Midterm Preparation 1

Midterm Preparation 1 - Ex: have vacant lot. Not renting it...

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Jack Brinck 2/23/07 Microeconomics Discussion Midterm Preparation #1 Economic Profit= Π= total revenue- total cost Total cost: explicit costs + implicit costs Implicit costs: costs you don’t necessarily pay in terms of money (opportunity cost)
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Unformatted text preview: Ex: have vacant lot. Not renting it out or w/e means you’re not making as much money as you could Every firm wants to maximize profits. Profits are maximized when MR=MC (optimal). Market structure...
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This note was uploaded on 10/14/2007 for the course ECON 203 taught by Professor Al-sabea during the Spring '05 term at USC.

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