If Your Cumulative Grade Point Average (GPA) After Two Years

question 170

Essay

If your cumulative Grade Point Average (GPA) after two years of college is 3.0, and your grades for the current semester average 3.5, what will happen to your cumulative GPA? Explain the similarity of this example to the case of marginal cost and average cost.

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Definitions:

Economic Profit

The variance between what a business earns in total and what it spends, counting both actual expenses and notional costs.

Efficient Output

The level of production where the maximum possible output is achieved with the given resources and technology, minimizing waste and cost.

Firm

A business organization, such as a corporation, partnership, or sole proprietorship, that sells goods or services in exchange for money.

Firm's ATC

The total average cost for a firm, including both fixed and variable costs, per unit of output.