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Econ 430 WSU EXAM 1 Study Guide Solutions

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Econ 430 WSU EXAM 1 Study Guide Solutions

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©EMILLECT 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED

FIRST PUBLISH OCTOBER 2024




Econ 430 WSU EXAM 1 Study Guide

Solutions


Economic Efficiency - ANSWER✔✔Outcome (quantity) that achieves the greatest net benefit


Net Benefit - ANSWER✔✔Total Benefit-Total Cost


Total Cost - ANSWER✔✔Cost of obtaining the quantity


Marginal Analysis - ANSWER✔✔Compare the costs and benefits of doing a little bit more v.s. a little bit

less


Marginal Cost - ANSWER✔✔Cost of one additional unit


Economically Efficient Outcome (Qefficient) - ANSWER✔✔Marginal Benefits=Marginal Cost


How do we measure cost? - ANSWER✔✔


What is Value? - ANSWER✔✔Value=Benefit


How do we characterize the value of resources? - ANSWER✔✔Use Value & Non-Use Value


Use Value - ANSWER✔✔Attributes somehow get used. Extractive and non-extractive

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