BIOL 1001 Chapter : CH 2 STUDENT OUTLINE

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15 Mar 2019
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Chapter 12 practice problems: 1-3, 7-10, 12, 15. Chapter 14 practice problems: 1-5, 7, 8, 10, 11, 13-15, 20. Chapter 21 practice problems: 2, 4, 5, 7-12, 15, 16, 18, 19. % of tax borne by sellers = (price elasticity of demand/ ed + es) x. Decrease 60 cents: plug and chug into formulas above. Marginal revenue is the change in total revenue from selling one more unit of the good or service. Marginal cost is the change in total cost from producing one more unit of the good or service; change in total cost/change in quantity. Marginal utility is the change in total utility from consuming one more unit of the good or service: total cost (tc) Explicit out of pocket costs; dollars that flow out. Implicit dollars not in the pocket; accounting profits from your best alternative: accounting profit = tr explicit, economic profit = accounting profit implicit.

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