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C211 Global Economics Exam Study Guide.
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©THESTAR EXAM SOLUTIONS 2024/2025 ALL RIGHTS RESERVED. 1 | P a g e C211 Global Economics Exam Study Guide. Economic costs - answerExplicit + Implicit Costs Explicit Costs - answerMonetary payments, material costs, wages, interest Implicit costs - answerIncome you would have earned; value of ...

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  • November 24, 2024
  • 15
  • 2024/2025
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  • c211 global economics exam study guide

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©THESTAR EXAM SOLUTIONS 2024/2025

ALL RIGHTS RESERVED.




C211 Global Economics Exam Study Guide.

Economic costs - answer✔Explicit + Implicit Costs

Explicit Costs - answer✔Monetary payments, material costs, wages, interest

Implicit costs - answer✔Income you would have earned; value of the next best use; depreciation
and forgone interest

Accounting profit - answer✔Total revenue - explicit costs

Economic profit - answer✔TR - economic costs

Economic profit - answer✔TR - opportunity costs

Economic profit - answer✔TR - explicit costs - implicit costs

The short run - answer✔Firms can vary their output by changing resources used

The long run - answer✔Firms can enter and exit

Total costs - answer✔Fixed cost + variable costs

Average fixed cost - answer✔TFC/Q

Average variable cost - answer✔TVC/Q

Average total cost - answer✔TC/Q or TFC/Q+TVC/Q

Marginal cost - answer✔change in TC/Q

ATC Curve - answer✔U shaped

Diseconomies of Scale - answer✔Large firms often have problems of communication and
cooperation

Economies of Scale - answer✔Labor specialization, managerial specialization, efficient capital

Zero economic profit - answer✔Positive accounting profit


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, ©THESTAR EXAM SOLUTIONS 2024/2025

ALL RIGHTS RESERVED.
Maximize profit - answer✔Total revenue - total cost

The goal of firms - answer✔Maximize profit

Marginal cost - answer✔The amount by which total cost would rise if output were increased by
one unit

Minimum of average total cost - answer✔The point where marginal-cost curve crosses average
total cost curve

Four market models - answer✔Perfect, monopolistic, oligopoly, pure monopoly

Perfect/pure competition - answer✔large number of firms, homogenous goods, price taker, free
entry & exit

Monopolistic competition - answer✔many firms, differentiated goods, some control over price,
free entry & exit

Oligopolistic competition - answer✔few firms, homogenous/differentiated products, price is
interdependent, significant barriers to entry/exit

Monopoly - answer✔one firm, no close substitute for goods, price maker, barrier to entry/exit

AR - answer✔TR/Q

MR - answer✔Change in TR / Change in Q

Profit maximization - answer✔1. Produce where TR-TC is greatest or 2. MR = MC

Zero economic profit - answer✔Break even point (TR = TC)

Short run shut down - answer✔Produce if TR < TVC or P < AVC

Barriers to entry - answer✔Ownership or control of essential resources, pricing or other strategic
barriers, legal barriers, economies of scale

Monopoly demand curve - answer✔downward sloping demand; increase sales by lowering price
(MR < P)

Monopoly produces - answer✔MR = MC

Monopoly price - answer✔above MC

Monopoly regulation - answer✔marginal cost pricing rules, average cost pricing rules, rate of
return regulation, and price cap regulation



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