Principles of Micro Economics: Bundle Notes
Principles of Micro Economics: Bundle Notes Econ 103
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This 2 page Bundle was uploaded by Dasmine Ferrer on Tuesday May 3, 2016. The Bundle belongs to Econ 103 at Pace University taught by Anna Shostya in Winter 2016. Since its upload, it has received 42 views. For similar materials see Principles of Economics: Microeconomics in Economcs at Pace University.
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Date Created: 05/03/16
Principles of MicroEconomics Study Guide Exam Date: 5/4/16 What to Know From Notes #1 Definitions: Demand o The Law of Demand Quantity Demand o Market Demand o Normal Goods vs. Inferior Goods o Shifts in Demand Supply o The Law of Supply o Quantity Supply o Shifts in Supply What to Know From Notes #2 Elasticity’s (Definitions and Graph models) 1. Relatively Elastic 2. Relatively Inelastic 3. Perfectly Inelastic 4. Perfectly Elastic 5. Unitary Elastic Two Ways to Calculate Ep: o Point Elasticity of Demand Formula o Arc Elasticity o Demand Formula Income Elasticity of Demand Formula The Cross Elasticity of Demand Formula What to Know From Notes #3 Invisible Hand in supply and Demand The Demand Curve and Consumer Surplus (Definitions and graph) The Supply Curve and Producer Surplus (definitions and Graph) Definitions: o Willingness to Accept o Total Surplus o Dead Weight Loss o Gross Price o Net Price o Marginal Utility o Law of Diminishing Utility What to Know From Notes #4 Short Run vs. Long Run Equations for: o Total Cost (SR and LR) o Marginal Revenue Product Labor o Marginal Production Labor o Marginal Cost o Average Total Cost Fixed Costs Vs. Variable Costs What to Know From Notes #5 4 Types of Markets: Perfect Competition, Monopolistic Competition, Oligopoly, and Pure Competition Definitions: o Barrier to Entry o Natural Monopoly Perfectly Competitive Market Vs. Perfectly Competitive Firm What to Know From Notes #5 Definitions: o Opaque Countries o Derived Demand o Economic Rent o Monopsony Shut Down Vs. Exit Law of Diminishing Marginal Revenue Wage Determinants
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