hi i have microeconomics test at 5pm today and need a review sheet to help me go over these topics. if you could make one for me that would be great. 

• Consumers’ problem is to maximize utility subject to budget constraint. Being able to solvethe problem and find the optimal choices, including interior and cornor solutions (Sometimesyou get interior solution, other times cornor ones)

.• Firms’ problem is to maximize profits or minimize costs given producing some output level.Being able to solve for the optimal choices for a firm, including interior and cornor solutions.

• Understand and can compute the total, substitution and income effect of price change. CheckHW 7, Q.2.

• Understand the relationships between marginal cost curve, average cost curve, and averagevariable cost curve.• Understand the distinctions between short-run and long-run production functions and costfunctions.

• Understand and can plot the shor-run and long run supply curves of a firm.

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Status NEW Posted 05 Sep 2017 12:09 PM My Price 6.00

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