FINAL EXAM _cheat sheet
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FINAL EXAM _cheat sheet

Course Number: ECON 101, Fall 2011

College/University: Illinois Central

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ECON 102 FINAL Cheat Sheet Ch. 4: Divya Tankasala inputs Consumer surplus: willingness to pay for a goodmarket price Producer surplus: market price marginal cost of production of a good Percent change in price from a shift in demand (or supply) Percent change in demand (or supply) Ed + Es Price floor: minimum price below which exchange is not permitted. (minimum wage) o Causes surplus; placed...

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102 ECON FINAL Cheat Sheet Ch. 4: Divya Tankasala inputs Consumer surplus: willingness to pay for a goodmarket price Producer surplus: market price marginal cost of production of a good Percent change in price from a shift in demand (or supply) Percent change in demand (or supply) Ed + Es Price floor: minimum price below which exchange is not permitted. (minimum wage) o Causes surplus; placed ABOVE equilibrium market price so that prices are there and ABOVE Price ceiling: max price sellers charge for a good (creates shortage, placed BELOW equilibrium market price) Deadweight loss Excess demanded price quantity demanded & quantity supplied meet certain price (equilibrium price) The more specific the good, the greater the amount of deadweight loss Markets are an efficient way to distribute resources because they maximize social welfare Price floor above equilibrium level in market for labor = unemployment Tax reduces market efficiency because it reduces # of potential market transactions The more elastic the supply curve, the larger the deadweight loss TAXATION: Tax = Price paid by buyers Price received by sellers Deadweight loss is larger when the demand curve is more elastic. When demand is more elastic than supply, demanders pay less of the tax than suppliers. Therefore, whichever curve is less elastic carry more of the burden of tax. If demand is more inelastic than supply buyers share most burden of tax. The more inelastic shares more of the burden Whoever bears the burden of tax receives the benefit of subsidies. If the minimum wage is lowered and closer to the market level, the gains from trade would increase, compared to a higher minimum wage. Ch. 6: When supply shifts, consumer surplus increases Price ceiling = loss of surplus Elasticity: Less Elastic More Elastic Fewer Substitutes More substitutes Short Run Long Run Product Categories Brands Necessities Luxuries Small Portion of Budget Larger portion of budget Elasticity of Demand (Ed) = (Qf-Qi)/((Qf+Qi)/2) x100% (Pf-Pi)/((Pf+Pi)/2) If: |Ed| > 1, then elastic |Ed| <1, then inelastic |Ed| =1, then unit elastic REVENUE: Revenue = Price x Quantity (Elasticity measures how much Q goes down when P goes up) If demand curve is INELASTIC, then revenues go up when price goes up If demand curve is ELASTIC, then revenues go down when price goes up Cross-price elasticity of demand measures the sensitivity of the quantity demanded of the one good to charges in the price of another good. Elasticity of Supply: Less Elastic More Elastic Difficult to increase Easy to increase production production (raw materials) (manufactured goods) Short Run Long Run Global Supply Local Supply Large share if market for Small share of market for inputs Competitive market structure: o o o o o Everyone is buying/selling SAME product No transaction cost Buyer/seller too small to change price Free entry/exit Perfectly elastic demand curve Accounting vs. economic costs explicit cost involves actually laying out money implicit cost doesnt require an outlay of $; measured by the value, in $ terms, of the benefits that are forgone accounting profit businesss revenue (explicit cost + depreciation) economic profit businesss revenue opportunity cost of resources; often less than accounting profit marginal cost additional cost incurred by doing 1 more unit of an activity marginal benefit additional benefit derived from undertaking one more unit of an activity principle of marginal analysis optimal quantity is the quantity at which marginal benefit = marginal cost Equations: Profit = Total Revenue Total Cost TR: Total Revenue = Price x Quantity TC: Total Cost = cost of producing a given quantity of output FC: Fixed Cost= costs that do not vary with output VC: Variable Cost = costs that DO vary with output - MC = TC/ Q - AVC = VC/Q - ATC = TC/Q - Total Revenue = P*Q ECON 102 FINAL Cheat Sheet - Marginal Revenue = TR/ Q - Profits = TR TC - Average product = Q/L - AFC = FC/Q - TC = VC + FC - ATC = AFC + AVC Conditions: 1. 