Econ 212 final - Study guides, Class notes & Summaries

TRS correct answers-w1/w2 Cost Function correct answersC(w1,w2,y) = w1x1 + w2x2 Output (y) correct answersSub in x1 and x2 into Production Function Isoprofit Slope correct answersw1/p Isoprofit Y-int correct answersy = π/p + w1/p (x1) + w2/p (x2) Profit Function correct answersπ = Py - w1x1 - w2x2 Gov Instituted Tax correct answersCosts Increase Gov Instituted Subsidy correct answersCosts Decrease Isoprofit Line correct answersProduction Function = f(x1,x2) = s.t. one o...

3 types of unemployment correct answers --cyclical --frictional --structural cyclical unemployment correct answers the increase in unemployment that occurs during recessions and depressions frictional unemployment correct answers unemployment due to normal turnover in the labor market; used to denote short-run job/skill-matching problems structural unemployment correct answers unemployment due to changes in the structure of the economy that result in a significant loss of jobs in cert...

Economy of Communion correct answers breaking down divide between people on which economic exchanges are based Eucharist correct answers consumption means assimilation to a public body (christ), doesn't consume goods for private use Benevolence correct answers free suspension of self-interested exchange, can't be encouraged publicly Radical Individualism correct answers pursuit of self-interest at the expense of surrounding needs of others (libertarianism) Market Power correct answ...