ECN2802

Summer 2009

Dr. Dao

Price Elasticity of Demand

Total revenue and elasticity of demand

Determinants of Price elasticity of demand

Price Elasticity of Supply

Determinants of Price elasticity of Supply

Income Elasticity of Demand

Cross-Price Elasticity of Demand

Diminishing Marginal Utility

Total Utility vs. Marginal Utility

Consumer Equilibrium

Utility Maximization Condition

Consumer Surplus

Money Price and Time Price

Explicit vs. Implicit Costs

Accounting vs. Economic Profit

Total vs. Marginal Product

Diminishing Marginal Returns

Marginal Cost and Marginal Product

Variable vs. Fixed Cost

Marginal Cost

Average Variable Cost

Average Total Cost

Marginal and Average Cost