2. 3. 4. AFC always decreases with more output 5. 6. 7. Divya Tankasala Comparative advantage a countrys ability to produce a good at a lower opportunity cost that the country w/ which it trades In perfect competition, all firms are price takers AVC will increase with more output ATC will increase with more output MC curve crosses ATC curve when ATC curve is at its lowest point In perfect competition, MR=P To maximize profits a. b. c. 8. MR<MC produce less If ATC < P open If ATC > P shut down Long Run: no economic profits a. b. c. 10. Curves: a. b. c. MR>MC produce more Short Run: maximize profits when MR=MC a. b. 9. MR=MCmaximizing profits If ATC < P enter If ATC > P exit If ATC = P stay (equilibrium) ATC is check-shaped curve -AFC is downward sloping curve -AVC is check-shaped curve Ch. 11 The more inelastic the demand curve, the more the monopolist raises price above marginal cost(big mark-up) Some monopolies are bad because compared to competition, they reduce total surplus MR = (P2*Q2) (P1*Q1) The greater the advantage a country has in producing A, the greater the cost of producing B Specialization occurs with the good which has the lowest opportunity cost Comparative advantage: when a country produces goods for which it has the lowest opportunity cost; leads to EXPORT Absolute advantage: the ability to produce a good with less input; leads to IMPORT Protectionism: restricting trade through quotas, tariffs, or other regulations; burden foreign producers but not domestic Tariffs: increase domestic production, reduces domestic consumption Trade quota: restriction on the quantity of goods that can be imported; imports greater than quota amount are heavily taxed Ch. 1 & 2: Factors affecting demand (SHIFT demand curve): income, taste, price of other goods, expectation about future prices & population size ONLY factor affecting quantity demanded (MOVE ALONG demand curve): price Factors affecting supply (SHIFT supply curve): cost, technology, prices of other goods, expectation about future prices & population size Ch. 9 Monopolies increase prices, reduce output and are bad for society (b/c they reduce total surplus) Monopolies exist b/c governments create them, they control the main resources, and its cheaper for on firm to produce it The main difference between Monopoly and Perfect Competition is that for Monopolies MR <P since monopolies is a price maker instead of a price taker An externality arises when the actions of one economic agent unintentionally affect the welfare of another agent and the change in welfare goes uncompensated Whenever the supply or demand curves do not capture all the costs and benefits to society, the market will not be able to allocate resources efficiently Happens when: imperfect competition (monopoly), external markets, public goods The Coase Theorem the market will correct the externality if we assigned property rights, REGARDLESS OF WHO GETS THOSE RIGHTS If Marginal Private Benefits < Marginal Social Costs then bribe will take place (bribe to not make a call) Ch. 8 Absolute advantage a countrys ability to produce a good using fewer resources than the country it trades with If Marginal Private Benefits > Marginal Social Costs then bribe will take place (bribe to allow call) Sample Externality Questions: Which of the following illustrates the concept of external cost? d. Raymond cannot open his windows at times because he lives downwind from a mushroom farm. ECON 102 FINAL Cheat Sheet 2. Antibiotics may be ________, since people only consider their ________. b. overused; private costs of consumption not the social costs A chemical bathroom cleaner has an ingredient X which allows the cleaner to lather well and removes stains. The cost of producing a bottle of this bathroom cleaner is $3.60, but the bottle retails for $5.50. When consumers use the bathroom cleaner, the lather that is washed down the drain escapes into the environment and releases allergens which cause respiratory problems for people. What is the social cost of a bottle of this cleaner? *c. $5.50 plus the external cost of such a bottle of bathroom cleaner 3. An external cost: *c. is a cost paid by people other than the producer or consumer trading in the market. Divya Tankasala 15. Edgar's expected private benefit from the flu shot is $15.00, and it would cost him $20 to get vaccinated. Therefore, which of the following is correct? *a. It is socially optimal for Edgar to get the flu shot if the social benefits of the shot exceed $20. 