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Study guide for third midterm

Study guide for third midterm - Econ 102 Professor...

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Econ 102 - Professor Amuedo-Dorantes 1 Study Guide for Third Midterm - Econ 102 Chapter 13: THE COST OF PRODUCTION (1) What items are included in a firm’s costs of production? What are implicit vs. explicit costs? (2) What are accounting profits? What are economic profits? (3) How is the production function of the firm and its cost function related? What is marginal product? What does “diminishing marginal product” mean? How does it shape both the production function and the total costs of the firm? (4) What are the different types of costs? (5) What are variable costs? Fixed costs? What is the sum of them? (6) What are ATC, AVC, and AFC? What is MC? How do we compute it? (7) How are ATC and MC related? What is the name of quantity of output corresponding to the point where they both cross? (8) Explain the shape of all costs functions: ATC, AVC, AFC, and MC. (9) What is the link between SR and LR ATC? When do we have economies of scale, diseconomies of scale and constant returns to scale? Chapter 14:
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