Review Final

Review Final - AECO110 Principle of Economics I Final Exam...

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AECO110 Principle of Economics I Instructor: Gang Liu Final Exam Review Ch13 The Costs of Production The difference between accounting profit and economic profit. The concept of implicit cost and examples. The law of diminishing returns. The concepts of marginal products and average products. The difference between marginal cost and average total cost. Determine graphically their position and relationship. Understand why the law of diminishing returns is related to the law of increasing marginal cost. The difference between variable cost, total cost and fixed cost. The shape of a typical firm’s cost curves. The concepts of short run and long run The concepts of sunk costs. Understand its ir relevance when firms make current decision. The concepts of long run average total costs and economies of scale. Ch14 Firms in Competitive Markets The difference of market structures between perfect competition and a monopolist. Understand the behavior of a price-taking firm in perfect competition. Why the demand curve faced by
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This note was uploaded on 04/22/2008 for the course ECO 110 taught by Professor Liugang during the Fall '08 term at SUNY Albany.

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Review Final - AECO110 Principle of Economics I Final Exam...

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