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Review Notes 203

Review Notes 203 - Know the shape of all cost curves...

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Review Notes 203 Ch 19 Short run and long run problems agriculture Ch 6 Price elascity of demand Pg 106, 107, 108- responsiveness by consumers to a change in price Ch 7 Consumer Behavior Pg 131 Law of diminishing marginal utility Marginal Utility Income and substitution effects Ch 8 Economic Costs- explicit and implicit Total cost= fixed cost + variable cost Pg 146,145 Pg 150, 152 Pg 154 fig 8.5 Fixed cost, doesn’t go towards process of production Variable costs- goes toward process of production How do you derive avg fixed, avg variable, and marginal cost
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Unformatted text preview: Know the shape of all cost curves Economies of scales Pg 156, 157, fig 8.7 8.8 Long run avg cost= accumulation of short run avg costs CH 9 Pure competition markets-open markets Standerized products-price taker not maker Is pure competition market efficient? Yes d/c of competition Achieve competition through economies of scale Demand curve for pure competitions perfectly elastic because the market is fixing the price....
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