ECON202 Study Guide for Exam 2
ECON202 Study Guide for Exam 2 Econ202
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This 3 page Study Guide was uploaded by Sydney Dingman on Sunday March 6, 2016. The Study Guide belongs to Econ202 at Colorado State University taught by Professor Christopher Blake in Winter 2016. Since its upload, it has received 51 views. For similar materials see Principles of Microeconomics in Economcs at Colorado State University.
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Date Created: 03/06/16
ECON202 Exam 2 Study Guide Last test, I studied by just writing or talking about everything I knew pertaining to each of the topics listed below. I would definitely suggest knowing formulas for this test and know the differences between two similar things. Good Luck 1. Module 8: Income Effects, Substitution Effects, and Elasticities a. Law of Demand b. Elasticity i. Equation ii. Midpoint Method 2. Module 9: Interpreting Price Elasticity of Demand a. Elastic Goods and Services b. Unit-Elastic Goods and Services c. Inelastic Goods and Services d. Total Revenue i. Definition ii. Price and Quantity Effects e. Price Elasticity Along Demand Curve f. Factors That determine the Price Elasticity of Demand 3. Module 10: Other Elasticities a. Cross Price Elasticity of Demand i. Substitutes ii. Complements b. Income Elasticity of Demand i. Normal Goods and Services ii. Inferior Goods and Services c. Price Elasticity of Supply i. Determinants of the Price Elasticity of Supply 4. Module 13: Price Controls a. Why Control Prices? b. Price Ceilings c. Price Ceilings and Inefficiency d. Price Floors e. Price Floors and Inefficiency 5. Module 14: Quantity Controls a. Quotas b. Demand Price c. Supply Price d. Quota Rent e. The Costs of Quantity Controls 6. Module 15: Taxes a. Taxing on Inelastic Goods and Services b. Tax Incidence 7. Module 18: Making Decisions a. Accounting Profit b. Explicit Cost c. Implicit Cost d. Economic Profit e. Types of Decisions i. Either-Or ii. Marginal f. Marginal Decisions 2 i. Marginal Benefit/Cost ii. Optimal Quantity g. Sunk Costs 8. Module 20: Maximizing Utility a. Utility i. Total Utility vs Marginal Utility b. Consumption Bundle c. Utility Function Principle of Diminishing Marginal Utility d. Budgets and Optimal Consumption i. Budget Constraint ii. Affordable Consumption Bundle iii. Optimal Consumption Bundle e. Spending the Marginal Dollar i. Optimal Consumption Rule ii. Marginal Utility Per Dollar 3
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