ECON 1101 Midterm: Midterm review homework
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The use of economic models, like the cost-benefit principle, means economists believe that. A model is like a map which enables you to get to a destination. You had to pay (non-refundable) for your meal plan for fall semester which gives you up to 150 meals. If you eat only 100 meals, your marginal cost for the 100th meal is _____ and your average cost for the 100 meals is _____. Feedback: sh; , ; sh, ; , sh; , ; sh. The economic surplus of a particular action is. Feedback: the value of the action, the cost of the action, the difference between the benefit and the cost of the action, the average of the benefits and costs, the ratio of the benefits to the costs. Feedback: sunk costs, marginal costs, average costs, total costs, fixed costs. Feedback: wants are limited, resources are limited, wants are unlimited, resources are unlimited, none of the above.
