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Lecture

ECON 2030 Economic Principles 20 Jun 14

3 Pages
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Department
Economics
Course Code
ECON 2030
Professor
All

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Description
TODAYS MENU Friday 20 June 2014IBUSINESSAPractice Problems1Chapter 13 1 2 5 7 8 11 1517 21BSecond Exam Next ThursdayIISUBSTANCEATheory of the Firm The Basics1ProfitaMaximizing ruleMRMCbNormalNormal economic profitzero economic profit EquilibriumEconomic Profit 0Total RevenueExplicitImplicit Accounting profit Accounting profitWhat were doingfrom best alternative PositivecExamples2 CostsaTotalTCFixed Cost FCVariable Cost VCbFixedFCCosts that are fixedthat dont change Independent of your level of productio
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