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Econ 200 CC

Final For Econ

QuestionAnswer
What are the determinants of Demand? # of consumers Normal Goods Inferior Goods Preferences Substitutions Compliments Expected future income of consumers Expected future price of consumers
What moves the PP curve? Productivity Q&Q of Natural Resources Health and Education Capital Stock Health and Education Technology
What are the determinants of Supply? Physical Availability of Resources (PAR) Costs Technology # of suppliers Expecteted Future Price by suppliers
Who controls Monetary policy? Money supply- FED- banks
If there is a recessionary gap what should happen to taxes? Taxes should decrease
If there is a inflationary gap what should happen to taxes? Taxes should increase.
What is the definition of Marginal analysis? Its additional
Why are people rational thinkers? Because the marginal benefits outweigh the marginal costs.
How is productivity measured? output per worker per hour
Productive efficiency is where... ATC=MC
Allocative efficiency is where... MC=D
To get an Economic profit of zero... D=ATC
What is the difference in explicit and implicit costs? Explicit costs are thos costs that are deemed "out-of-pocket" costs, or accounting costs These are your fixed costs of doing business.
Implicit costs are Those costs that don't involve a monetary payment. These are the opportunity costs of doing business
What is the difference between quantity supplied and supply? Qs is just a point on the supply curve
WHen there is a change in price what happens to the supply curve? Nothing.. the Qs changes but the supply curve does nothing.
AFC equals... AFC=ATC-AVC
P*Q= TR
Created by: Cjaner
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