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Microeconomics Midterm Study Guide

by: Sarah Gordon

Microeconomics Midterm Study Guide Econ 201

Marketplace > Indiana University > Economics > Econ 201 > Microeconomics Midterm Study Guide
Sarah Gordon
GPA 4.0

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About this Document

Includes questions reviewing chapters 1, 2, 3, and 6.
Intro to Microeconomics
Hewei Shen
Study Guide
Microeconomics, Study Guide, Midterm 1
50 ?




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This 3 page Study Guide was uploaded by Sarah Gordon on Friday September 23, 2016. The Study Guide belongs to Econ 201 at Indiana University taught by Hewei Shen in Fall 2016. Since its upload, it has received 29 views. For similar materials see Intro to Microeconomics in Economics at Indiana University.


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Date Created: 09/23/16
Questions to know for Econ Exam #1 1 Do you know the basic definitions we study and how to apply them? 2 Can you calculate opportunity cost from a Production Possibilities Frontier (PPF), in a real word application such as the opportunity cost of a summer course, opportunity cost in terms of a defined set of alternatives? 3 Can you discuss the main questions that economics address? 4 Do you know what marginal cost and marginal benefit is and how to conduct marginal analysis? 5 Can you apply marginal analysis to economic questions? 6 Do you know what the PPF is? Do you know the PPF’s three main assumptions and how to use the PPF to gain insight to important questions? 7 Do you know what shifts the PPF? 8 Do you know what absolute advantage is? 9 Do you know what comparative advantage is? Can you calculate opportunity costs to compute this between two production entities’ such as two countries? 10 Do you recognize how comparative advantage leads to specialization and gains from trade? 11 Do you recognize that comparative advantage is not the only reason for trade and what type of trade patterns between two countries there would be that suggested trade is occurring for non-comparative advantage reasons such as consumer preference? Do you know what the trade patterns between two countries would need to be to suggest trade is occurring only for comparative advantage reasons? 12 Do you know what the purpose of the supply and demand model is? 13 Do you know the variable that coordinates economic decisions in the supply and demand model? Do you recognize that it is this variable that sends the signal and thus the incentive that moves the market to equilibrium and in a competitive market an efficient equilibrium? 14 Do you know want efficiency in production is? 15 Do you know what allocative efficiency is? 16 Do you know the difference between a movement on and a shift in the supply or demand curves? 17 Do you know what shifts the supply and demand curves? 18 Can you use the supply and demand model to find the direction of the market equilibrium quantity and price after a change in one or more shift factor of supply or demand? 19 Do you know what elasticity is and how to calculate it? 20 Do you know what price elasticity of demand is and how to calculate it? Midpoint formula? 21 Do you know the relationship between total revenue/total expenditures in a market and price movements on the market demand curve? 22 Do you know the determinants of price elasticity of demand?


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