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Nate Grimard
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Decks in this class (14)
6.1 Marginal Utility and Consumer Choice
What is utility,
What is total utility,
What is marginal utility
9
cards
6.2 Income and Substitution Effects of Price Changes
What is real income,
What is the substitution effect,
The substitution effect on quanti...
7
cards
6.3 Consumer Surplus
What is a conspicuous consumption...,
Do,
What is consumer surplus
4
cards
7.1 What Are Firms?
6 types of firms,
Name for firms that have operatio...,
What is financial capital
8
cards
7.2 Production, Costs, and Profits
Name the 4 types of inputs for firms,
Define what is a production function,
What are accounting profits
7
cards
7.3 Production in the Short Run
What is total product tp,
What is average product ap,
What is marginal product mp
4
cards
7.4 Costs in the Short Run: Defining Short-Run Costs
Formula for total cost,
Formula for average total cost,
Define marginal cost mc
10
cards
8.1 The Long Run: No Fixed Factors
When does technical efficiency occur,
What options do firms need to cho...,
What is cost minimization
10
cards
8.2 The Very Long Run: Changes in Technology
What is technological change,
Define productivity,
Name the 3 aspects of technologic...
3
cards
9.1 Market Structure and Firm Behaviour
Define market power,
Define market structure,
Define a competitive market
4
cards
9.2 The Theory of Perfect Competition
What are the assumptions of perfe...,
Why is demand curve for a perfect...,
Why are small firms price takers
7
cards
9.3 Short-Run Decisions
Should the firm produce at all,
What is the shut down price,
How much should the firm produce
5
cards
9.4 Long-Run Decisions
Define entry and exit for competi...,
Explain the effect of new entrant...,
What is the long run equilibrium
5
cards
10.1 A Single-Price Monopolist
What is the difference in the dem...,
What is average revenue for a mon...,
What is the difference in the mar...
3
cards
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ECON 201 CH6-10
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