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Econ 360 Midterm Study Guide

by: Austin Curry

Econ 360 Midterm Study Guide ECON360

Marketplace > University of Oregon > Economcs > ECON360 > Econ 360 Midterm Study Guide
Austin Curry
GPA 3.2
Econ 360
Jon Thompson

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Econ 360
Jon Thompson
Study Guide
50 ?




Popular in Econ 360

Popular in Economcs

This 2 page Study Guide was uploaded by Austin Curry on Friday April 3, 2015. The Study Guide belongs to ECON360 at University of Oregon taught by Jon Thompson in Fall. Since its upload, it has received 180 views. For similar materials see Econ 360 in Economcs at University of Oregon.


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Date Created: 04/03/15
EC 201 Final Exam Review Outline I Introduction Fundamental Economic Problem II Production Possibilities A Output feasibility attainability efficiency B Opportunity Cost III Markets A Demand the demand schedule Demand Curve quantity demanded determinants of consumer demand B Supply the supply schedule Supply Curve quantity supplied determinants of producer supply C Market Equilibrium Quantity Demanded Quantity Supplied Shortages and how markets resolve them Surpluses and how markets resolve them Changes in demand supply and adjustments to equilibrium Applications Regulation and market outcomes Price oors ceilings etc IV Total Welfare and Surpluses A Consumer Benefits of consumption B Consumer Surplus in the market place C Producer benefits of sales D Producer Surplus E The Efficiency of Competitive Markets and Dead Weight Loss V Government Regulation and Competitive Markets A Price Ceilings B Price Floors C Taxes VI Elasticity A Price Elasticity of demand B CrossPrice Elasticity of demand Substitutes and Complements C Income Elasticity of demand Normal and Inferior goods D Elasticity of Supply You should know how to calculate all of these and know their determinants E Tax Burden and Elasticity producer burden also F Calculating Pass through G Changes in Government Tax Revenue and elasticity H Dead Weight Loss from Taxes and Elasticity VII The Organization of Production A Economic vs Accounting profit Costs implicit explicit average variable marginal fixed B Firm Ownership and Organization C Industrial Organization Perfect Competition and Monopoly D Production Function Scale Economies E Longrun vs ShortRun VIII Firm Behavior in a Perfectlv Competitive Market A The market and firm revenue B ShortRun Production Decisions MRMC if PgtAVC C ShortRun equilibrium D Long Run Production Decisions MRMC E Long Run Equilibrium IX Imperfect Competition A Barriers to Entry B Monopoly Demand and Marginal Revenue Production and Pricing Surplus and Dead Weight Loss Monopoly profit X Price Discrimination A 1st Degree B 2nd Degree C 3rd Degree D Twopart Tariff E Surplus and welfare under discrimination XII Externalities and Public Goods A Production and Consumption B Social Surplus and Dead Weight Loss Externalities with externalities


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