$$\text { 143. Explain expectancy theory. Use the concepts and principles from this theory to illustrate how you personally chose }$$

question 80

Essay

$$\text { 143. Explain expectancy theory. Use the concepts and principles from this theory to illustrate how you personally chose }$$ to work harder (or less hard) in a particular course because of your perceptions regarding the probable results (i.e., degree of payoff) of your level of effort in that course at that point in your life.

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Definitions:

Total Variable Cost

The sum of expenses that change in proportion to the activity or volume of production.

Average Variable Cost

The total variable costs divided by the quantity of output produced; it fluctuates with changes in output.

Marginal Cost

The increase or decrease in the total cost that arises from producing one additional unit of a good or service.

Average Variable Cost

The per-unit variable cost, found by dividing the total variable expenses by the amount of output generated.