Total Costs for a firm are given by: TC = 1Q + 9Q.
Marginal Costs for that same firm are given by: MC = 2*1Q + 9.
If this firm is operating in a perfectly competitive environment and is a price-taker, what
would their total profits be if the
ECN 212, 71147, 1:30 Dr. Roberts
Microeconomic Principles Final Exam B Fall 2013
1. Public goods represent a market failure because
a private market would provide too great a quantity of public goods
compared to the socially efficient level
Foundations of Behavior
2.1 Models of Behavior
Theoretical models are a way of organizing concepts that allows the scientist to
investigate. They also help psychologists know how and why a behavior occurs by
understanding the origins of beh
Accounting is a key component in business, usually divided into two major practices,
managerial and financial accounting. Both divisions of accounting serve their own purpose to
companies and they both have their positive and negative parts about them. To
Module 2 Notes
Key Terms: Tracking Epidemics
Analytic Epidemiology - the study of why and how health-related states or events occur
in a population through testing hypotheses, making comparisons, and by quantifying
Module 1 Notes
Key Terms: Global Health
Beliefs - a psychological state in which an individual holds a statement to be
Culture - a system of shared behaviors, morals/values, beliefs, practices and
knowledge for a particular society or so
The broader field of biopsychologists and others who study the brain and nervous
system, such as biologists and biochemists.
Psychiatric Social Worker
A mental health professional trained to apply social science principles to help patients in
Fission is the breakup of something into two or more pieces. Fusion is combining two or more pieces
into a single party. Fission and fusion share similar processes, whether it is to break apart, or combine.
Fusion impacts everyday life because it is the i
ECON STUDY GUIDE SHIT
1. When average total cost is at a minimum, what is marginal cost?
The same as average total cost
2. A perfectly competitive firm will have zero economic profit when?
3. If the market demand for oranges increases,
Costing is a key component in accounting, with costing there are many different forms or ways to
find the solution. One of those, a very successful strategy is activity-based costing (ABC) systems. This
type of costing system focuses on things such as act
In accounting, there are different levels and types of accounts, debits, credits, etc. These
accounts are made up of primarily two things, cost and profits. Today, we will discuss cost
classifications and what they mean in accounting. We will find differe
ALXN: Alexion Pharmaceuticals, Inc., a biopharmaceutical company, develops and
commercializes life-transforming therapeutic products. It offers Soliris (eculizumab), a
therapeutic product to treat paroxysmal nocturnal hemoglobinuria (PNH), a geneti
1. What is an externality? Why might it create a problem for market allocation?
Externality is when unrelated third parties experience consequences of economic effects
for which they did not choose to incur. Externality can be both positive and negative.
Chapter 6Market Failures and Incentive Issues Inside the Firm
1. Goods that cannot be consumed without excluding other consumers are
a. public goods.
c. are not scarce.
d. all of these choices.
2. Businesses often center productio
Is pay enough of an incentive to continue at a job you do not enjoy? Do you pursue a job for
the compensation, the value you bring to the work, the meaning you find in the work, or
another reason? Please explain your own motivation.
In my per
When one individual acts on behalf of another individual, Principal agent relationship is said to
In this scenario, the client is the principal and the lawyer is the agent. If the lawyer is awarded a
contingency fee, i.e , a fix
Chapter 3Spontaneous Order, Markets, and Market Failure
1. If the market is unable to allocate resources then
a. there is market failure.
b. there is rent-seeking.
c. there are no free-riders.
d. none of these choices.
2. The use of govern
a) If the transport firm charges 1300$ ( 11700/9) per unit, the revenue will be maximized
b) The price that maximizes profits for the firm is 1350$
c) The fixed costs that the firm has irrespective of the output is 1000$
Unit 2: Supply & Demand (notes)
Material wealth/ resources = finite; limited; a fixed amount
Scarcity forces us to choose how our resources are used
(i.e. if you go to class you cannot go to a club meeting)
Opportunity costs = alternative choices; may r
Trade is the exchange of goods and services between economic agents
- People are good at different things = different opportunity costs
- People have different preferences
Preferences differ: ebay low value good to high value goods by better matchin
Today is Monday, September 2, 2013. This Lecture was not presented in
class, due to the Labor Day Holiday. The (official) unemployment rate of the
U.S. Labor Force is 7.4%. The price of gold closed (New York) at $1,392.90
per troy ounce.
Today is Wednesday, September 4, 2013. The (official) unemployment rate of
the U.S. Labor Force is 7.4%. The price of gold closed (New York) at
$1,391.60 per troy ounce.
CIRCULAR-FLOW DIAGRAM OF THE U.S. ECONOMY
To facilitate our analysis of the
The Business and Accounting
Professor Mindy Wolfe
Types of Businesses
For-Profit WalMart, Facebook, Microsoft.
Goal is for Revenue to exceed expenses.
Not-For-Profit United Way, Red Cross. Goal is
for expenses to equal revenues (usually gifts
7? \ Q4) - . ' . .
P -,- ~03(l)+- 3
Basics of Discrete Probability Distributions Y2) -
A company haqt the junior executive level. Ten people, seven men MW are equally
qualified. The company as ecided to draw two names at random from the list cfw_iwb'eaw r
Key Formula Sheet
Chapter 1: no key formulas.
Chapter 2: Relative Frequency=freq. of the class/n.
Approx. Class Width:
=(largest value-smallest value) /number of classes.
Chapter 3: sample and population means
wi xi /wi
You may know me
And I want to know
If you are okay
Cause today is the day
And in all fairness
You deserve nothing but the best
You deserve to shine out better than the rest
And I want to put it to the test
Of how special you are
Sunday January 31, 2016
Which one are you?
by Bethany Washburn
Someone who is in charge of a business or a
There to get the job done
There to see that daily duties or tasks have been
Unit 5 IP Essay
When I first saw this course I thought it was going to be easy and a bit of a piece of
cake to get through. Based off of my work and career I thought I had enough experience about
the topic. I quickly found I was m