2023 wgu c718 - Study guides, Class notes & Summaries

WGU C718 Exam Questions With 100% Correct Answers 2023

WGU C718 – Microeconomics Exam Questions With 100% Correct Answers 2023

WGU C718 Cost of Production Module 8 Micro Questions And Answers 2023

2023 WGU C718 vocabulary CORRECTLY ANSWERED GRADED A

Economics - ANSWER the study of how people, individually and through institutions, make decisions about producing and consuming goods and services, and how they face the problem of scarcity. Focuses on opportunity costs, the assumption of maximization in terms of ones own self interest, and the analysis of choices at the margin. Uses models to test theories. Scarcity Resources - ANSWER The inability to satisfy everyone's wants - due to limited _______________. economics seeks to solve the p...

WGU- C718 Microeconomics Exam With 100% Correct Answers 2023 Marginal thinking what's next/ additional action Normal good (regular) a good that consumers demand more of when their incomes increase. Ex: "I'm still going to buy gas b/c I need it" Inferior good (luxury) a good that consumers demand less of when their incomes increase ex: I'm not going to buy as much ramen when I'm ballin' Price elasticity of demand a measure of the sensitivity of demand to changes...

Economic Profit forumula - ANSWER Total Revenue - Implicit Costs - Explicit Costs Accounting Profit - ANSWER Total Revenue - Explicit Costs Explicit costs - ANSWER Out of pocket costs, payments made to the factors of production implicit costs - ANSWER Cost included in the economic concept of opportunity cost but that is not an explicit cost How does accounting profit differ from economic profit? - ANSWER Accounting profit is TR-Explicit costs, Economic profit is TR - Implicit Costs -...

price elasticity of demand - ANSWER Measures responsiveness of consumers to a change in price. % change QD/%change in price Unit Elastic - ANSWER Quantity Demanded changes by same percent as price changes. Ed=1 %ΔP=%ΔQ Inelastic Demand - ANSWER Quantity demanded does not respond strongly to price changes Ed<1 Few substitutes, necessity, small portion of income %ΔP>%ΔQ Elastic Demand - ANSWER Quantity Demanded responds strongly to changes in price Ed>1 Lots of subs...

WGU C718 vocabulary CORRECTLY ANSWERED GRADED A 2023 absolute advantage - CORRRECT ANSWER when a country (or person) can produce more of a good than another country (In this picture England has absolute advantage in both goods) accounting profit - CORRRECT ANSWER profit computed using only explicit costs (Acct Profit = Total Revenue - Explicit Costs) marginal external costs - CORRRECT ANSWER additional costs incurred by third parties outside the production process when a unit of ou...

Microeconomics - C718 WGU 2023 Correct Questions & Answers Already Graded A+ Economics - Answer the study of how people, individually and through institutions, make decisions about producing and consuming goods and services, and how they face the problem of scarcity. Focuses on opportunity costs, the assumption of maximization in terms of ones own self interest, and the analysis of choices at the margin. Uses models to test theories. Scarcity Resources - Answer The inability to satisfy e...