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Econ Exam 2

TermDefinition
unit tax = price after tax - amt received by seller
Import Pd > Pw
Export Pd < Pw
socially optimal point where the price interacts with the demand curve
Negative Externality moves the supply curve to the left
Positive Externality moves the demand curve to the right
Excludability if people who have not paid can be prevented from using it
Rivalry one persons use diminishes other peoples use
Private goods excludable and rival
Public goods non-excludable and non-rival
common resources non-excludable and rival
club good excludable and non-rival
MPL = output 2 - output 1/ labor 2 - labor 1
MC = change is TC / change in Q
Total Revenue = p x q
Profit = TR - TC
Economies of Scale ATC decreases while Q increases
Diseconomies of Scale ATC increases while Q increases
TC = VC - FC
ATC =TC/Q
AFC =FC/Q
AVC =VC/Q
ATC = AVC + AFC
Created by: mcc1028
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