Principles Of Microeconomics
Principles Of Microeconomics ECON 2010
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This 2 page Study Guide was uploaded by Jada Mayer on Wednesday September 30, 2015. The Study Guide belongs to ECON 2010 at Western Michigan University taught by Sisay Asefa in Fall. Since its upload, it has received 8 views. For similar materials see /class/216935/econ-2010-western-michigan-university in Economcs at Western Michigan University.
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Date Created: 09/30/15
ECON 201 Study Guide for the Final Fall 2008 1 Final Date amp Time Thursday December 11 1015 1215 PM 2 Compr hensive amp Multiple Choice About 100 MC Questions 3 So me tips for Preparing for the Final Go over the past 4 tests and cross check with the answers posted on the website Go over Power Point Lectures for the chapters covered in the Mankiew Text ie from chapters 1 to 15 Note Chapter 16 was covered during the last class meeting but there are no speci c questions on it Does the online study guide MC questions without referring to answers for each chapter Reconcile your answer with the answers given on line ie If your answer is wrong make sure you understand the correct answer If you have questions send it to your professor by e mail or stop by his of ce hours or send me e mail Please note the following Make up rule for the Final Make up is strongly discouraged Final course grades will be mailed to students by WMU iel Grades will not be posted 4 After you complete the above tasks make sure you understand the following concepts including their applications The economic idea that there is no free lunch Ways governments may enforce property rights The idea of economic model and assumption Positive and normative statements The ideas of comparative and absolute advantage Figuring out absolute and comparative advantage from a table or a graph The concept of opportunity cost and production possibilities curve PPC The laws of demand and supply Examples of monopoly including factors that give rise to monopoly Demand shifts and movement along demand curve and factors that cause them Elasticity of demand and supply Various elasticities such as price income cross price elasticities and their meaning and applications The effect of price control and price oor The effect of rent control on housing The effect of minimum wage on labor markets for unskilled labor The effect of tax on buyers and sellers using supply amp Demand diagrams The relative tax burden on consumers and producers Calculating producer and consumer surplus in a market Factors that shift supply and demand The concept of market power The difference between Microeconomics and macroeconomics The Laffer curve and its implication The notion of comparative advantage in international trade Calculating tariff revenues imports deadweight loss and effect on exporters and importers in international trade markets Using supply amp Demand diagram The idea of externalities positive and negative including examples Alternative ways of correcting negative externalities Corrective taxes The tragedy of commons amp common property resource Differential Features of public and private goods The idea of market failure Proportional regressive lump sum and progressive taxes their differences The idea of diminishing marginal productivity and return Cost relationships TC TVCTFC Average Cost TCQ MC change in TC change in Q AFC TFCQ etc be able to calculate this from a table Cost curves Be able to identify Average Marginal supply etc curves from a cost diagram Long term equilibrium in the long run including long run supply curve Be able to calculate pro t maximizing output pro t loss etc The difference between pure monopoly and pure competition The concept of natural monopoly and economies of scale
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