microbook_3e-page124 - Eric Doviak Principles of...

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Eric Doviak Principles of Microeconomics Review for Final Exam The final exam will cover Lectures 5, 6, 7 and 8 as well as the memos and notes that I gave you. The exam will require you to define some of the terms listed below and require you to solve some problems. The problems given below were taken from exams that I have given in the past. They are a supplement to the homeworks. They are NOT a substitute for the homeworks. Terms to know x perfect competition x perfect knowledge x budget constraint x indifference curve x isoquant x isocost x gross complements x gross substitutes x perfect complements x perfect substitutes x utility x relative price x real income x income effect x substitution effect x short run x long run x price taker x total cost x fixed cost x variable cost x average cost x marginal cost x total revenue x marginal revenue x economic profit x accounting profit x total profit/loss x operating profit/loss x shutdown point x entry into industry x exit from industry x returns to scale
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This note was uploaded on 12/29/2011 for the course ECO 311 taught by Professor Willis during the Fall '10 term at SUNY Stony Brook.

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