Eco 201 Study guides, Class notes & Summaries

Willingness to Pay (WTP) Answer the maximum amount that a buyer will pay for a good total willingness to pay (TWTP) Answer the maximum amount of money that buyers in a market are willing and able to give up the index change for Q units of the good Marginal Willingness to Pay (MWTP) Answer the maximum amount of money buyers in the market are willing and able to give up in exchange for a small additional amount of the good Inverse Demand Answer the demand function rearranged such that P i...

accounting total cost Answer explicit costs only economic total cost Answer accounting total cost + implicit costs economic total cost is opportunity cost accounting profit = Answer total revenue - accounting total costs economic profit = Answer total revenue - economic total costs when economic profit = 0 Answer normal economic profit; means that the firm is doing as well as it could in it's next best alternative economic profit > 0 Answer firm's owner is doing better than ...

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ECO 201 Miami University Exam 3 Questions with Verified Answers (GRADED A)

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Eco 201 Module 3 Complete Answers_well updated

If the price of the good increases and the number of unit people want to buy decreases we call this a change in quantity demanded. Answer True The National Weather Service announces in August that they forecast a very good winter. Demand for heavy winter coats increases due to Answer changes in expectations The Law of Demand implies that as price falls demand increases. Answer False If the price of A goes up as a person's income goes down the good is: Inferior Substitute Normal Com...