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Intro to Microeconomics Final Study Guide OUTLINE

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by: Tina Tan

Intro to Microeconomics Final Study Guide OUTLINE Econ 003

Marketplace > University of California Riverside > Economcs > Econ 003 > Intro to Microeconomics Final Study Guide OUTLINE
Tina Tan

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For this particular class, since there are graphs to understand, I decided that I would create an outline, print it out and then fill out it by hand. This would still be excellent to have if you wa...
Intro to Microeconomics
Study Guide
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1 review
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"What an unbelievable resource! I probably needed course on how to decipher my own handwriting, but not anymore..."
Monte Ruecker

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This 9 page Study Guide was uploaded by Tina Tan on Saturday February 27, 2016. The Study Guide belongs to Econ 003 at University of California Riverside taught by Sarshar in Winter 2016. Since its upload, it has received 83 views. For similar materials see Intro to Microeconomics in Economcs at University of California Riverside.


Reviews for Intro to Microeconomics Final Study Guide OUTLINE

Star Star Star Star Star

What an unbelievable resource! I probably needed course on how to decipher my own handwriting, but not anymore...

-Monte Ruecker


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Date Created: 02/27/16
ECON FINAL STUDY GUIDE Midterms One and Two (40% of Exam) Chapter One  Opportunity costs:  Total costs: Chapter Two  Comparative advantage:  PPF Definition: o Trade-offs: o Scarcity: o Opportunity Cost:  Graph  Increasing Relative Cost:  Constant Relative Cost:  Innovation: Chapter Three  Surpluses and shortages and pressure on prices:  Demand Shifts  Supply Shifts Chapter Four  Elasticity Definition:  Graphs  Income:  Demand:  Cross-price:  Perfectly Elastic vs. Perfectly Inelastic: o Graph  Demand Curve Graph o Inelastic o Elastic  Formulas for Elasticity: o Demand o Income o Cross-price Chapter Five  Price Ceilings o Binding Price Ceiling o Nonbinding Price Ceiling o Effects  Price Floors o Binding Price Floors o Nonbinding Price Floors o Effects Chapter Six  Social Welfare Defintion: Chapter Eight  TFC  TVC  TC  AVC  AFC  ATC  MC  Graphs  Implicit Costs  Explicit Costs  Accounting Profit  Economic Profit Chapter Nine  Shutdown vs Operate Decision Criteria  Short Run vs. Long Run Equilibrium Graphs  Profit and Loss  Graph  Four Characteristics of a Perfectly Competitive Markets Chapter Ten  Profit Maximization for a Monopolist  Four Characteristics of Monopolies Chapter Eleven  Welfare Effects of Perfect Price Discrimination o Who gets all the surplus? New Material (60% of Exam) Chapter Seven  Internal Cost/Benefit  External Cost/Benefit  Social Cost/Benefit  Positive Externalities o Graph o Solutions  Negative Externalities o Graph o Solutions  Tragedy of the commons  Public Goods o Why not private supply of public goods?  Property Rights  Coase Theorem o Cause of Positive Externalities o Cause of Negative Externalities  Social Optimum vs. Market Equilibrium o Which is preferred and why?  Strategies the government can use to restore social optimum o Positive Externality o Negative Externality Chapter Fourteen  Labor Supply Curve o Graphs o Income effect dominating substitution effect o Substitution effect dominating income effect o Fixed quantity of labor willing to work per week no matter the wage o Income versus substitution effect  Equilibrium wage  How many workers does the firm hire? (table)  Labor Supply o Income effect vs. substitution effect definition Chapter Sixteen  Diminishing Marginal Utility  Properties of Indifference Curves  Marginal Rate of Substitution  Utility Maximization o Using the Graph o Using the Table  Consumer Optimum  Finding the combination of goods that maximizes utility both graphically and in table form  Income effect vs. Substitution Effect Problem o Income and Substitution effects definitions o Problem


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