Unformatted text preview: c) Know what is means to be perfectly elastic or inelastic Ch. 5— a) Understand what a budget constraint is b) Identify which points on a graph are affordable c) Know how the budget constraint is affected by a change in a price or income d) Know the definition of marginal utility and diminishing marginal utility Ch. 6— a) Know the definition of marginal product(MP) and diminishing MP b) Know the difference between marginal and average cost c) Know the difference between fixed and variable cost d) Know what a skunk cost is Ch. 7— a) Understand why profit maximization requires MR=MC!! Ch. 15-a) Know what a public good is...
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This note was uploaded on 08/31/2011 for the course ECON 101 taught by Professor Brentkreider during the Fall '07 term at Iowa State.
- Fall '07
- Opportunity Cost