exam two study guide and tips

exam two study guide and tips - production Know the law of...

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If given a table similar to practice exam on units consumed and utility, be able to calculate total and marginal utility (hint: see table for Q2-3, practice exam) Know the law of diminishing marginal utility Know the difference between utility and usefulness If given a table on consumer income and utility similar to practice exam, be able to calculate consumer utility (hint: see table for Q6, practice exam) Understand the factors that make the demand curve slope downward Chapter 8 Know the definitions and difference between explicit and implicit costs, economic and accounting profit, and be able to calculate them if given data Know the difference between short-run and long-run adjustments with respect to a firm’s
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Unformatted text preview: production Know the law of diminishing returns Know how to calculate marginal and average product if given a table of labor inputs and units of output Chapter 9 Know the characteristics of pure competition Know the relationship between marginal revenue and price Know what the shape of the short run total cost curve reflects Be able to estimate profit maximizing output if given a graph relecting total revenue and cost Know the short run points at which a firm should continue operating, and when should shut down, and when economic profit would be achieved (hint: think about price related to AVC, and the MR:MC relationship)...
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