Reading Assignment for Exam #5

Read Chapter 7 - Costs of Production and Economic Profits (and Losses)

Focus on the following terms in your reading:

Fixed Costs
Variable Costs
Total Costs
Sunk Costs
Normal Profits
Economic Profits
Economic Losses
Accounting Profits
Accounting Losses
Marginal Cost
The Marginal-Average Rule
Profit Maximization Outputs and Prices
Loss Minimization Outputs and Prices
Shut-Down Point
Pure Competition
Pure Monopoly
Fair Rate of Return
Social Optimal Pricing
Regulators' Dilemma
Price Taker
Price Maker

Helpful links for Accounting and Economic Profits:

Accounting and Economic Costs - Washburn University - http://www.washburn.edu/sobu/dnizovtsev/200P05ans2.html Links to an external site.

Accounting and Economic Profits - Cal. State Northridge http://www.csun.edu/sites/default/files/micro1.pdf Links to an external site.

East Tennessee State University - Explicit and Implicit Cost Problems - http://faculty.etsu.edu/hipples/EXIMCOST.htm Links to an external site. Links to an external site.

Helpful Links for Costs of Production:

University of Hawaii - http://windward.hawaii.edu/facstaff/briggs-p/microeconomics/Chap_13practest.pdf Links to an external site.

Oregon State University - http://people.oregonstate.edu/~tremblav/Econ-201-Test-2-Review.pdf Links to an external site.

Sonoma State University - Prof. Cuellar - http://www.sonoma.edu/users/c/cuellar/econ305/305hw6key.pdf Links to an external site.

University of South Carolina School of Public Health - Hospital Costs and Patient Care -http://hspm.sph.sc.edu/courses/econ/Cost/Cost.html  Links to an external site.

Manufacturing Jobs Returning to the US - http://www.marketwatch.com/story/us-flips-the-script-on-jobs-reshoring-finally-outpaced-offshoring- Links to an external site. Links to an external site.in-2014-2015-05-01?dist=afterbell Links to an external site.

Wal-Mart and Solar Energy - http://www.bloomberg.com/news/2014-05-09/here-s-why-obama-picked-wal-mart-for-today-s-clean-energy-hullabaloo.html Links to an external site.

University of Hawaii - http://windward.hawaii.edu/facstaff/briggs-p/microeconomics/Chap_13practest.pdf Links to an external site.

Oregon State University - http://people.oregonstate.edu/~tremblav/Econ-201-Test-2-Review.pdf Links to an external site.

MIT - costs of production - http://ocw.mit.edu/courses/urban-studies-and-planning/11-203-microeconomics-fall-2010/exams/MIT11_203F10_examprep.pdf Links to an external site.

Li and Fung Group - contract manufacturers for corporations- http://www.lifunggroup.com/eng/global/home.php

Foxconn Group - http://www.bloomberg.com/video/a-rare-look-inside-foxconn-s-latest-facility-x8lr4zHGRd6fdGOhCTVmWQ.html Links to an external site.

Sonoma State University - Prof. Cuellar - http://www.sonoma.edu/users/c/cuellar/econ305/305hw6key.pdf Links to an external site.

Practice Tests:

Occidental College - http://occonline.occ.cccd.edu/online/rkeep/Pre-Test%20Chapter%2021%20ed17.pdf Links to an external site. Links to an external site.

Occidental College - multiple choice exam - http://occonline.occ.cccd.edu/online/rkeep/Pre-Test%20Chapter%2020%20ed17.pdf Links to an external site.