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ECO 201 Miami University Tests Bundle Set
ECO 201 Miami University Tests Bundle Set
[Show more]ECO 201 Miami University Tests Bundle Set
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accounting total cost Answer explicit costs only 
 
economic total cost Answer accounting total cost + implicit costs 
 
economic total cost is opportunity cost 
 
accounting profit = Answer total revenue - accounting total costs 
 
economic profit = Answer total revenue - economic total costs 
 
wh...
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Add to cartaccounting total cost Answer explicit costs only 
 
economic total cost Answer accounting total cost + implicit costs 
 
economic total cost is opportunity cost 
 
accounting profit = Answer total revenue - accounting total costs 
 
economic profit = Answer total revenue - economic total costs 
 
wh...
market Answer a group of buyers and sellers of a good or service and the institution or arrangement by which they come together to trade 
 
economic assumptions (3 of them) Answer people are rational 
people respond to economic incentives 
optimal decisions are made at the margin 
 
economics Answer...
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Add to cartmarket Answer a group of buyers and sellers of a good or service and the institution or arrangement by which they come together to trade 
 
economic assumptions (3 of them) Answer people are rational 
people respond to economic incentives 
optimal decisions are made at the margin 
 
economics Answer...
consumer surplus Answer the sum (of each unit sold) of the difference between what the buyer is willing to pay (given by the height of the demand curve) and the price the buyer actually pays (market price) 
 
how is consumer surplus calculated? Answer area beneath the demand curve and above market p...
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Add to cartconsumer surplus Answer the sum (of each unit sold) of the difference between what the buyer is willing to pay (given by the height of the demand curve) and the price the buyer actually pays (market price) 
 
how is consumer surplus calculated? Answer area beneath the demand curve and above market p...
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Willingness to Pay (WTP) Answer the maximum amount that a buyer will pay for a good 
 
total willingness to pay (TWTP) Answer the maximum amount of money that buyers in a market are willing and able to give up the index change for Q units of the good 
 
Marginal Willingness to Pay (MWTP) Answer the ...
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Add to cartWillingness to Pay (WTP) Answer the maximum amount that a buyer will pay for a good 
 
total willingness to pay (TWTP) Answer the maximum amount of money that buyers in a market are willing and able to give up the index change for Q units of the good 
 
Marginal Willingness to Pay (MWTP) Answer the ...
ECO201 Final Exam - Miami University questions with correct answers
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Add to cartECO201 Final Exam - Miami University questions with correct answers
Eco201 - Miami University - Final Exam Review questions with correct answers
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Add to cartEco201 - Miami University - Final Exam Review questions with correct answers
Economics Answer A social science where we describe how individuals and socities allocate scare or limited resources in order to meet their wants to demands 
 
Principle I Answer People and society have tradeoffs 
 
Trade offs Answer When we have to give up something for more of another 
 
Principle...
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Add to cartEconomics Answer A social science where we describe how individuals and socities allocate scare or limited resources in order to meet their wants to demands 
 
Principle I Answer People and society have tradeoffs 
 
Trade offs Answer When we have to give up something for more of another 
 
Principle...
If the price of the good increases and the number of unit people want to buy decreases we call this a change in quantity demanded. Answer True 
 
The National Weather Service announces in August that they forecast a very good winter. Demand for heavy winter coats increases due to Answer changes in e...
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Add to cartIf the price of the good increases and the number of unit people want to buy decreases we call this a change in quantity demanded. Answer True 
 
The National Weather Service announces in August that they forecast a very good winter. Demand for heavy winter coats increases due to Answer changes in e...
Vygotsky's view of development Answer children influenced through interactions with others; zone of proximal development; language + dialogue = development; continuous; nurture; culture specific 
 
Piaget's view of development Answer development happens in different stages, discontinuous; both nat...
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Add to cartVygotsky's view of development Answer children influenced through interactions with others; zone of proximal development; language + dialogue = development; continuous; nurture; culture specific 
 
Piaget's view of development Answer development happens in different stages, discontinuous; both nat...
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