What is Microecon?
Consumer Behavior and Demand Analysis
Exchange and Supply
Welfare Economics
Supply and Demand
100
What is opportunity cost?
100
What is Diminishing Marginal Valuation?
100
Give two theorems concerning trade.
100
Define what it means to be Pareto Efficient.
100
Change in demand/supply vs. Change in quantity demanded/supplied. Define.
200
What is the difference between something being scarce and something being limited.
200
Explain relative vs. absolute price changes.
200
why is the supply curve upward sloping?
200
Define Law of one price, arbitrage.
200
Define income elasticity. Give formula.
300
Can propositions be good in theory and lousy in practice?
300
Define Total value, total expenditure, and consumer surplus. How do you find consumer surplus.
300
ch4. #6. how much is total amount of sellers rent and consumers surplus affected by the price at which price is transacted?
300
Define Private and Public goods.
300
Define cross price elasticity. Give formula.
400
Can a good be scarce for some people and not for others? Give examples.
400
Elastic vs. Inelastic
400
What is excess supply and demand?
400
Define externality.
400
Define normal good, inferior good, substitutes, complements, shortage, price ceiling, price floor.
500
People in the pacific NW consume more water than in the SW. Does this mean NWers like water more or are generally more thirsty than SWers?
500
the elasticity of the demand for coffee is estimated to be -.16. if the quantity demanded was 4 billion lbs per year when the price is $3.60 /lb how much coffee would be demanded for $2.40/lb?
500
Ch4. #3
500
Chapter 4 #8
500
sales tax/ subsidy problem.
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