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UA / Economics / ECON 200 / Which factors are held constant when using the ceteris paribus assumpt

Which factors are held constant when using the ceteris paribus assumpt

Which factors are held constant when using the ceteris paribus assumpt

Description

School: University of Arizona
Department: Economics
Course: ECON 200
Professor: Dirk mateer
Term: Spring 2015
Tags:
Cost: 50
Name: ECON 200 Exam 1 Study Guide
Description: Written out problems from online study guide from D2L along with an outline and key points from each chapter
Uploaded: 02/10/2016
7 Pages 48 Views 2 Unlocks
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Which factors are held constant when using the ceteris paribus assumption?



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ECON Study Guide; exam !

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* 5 foundations

• incentives & trade offs

• Opportunity costs

• Marginal thinking

• trade * Scarcity

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How do you find the unitary method?



FIVE STAR.

Ch 2.

* positive vs normative analysis * ceteris Paribus A endogenous vs exogenous factors * Opportunity cost and subjective value * Production possibility frontier curve * consumer vs capital goods * comparitive advantage in trade If you want to learn more check out What is the symbolism of the hammer and sickle?
Don't forget about the age old question of Is nominal data mutually exclusive?

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What are the three determinants of demand elasticity?



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* law of demand vs law of supply y shortage vs surplus * normal vs interior good * trade = double coincidence of wants

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* Elasticity of demand A calculating elasticity

midpoint form: Ep - AQ / AP

EP 01 +Q2 / Pitle * elasticity coefficient * 3 variables of elasticity of demand exsistence of substitutes, share of broget, time adjust Don't forget about the age old question of Define plasticity.

time adjustment immediate, long, short wn * unitary value=-| not inelastic or elastic

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Ch 51

Depreleedsen * Price ceilings us Price floors * Price googing * ticket scalpers and market price * minimum wage y surplus of workers - Unemployment

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O plane ticket to vegas for $240 for 4 bus ticket for $120 for 16 hours

What hawly vare indifference?

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4 hrs

$120 If you want to learn more check out What are the techniques of emotion work?

ilohrs 240 +4h = 120 +16h t set equal to each other

120= 12h . 10 = ñ $10 per hr

opportunity cost 7 128-85 - 135 peppers to get 80 tomatoes 3 NOG possible bic its outside the PPF A Bert shovid add and Emnie shavid subtract

- You could add up total columns

to see which one is better

at each category 1) Price increase them from $5 to $6 If you want to learn more check out What is the smallest stimulus that you can detect?

sandwich decrease from 200 to Iso calcuiate veveime and determine if demand

- is elastic or inelastic TR : 51200) = 1000 2 o.p.a demand drops by 100 TR: 61150) = 900 & 1

making it lelastic (ble it went down)

☺ demand function Qu= 20017

Supply function Qs = -

20+4P determine equallbrium price a quantity

Qd =Qs 200-7p =-20+4p

220 = LP

20 -2] 2 200-140=60=q 16 -20 780 - 60-9

o draw new PPF for an easier way to

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gelato 8 things to increase supply curve

- techology, move suppliers, input costs lower (9 price increase $2 to 44 bought 2lbs to libs

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show an increase in the price

domucenec merece an increase in price

decreases the quantity -Q demanded if there are more people buying.

there will be a shift in demand

( NO poverty = not enough to satisfy needs

2 economist try to understand HUMAN ACTION 13 normative statement - opinion

37 tay swifts best song is a (14) comparative advantage - * are cant do everything

O-setting the table (15) opportunity cost = the difference 5-3 = 82 ®

all of the above < how to wquire a good time, money, ene in expanding the PPF 7 beter technology ©

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3 supply increases

og marginal thin linea costa benefit of one

y more unit of somethin a equlibrium both are į but

the price is 5 so 6 (21) PPF is a model.

a assuming resources remain fixed

what influences elastic or inclastic demand

Share of the budget © expected to fall

demand will decrease © (24) complementam goods. What will shift grapn left

demand decreasing ® ret Price 1, demand vecieve a subsidy, how will quanta manet price change?

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2. exogeneous factor income © 27) will small increase in tax ver

in the long run

short non a large increase

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38 Opportunity cost because its

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price increase y changes quant demanded

demand line

quant demands point on the line ) as price ļ the demand doesnt decrease by much

- relatively inelastic 6 30 opportunity costs what is given up to gain something B

bartening 7 double coincidence © 33 if income increases, equalibnim prices, quant v © 30 most elastic - most sensitive to price Change

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(35 elasticity of demand measure responsiveness of

® quant demanded to a price change (36) rent control 7 price ceiling @ limite uwa ghian (37) raise price to reduce illegal drug use @ the (38) Price floor leads to surplus Qo< Qs 2

a) coefficient of -3.4 is depas had because al ☺ do not buying or selling, B No more scarcity ble

no shortage of anything

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