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ECO 201 Miami University Exam 3 questions with correct answers

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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 w...

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  • August 29, 2023
  • 9
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • eco 201 miami university exam 3 questions with cor

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  • ECO 201
  • ECO 201

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ECO 201 Miami University Exam 3 questions
with correct answers
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


when economic profit = 0 Answer✔✔ normal economic profit; means that the firm
is doing as well as it could in it's next best alternative


economic profit > 0 Answer✔✔ firm's owner is doing better than she/he could in
her/his next best alternative


economic profit < 0 Answer✔✔ firm's owner is doing worse than she/he could in
his/her next best alternative


short run Answer✔✔ period of time so short that capital is fixed.


firms can change output ONLY by changing the number of workers hired, NOT by
changing factory size

, L represents Answer✔✔ labor


N represents Answer✔✔ natural resources


K represents Answer✔✔ capital


in the short run... Answer✔✔ Q=f(L) because capital is fixed


marginal product of labor = Answer✔✔ change in quantity / change in labor


tells us how output changes as the firm hires an additional worker


fixed costs (FC) Answer✔✔ costs that do not change as output changes (rent)...
only exist in the short run


variable costs (VC) Answer✔✔ costs that vary as output changes (labor costs). VC
goes up as Q goes up. VC goes down as Q goes down.


Total cost = Answer✔✔ Fixed costs + variable costs


marginal cost (MC) = Answer✔✔ change in total cost / change in quantity


average fixed cost Answer✔✔ fixed cost per unit = FC / Q


continuously declines as output rises

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