ECO101H1 Study Guide - Quiz Guide: Sunk Costs, Foodborne Illness, Marginal Cost

• School: UTSG
• Department: Economics
• Course: ECO101H1
• Professor: All

Document Summary

The topic overview is meant to give an idea of the ideas and problem types that prof. gazzale. Not all of these ideas and problem types will be tested, and it is pretty close to certain that there will be items on a midterm that were not listed on a topic. Overview: scarcity implies the economist"s de nition of cost (i. e. , opportunity cost). 2 can you define it: opportunity cost (a) explicit cost (b) implicit cost, marginal cost and bene t, sunk cost.