Micro Learning Objectives for questions over Exam 1

 

PCM

 ECON 2302 MICROECONOMICS   

Chapter 23

Below you will find the learning objective, concept, idea, term, or theory that each question on the exam will cover. Each number in the following list refers to the question number on Exam 3 that will test your knowledge of that specific learning objective. Each of these topics/learning objectives is discussed in the textbook in the order that they are listed below. A much better understanding can often be attained by working through MyEconLab assignments connected to any of these objectives.

 

  After reading this chapter, you should be able to:

  1. Distinguish between the short-run and the long-run
  2. Understand what is meant by a production function and be able construct a table illustrating this concept.
  3. Define what is meant by diminishing marginal product and illustrate the concept in a table.
  4. Differentiate between variable and fixed costs in the short run.
  5. Define what is meant by marginal cost, explain how it is related to diminishing marginal product and the other cost curves, and sketch a graph of it in relationship to the other cost curves.
  6. Describe the relationship between Total Cost, Average Fixed Cost, Average Variable Cost, Average Total Cost, and Marginal Cost.
  7. Identify and graph AFC, AVC, ATC, and MC curves. 
  8. Explain how the long-run cost curve is related to short-run average cost curves.
  9. Define what is meant by economies of scale/diseconomies of scale and sketch a graph that illustrates these concepts.
  10. Discuss Minimum Efficient Scale.