Principles of Macroeconomics

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University of Wisconsin Department of Economics Economics 101: Principles of Microeconomics Korinna K. Hansen Learning Guide 7 Due Date: Week of Monday, March 19, 2007 Reading Assignment: Case & Fair Chapters 8 & 9 (not the appendix). Problem Assignment: Problems 6, 8 on pages 184-5 and problems 3, 6, 7, 8, 9 on pages 205-6. Objectives: After completing the assignment you should be able to do the following: 1. Define total cost (TC), variable cost (VC) and fixed cost (FC) for a firm. 2. Define marginal cost (MC), average cost (AC), average variable cost (AVC), and average fixed cost (AFC) for a firm. 3. Given the total cost (TC) or total variable cost (TVC) derive the marginal cost (MC). 4. Given the total cost (TC) for a firm, derive the average cost (AC), average variable cost (AVC) and the average fixed cost (AFC). 5. Given the industry demand and supply for the good derive the average revenue (AR) and marginal revenue (MR) curve for the representative competitive firm. 6. Given the total revenue for the representative competitive firm you should be able to calculate
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