16. Fewer people get flu shots than is efficient because: *a. people usually perceive that the private cost of getting flu shots is higher than their private benefit. 17. The paper industry and brewery industry each emit 60 tons of particulates into the air. It costs the paper industry $1,000 to remove 1 ton of particulates and it costs the brewery industry $1,400 to remove 1 ton of particulates. In an effort to reduce particulate pollution, the government gives each industry tradeable allowances worth 50 tons of particulates. We would expect that: *c. the brewery industry will buy tradeable allowances from the paper industry at a cost between $1,000 and $1,400 per allowance. greater than $1,400 per allowance. 5. When patients or farmers choose whether to use more antibiotics, they compare: *b. their private benefits with the market price. 6. Since the price of antibiotics does not include all the costs of using antibiotics, the price is too: *c. low, and so antibiotics are overused. 7. Suppose that the private cost of using antibiotics is less than its social costwe would then expect people to ________ antibiotics, leading to an ________ market outcome. *a. overuse; inefficient 8. If a steel manufacturer does NOT bear the entire cost of the sulfur dioxide it emits, it will: *b. emit a higher level of sulfur dioxide than is socially efficient. 10. If antibiotic users get all the benefits of antibiotics but do not bear all of the costs, the social marginal cost of antibiotic use at the market equilibrium will be: *a. higher than the marginal cost to antibiotic sellers. 12. Because there are external benefits from higher education: *d. private markets will under-supply college classes. 13. The Centers for Disease Control and Prevention (CDC) wants at least 90% of the population vaccinated against preventable diseases, since the chance of a disease outbreak decreases as vaccine coverage increases. We can conclude that: *a. the external benefits of vaccination likely decrease as more and more people are vaccinated. 13. The Centers for Disease Control and Prevention (CDC) wants at least 90% of the population vaccinated against preventable diseases, since the chance of a disease outbreak decreases as vaccine coverage increases. We can conclude that: *a. the external benefits of vaccination likely decrease as more and more people are vaccinated. 14. The market price for Good X is $10.75, and every time Good X is consumed it creates an external benefit of $3.00. Therefore, which of the following is correct? *a. The social benefit of Good X is $13.75, a justification for the to government give buyers a $3.00 subsidy. 18. Which of the following illustrates the concept of a negative externality? *c. A college student plays loud music on his new stereo system at 2:00 a.m. 19. Suppose that a steel factory emits a certain amount of air pollution, which constitutes a negative externality. If the market does not internalize the externality, *c. the market equilibrium quantity will not be the socially optimal quantity. 20. Suppose that electricity producers create a negative externality equal to $5 per unit. What is the relationship between the equilibrium quantity and the socially optimal quantity of electricity to be produced? *b. The equilibrium quantity is greater than the socially optimal quantity. 21. Suppose that smoking creates a negative externality. If the government does not interfere in the cigarette market, then *b. the equilibrium quantity of cigarettes smoked will be greater than the socially optimal quantity of cigarettes smoked. 22. Which of the following is an example of a positive externality? *b. The mayor of a small town plants flowers in the city park. 23. Suppose that cigarette smokers create a negative externality. Further suppose that the government imposes a tax on cigarettes equal to the per-unit externality. What is the relationship between the after-tax equilibrium quantity and the socially optimal quantity of cigarettes? ECON 102 FINAL Cheat Sheet *a. They are equal. 