Eco 201 Study guides, Class notes & Summaries

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 tha...

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...

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