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AGEC 217 Final Exam

by: Elizabeth Notetaker

AGEC 217 Final Exam AGEC 21700 - 002

Elizabeth Notetaker
GPA 3.86

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About this Document

These are the notes that he went over at the review session. If you know these key points and are able to think the problems through, you should be able to get a decent grade on the final exam. Rem...
Michael E Wetzstein
Study Guide
Economics, AGEC 217, Microeconomics
50 ?




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Popular in Agricultural & Resource Econ

This 4 page Study Guide was uploaded by Elizabeth Notetaker on Saturday April 30, 2016. The Study Guide belongs to AGEC 21700 - 002 at Purdue University taught by Michael E Wetzstein in Fall 2015. Since its upload, it has received 133 views. For similar materials see Economics in Agricultural & Resource Econ at Purdue University.

Similar to AGEC 21700 - 002 at Purdue

Popular in Agricultural & Resource Econ


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Date Created: 04/30/16
AGEC 217 Final Exam Study Guide  Look at final exam from last year  Read the e-text  You need to study for this exam!  Read the questions! Trick questions  Expect to draw 3 graphs Chapter 1  Definition of economics: normative etc.  Marginal cross  General equilibrium etc. Chapter 2  Household preferences  Indifference curve  MRS  Edgeworth box  When MRS is greater than the other MRS  Price signals are important Chapter 3  Production possibilities curve  Economies to scope  Economic growth Chapter 4  Market demand curve  Network externalities; positive or negative  Elasticity  Marginal revenue  Elasticity of demand  Perfect competition Chapter 5  Consumer surplus: Be able to calculate  Calculate consumer surplus and producer surplus  Go over the examples of consumer surplus  Need to use calculator to find the present value  Ceiling price  Black market ceiling price  Subsidy question on final exam Chapter 6  Trade: know the entire chapter!!!!! Chapter 7  Utility: measures happiness  Some easy questions on test  At least 1 answer is the big h with a circle around it Ch8  Intertemporal budget constraints: look it up  Real vs nominal interest rate  Rule of 72: look it up Ch9  Economic rent  Minimum wage  Monopsony power  Monopoly power  Labor unions Ch10  Aggregate demand curve: perfectly inelastic  Marginal propensity to consume: calculate it  Long-run macro equilibrium; self-correcting process- how it works; look at last year’s final exam  Monetary fiscal policy: very similar to last year’s exam  Monetary targeting and the Taylor rule: understand what they are Ch11  Open market operations  “T” accounts  How monetary fiscal policy works to restore order Ch12  Know fiscal policy: the different kinds  GDP multiplier  Stagflation: inflation and unemployment at the same time  The role of gov. know all seven of them: to promote economic growth, technological advancement etc.!!! Need to list them on the exam Ch13  Social welfare system


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