 2023/2024

UNT ECON 1110 Chapters 10-12 Questions and Answers barter ANSWER the direct exchange of goods/services barter transactions ANSWER require that a double coincidence of wants be satisfied physical forms of money ANSWER - fiat - commodity fiat money ANSWER paper currency and coin that have been designated by government as legal tender but it not convertible into a specific precious metal or other commodity commodity money ANSWER - an item that serves a useful purpose other than acti...

6. Deriving the short-run supply curve Consider the competitive market for sports jackets. The following graph shows the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves for a typical firm in the industry. For each price in the following table, use the graph to determine the number of jackets this firm would produce in order to maximize its profit. Assume that when the price is exactly equal to the average variable cost, the firm is indifferent between pro...

6. Deriving the short-run supply curve Consider the competitive market for sports jackets. The following graph shows the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves for a typical firm in the industry. For each price in the following table, use the graph to determine the number of jackets this firm would produce in order to maximize its profit. Assume that when the price is exactly equal to the average variable cost, the firm is indifferent between pro...

These notes are for Chapter One out of Top Hat textbook.