ECO 201
ECO 201
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ECO 201 Final Exam Miami questions with correct answers
- Exam (elaborations) • 5 pages • 2023
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Willingness to Pay (WTP) Answer the maximum amount that a buyer will pay for a good 
 
total willingness to pay (TWTP) Answer the maximum amount of money that buyers in a market are willing and able to give up the index change for Q units of the good 
 
Marginal Willingness to Pay (MWTP) Answer the maximum amount of money buyers in the market are willing and able to give up in exchange for a small additional amount of the good 
 
Inverse Demand Answer the demand function rearranged such that P i...
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ECO 201 Miami University Exam 3 questions with correct answers
- Exam (elaborations) • 9 pages • 2023 Popular
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accounting total cost Answer explicit costs only 
 
economic total cost Answer accounting total cost + implicit costs 
 
economic total cost is opportunity cost 
 
accounting profit = Answer total revenue - accounting total costs 
 
economic profit = Answer total revenue - economic total costs 
 
when economic profit = 0 Answer normal economic profit; means that the firm is doing as well as it could in it's next best alternative 
 
economic profit > 0 Answer firm's owner is doing better than ...
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ECO 201 Final questions with correct answers
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If the price of the good increases and the number of unit people want to buy decreases we call this a change in quantity demanded. Answer True 
 
The National Weather Service announces in August that they forecast a very good winter. Demand for heavy winter coats increases due to Answer changes in expectations 
 
The Law of Demand implies that as price falls demand increases. Answer False 
 
If the price of A goes up as a person's income goes down the good is: 
Inferior 
Substitute 
Normal 
Com...
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ECO 201 Miami University Final questions with correct answers
- Exam (elaborations) • 31 pages • 2023
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market Answer a group of buyers and sellers of a good or service and the institution or arrangement by which they come together to trade 
 
economic assumptions (3 of them) Answer people are rational 
people respond to economic incentives 
optimal decisions are made at the margin 
 
economics Answer the study of the choices consumers, business managers, and government officials make to attain their goals, given scarce resources 
 
economic models Answer simplified versions of reality used to ana...
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ECO 201 - Exam 3 Review Questions And Answers
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ECO 201 - Exam 3 Review Questions And Answers 
 
 
sales tax 
tax on seller (we often times end up paying it but it is the businesses on whom that tax falls) 
two types of sales tax 
ad valorem and per unit 
B 
example of per unit sales tax 
gasoline (a tax per gallon) 
adding tax (inc or dec) the cost of the producer? 
increases 
what parts of graph are sales tax revenue? 
B + D 
 
what group is affected by sales tax? 
loss of welfare is on producers AND consumers 
tax revenue are made up of b...
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ECO 201 Exam 2 questions wiuth correct answers
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ECO 201 Exam 2 questions wiuth correct answers
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ECO 201 Miami University Exam 2 questions with correct answers
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consumer surplus Answer the sum (of each unit sold) of the difference between what the buyer is willing to pay (given by the height of the demand curve) and the price the buyer actually pays (market price) 
 
how is consumer surplus calculated? Answer area beneath the demand curve and above market price for the number of units sold 
 
1/2 base * height 
 
producer surplus Answer the difference between the price received by the seller (market price) and the minimum price the seller is willing to ...
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ECO 201 Miami University Exam 3 Questions And Answers
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ECO 201 Miami University Exam 3 Questions And Answers 
 
 
accounting total cost - ANS explicit costs only 
 
economic total cost - ANS accounting total cost + implicit costs 
 
economic total cost is opportunity cost 
 
accounting profit = - ANS total revenue - accounting total costs 
 
economic profit = - ANS total revenue - economic total costs 
 
when economic profit = 0 - ANS normal economic profit; means that the firm is doing as well as it could in it's next best alt...
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ECO 201 Miami University Exam 3
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ECO 201 Miami University Exam 3
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ECO 201 past exam questions with correct answers
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ECO 201 past exam questions with correct answers
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