Womack Report

March 22, 2007

Microeconomics, March 22

Filed under: Economics,Notes,School — Phillip Womack @ 12:56 pm

Getting started quickly again today.Test next Tuesday

When the average output is maximized in the short term, average production is equal to marginal production. This will not be the point of maximum marginal production.

See graphs on paper.

Things on the second test:

  • Elasticity of demand
    • Define elasticity of demand
    • types of elasticity of demand
      • perfectly elastic
      • perfectly inelastic
      • unit elastic
      • elastic
      • inelastic
    • Calculation of elasticity of demand
      • proportionate method
      • percentage method
      • linear method
      • mid-point method
    • Price elasticity
    • income elasticity
    • cross-elasticity
  • Cost
    • Types of costs. Very long list. See previous notes.
  • Production function.
  • Law of diminishing returns
  • Total product
  • average product
  • marginal product
  • Curves of above three factors
  • Least Cost Combination
  • Optimization of fixed input factors
  • Specialization of variable input factors.

No Comments

No comments yet.

RSS feed for comments on this post.

Sorry, the comment form is closed at this time.

Powered by WordPress