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Econ 201

by: Logan Stewart

Econ 201 Econ 202

Logan Stewart
GPA 4.2
Introduction to Microeconomics
Urbancic M

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Midterm 2 Study Guide
Introduction to Microeconomics
Urbancic M
Study Guide
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This 3 page Study Guide was uploaded by Logan Stewart on Wednesday September 23, 2015. The Study Guide belongs to Econ 202 at University of Oregon taught by Urbancic M in Spring 2015. Since its upload, it has received 17 views.


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Date Created: 09/23/15
EC 201 Introduction to Microeconomics Midterm ll Studv Sheet Exam rules See syllabus Closed booknotes no electronic devices individual work brims turned hoods down and sunglasses up Cumulative Review Midterm I Study Sheet all material builds up on the previous topics Identify your weaknesses and close these gaps Topic 1 Introduction and Basic Concepts Chapter 1 2 9 Topic 2 Supply and Demand Chapter 3 Topic 3 Consumer Surplus and Producer Surplus Chapter 4 Government Controls Chapter 5 Know both types of price control and reasons why a government may be inclined to implement them gtIlt Know the de nitions of price oor and price ceiling and when each policy is binding EC 201 Introduction to Microeconomics Spring 20122 Know the inef ciencies caused by each type of price control deadweight losses Know who gains and who loses from each type of price control changes in consumer surplus and producer surplus Know what a blackmarket is and examples of such a market Know how a quantity control quota affects the market Know the inef ciencies that result from a quantity control deadweight loss What is a quotquota rentquot and how does it relate to the quotquota wedge Know who gains and who loses from a quantity control changes in consumer surplus and producer surplus Know how a quantity control may affect other market outcomes substitutes complements Elasticities Chapter 6 Know the formula for the price elasticity of demand and how to calculate the price elasticity of demand opd Know how to interpret the price elasticity of demand Know how the slope of the demand curve and the price elasticity of demand are related Know that the price elasticity of demand varies along a given demand curve Know the price effect and quantity effect and why they both matter revenues Know the factors determining the price elasticity of demand Know the formula for how to calculate and how to interpret the crossprice elasticity of demand oab Know the formula for how to calculate and how to interpret the income elasticity of demand oyd Know the formula for how to calculate and how to interpret the price elasticity of supply 995 Know the factors determining the price elasticity of supply M Chapter 7 Be able to distinguish between the economic incidence of taxation or brief incidence of taxation and the statutory incidence who the tax is levied upon Be familiar with the quottax wedgequot know how to apply it and why this quotshortcut works Know how to determine the welfare effects of a tax individual costs and social costs That is how to calculate the changes in consumer surplus CS producer surplus PS and total surplus TS as well as the deadweight loss DWL Be able to identify and calculate tax revenues Know how the elasticities of demand and supply relate to the tax burden for consumers and producers Know how the elasticities of demand and supply relate to the deadweight loss Know the additional inefficiencies that arise from taxation Know the two principles of tax fairness Know the two basic elements of a tax system tax base tax rate Know how to determine if a tax system is proportional progressive or regressive Know the difference between the marginal tax rate and average tax rate Know how taxes relate and differ to price and quantity controls


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