WGU D089 Principles of Economics Exam Questions with Correct Answers 100% Verified By
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Accounting Profit = Total Revenue - Explicit Costs
Economic Revenue = Total Revenue - Explicit Costs - Implicit Costs
Total Cost = Total Variable Costs + Total Fixed Costs
Average Fixed Cost = Total Fixed Cost / Quantity
Average Variable Cost = Total Variable Cost / Quantity
Average Total Cost = Total Cost / Quantity = (Fixed Cost / Quantity) + (Variable Cost /
Quantity)
Marginal cost = Change in Total Cost / Change in Quantity
Profit = (Price-Average Cost) x Quantity
Profit Maximization Marginal Revenue = Marginal Cost.
Produce More Quantity Profit > Marginal Revenue = Marginal Cost
Perfectly Competitive Market Profit = Marginal Revenue = Marginal Cost
Monopolistic Competition Profit = Average Total Cost > Marginal Revenue = Marginal Cost
Experts| Latest Update Guaranteed Success
Accounting Profit = Total Revenue - Explicit Costs
Economic Revenue = Total Revenue - Explicit Costs - Implicit Costs
Total Cost = Total Variable Costs + Total Fixed Costs
Average Fixed Cost = Total Fixed Cost / Quantity
Average Variable Cost = Total Variable Cost / Quantity
Average Total Cost = Total Cost / Quantity = (Fixed Cost / Quantity) + (Variable Cost /
Quantity)
Marginal cost = Change in Total Cost / Change in Quantity
Profit = (Price-Average Cost) x Quantity
Profit Maximization Marginal Revenue = Marginal Cost.
Produce More Quantity Profit > Marginal Revenue = Marginal Cost
Perfectly Competitive Market Profit = Marginal Revenue = Marginal Cost
Monopolistic Competition Profit = Average Total Cost > Marginal Revenue = Marginal Cost
