Review guide for exam on 3/8/16
Review guide for exam on 3/8/16 ECO 106
Popular in Principles of Economics: Microeconomics
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This 1 page Study Guide was uploaded by Lori Notetaker on Sunday March 6, 2016. The Study Guide belongs to ECO 106 at Pace University taught by Mark Weinstock in Spring 2016. Since its upload, it has received 42 views. For similar materials see Principles of Economics: Microeconomics in Economcs at Pace University.
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Date Created: 03/06/16
Review for exam 3/6/16 Chapter one: • four elements in the economics • break down a business into 5 resource categories. human capital, entrepreneurship,etc.) • difference between positive and normative analysis • you should know what an economic model is.(simplification of reality to make things better) • thinking on the margin.marginal cost = marginal benefit is best because it increases net benefit. problems to do in this section: all Chapter two: •if something quadruples it increases by 300% t' • need to worry about real, nominal principle • have to know everything ppc how to measure opportunity cost from PPC. • voluntary exchange • p.36cargo ship ex , look @ seatbelt marginal question.p.36 *HE WILL MOST LIKELY PUT THIS ON TEST* • principle of diminishing returns p.40 • no section 2.5 • pg. 44, 1.10. FOCUS ON THIS! • fixed cost doesn't effect marginal benefit/cost problems to do in this section: all Chapter three: • governments role in economy to make sure people follow rule of law. • skim & read 59 chapter 3 problems to spend time on:1.1,1.4,1.9,1.11,3.1,3.2,3.3,3.4,3.6 Chapter four: • know all factors that effect supply and demand. problem set for ch4.: 3.1 3.2 3.3 3.4 3.5 3.6 3.7 4.4 4.5 4.8 4.9 5.10 5.13 5.14 nothing in 6 is not on exam.
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