Final Exam Study Guide
Popular in Economics
Popular in Economic Sciences
This 2 page Study Guide was uploaded by Alex Payton on Thursday May 7, 2015. The Study Guide belongs to 101 at a university taught by Spangler in Fall. Since its upload, it has received 227 views.
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If you want to pass this class, use these notes. Period. I for sure will!
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Date Created: 05/07/15
Microeconomics Final Exam Study Guide Microeconomics deals With individual decision makers in the economy The price elasticity of demand measures the responsiveness of the change in the quan Demanded to change in price Along a given demand curve a decrease in the price of a good Will increase consumer surplus Good X and good Y are related goods Holding everything else constant if the price of X decreases and the demand for Y increases then this most likely means that X and Y are complements The importance of an economic model is that it allows us to focus on the effects of only one change at a time Which of the following is a key factor in the effectiveness of wellfunctioning markets Your right to use and dispose of your private property as you see fit If the quantity supplied responds substantially to a relatively small change in price supply is price elastic
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