Ecs 2601 - Study guides, Class notes & Summaries

1. In the short run, a perfectly competitive firm earning positive profit is … In the short run, a perfectly competitive firm earning positive profit is above its average total cost (ATC). This is because profit is calculated as the difference between total revenue and total cost. If the firm's total revenue exceeds its total cost, it is earning a profit. Since average total cost represents the cost per unit of output, if the firm is earning a profit, it means that the price it receives...

ECS 2601 MICROECONOMICS TEXTBOOK SUMMARY.

ECS 2601 MICROECONOMICS TEXTBOOK SUMMARY

Which of the following is/are correct? a) Households are confronted with unlimited wants, but with limited resources with which to satisfy those wants b) The scarcity of resources necessitate households to make choices both a and b are correct Which of the following is/are correct regarding the distinction between macroeconomics and microeconomics? a) The price of apples at the supermarket is an example of a macroeconomic variable. b) An increase in the general price level (inflation...

ECS 2601 MICROECONOMICS TEXTBOOK SUMMARY

ECS 2601 MICROECONOMICS TEXTBOOK SUMMARY.

ECS 2601 MICROECONOMICS TEXTBOOK SUMMARY.

ECS 2601 MICROECONOMICS TEXTBOOK SUMMARY

ECS 2601 MICROECONOMICS TEXTBOOK SUMMARY

ECS 2601 MICROECONOMICS TEXTBOOK SUMMARY.