ECO211 - Microeconomics Study Guide for Final Exam

Feb 3rd, 2012
Studypool Tutor
University of Miami
Course: ECO
Price: $15 USD

Tutor description

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

Review from student

Studypool Student
" Excellent work as usual "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1822 tutors are online

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors