ECO211 - Microeconomics Study Guide for Final Exam

Feb 3rd, 2012
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University of Miami
Course: ECO
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Study guide for the final exam for microeconomics (ECO211). Good for any college level microeconomics course, as well as AP Economics exam. Comprehensive notes on all topics covered in the semester long course.

Word Count: 3051
Showing Page: 1/12
Eco211 test 3Chapter 13Costs of ProductionI what are costs?Total revenue, total cost, profitThe goal of the firm is to maximize profitTR=total revenue: amount the firm receives for sale of its outputTR=pxqTC=total cost: market value of inputs the firm uses in productionProfit: total revenue-total costCosts as opportunity costsImportant in studying firm behaviorExplicit cost: costs that require an outlay of money by the firmImplicit costs: costs that do not require cash in handSunk costs: cost that incur once (do not affect the firm's decisions)Economic cost determines how the firm will behaveEconomic cost=implicit cost+explicit costAccounting cost reported cost, explicit costEconomic profit-Total revenue-economic costAccounting cost=total revenue-accounting costEconomic cost>accounting costEconomic profit

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