24. University researchers create a positive externality because what they discover in their re-search labs can easily be learned by others who haven't contributed to the research costs. What could the federal government do to equate the equilibrium quantity of university research and the socially optimal quantity of university research produced? *b. offer grants to university researchers 25. Suppose that cookie producers create a positive externality equal to $2 per dozen. Further suppose that the government offers a $2 per-dozen subsidy to the producers. What is the relationship between the equilibrium quantity and the socially optimal quantity of cookies to be produced? *c. They are equal. 26. Two firms, A and B, each currently emit 100 tons of chemicals into the air. The government has decided to reduce the pollution and from now on will require a pollution permit for each ton of pollution emitted into the air. The government gives each firm 40 pollution permits, which it can either use or sell to the other firm. It costs Firm A $200 for each ton of pollution that it eliminates before it is emitted into the air, and it costs Firm B $100 for each ton of pollution that it eliminates before it is emitted into the air. After the two firms buy or sell pollution permits from each other, we would expect that Firm A will emit *a. 20 fewer tons of pollution into the air, and Firm B will emit 100 fewer tons of pollution into the air. 27. In which of the following cases is the Coase theorem most likely to solve the externality? *a. Ed is allergic to his roommates cat. 28. Mary and Cathy are roommates. Mary assigns a $30 value to smoking cigarettes. Cathy values smoke-free air at $15. Which of the following scenarios is a successful example of the Coase theorem? *b. Mary pays Cathy $16 so that Mary can smoke. 29. A dentist shares an office building with a radio station. The electrical current from the dentist's drill causes static in the radio broadcast, causing the radio station to lose $10,000 in profits. The radio station could put up a shield at a cost of $30,000; the dentist could buy a new drill that causes less interference for $6,000. Either would restore the radio station's lost profits. What is the economically efficient outcome? *d. The dentist gets a new drill; it does not matter who pays for it. 30. Monte owns a dog; the dogs barking annoys Montes neighbor, Teresa. Suppose that the benefit of owning the dog is worth $200 to Monte and that Teresa bears a cost of $400 from the barking. As-suming Monte has the legal right to keep the dog, a possible private solution to this problem is that *c. Teresa pays Monte $300 to give the dog to his parents who live on an isolated farm. 31. Dick owns a dog whose barking annoys Dick's neighbor Jane. Suppose that the benefit of owning the dog is worth $700 to Dick and that Jane bears a cost of $500 from the barking. Assuming Divya Tankasala Dick has the legal right to keep the dog, a possible private solution to this problem is that *d. The current situation is efficient. 32. Dick owns a dog whose barking annoys Dick's neighbor Jane. Dick receives personal benefit from owning the dog, and Jane bears a cost of Dick's ownership of the dog. Assuming Jane has the legal right to peace and quiet, which of the following statements is correct? *b. Dick will pay to keep his dog if his benefit exceeds Jane's cost. 33. Sallys cat causes Mike to sneeze. Sally values her cats companionship at $300 per year. The cost to Mike of tissues and her allergy medication is $350 per year. Based on the Coase theorem, *c. Mike should pay Sally $325 to give away her cat. 34. Assume that your roommate is very messy. According to campus policy, you have a right to live in an uncluttered apartment. Suppose she gets a $200 benefit from being messy but imposes a $100 cost on you. The Coase theorem would suggest that an efficient solution would be for your roommate to *b. pay you at least $100 but less than $200 to live with the clutter. 35. Suppose that Company A's railroad cars pass through Farmer B's corn fields. The railroad causes an externality to the farmer because the railroad cars emit sparks that cause $1,500 in damage to the farmer's crops. There is a special soy-based grease that the railroad could purchase that would eliminate the damaging sparks. The grease costs $1,200. Suppose that the farmer has the right to compensation for any damage that his crops suffer. Assume that there are no transaction costs. Which of the following characterizes the efficient outcome? *b. The railroad will purchase the grease for $1,200 and pay the farmer nothing because no crop damage will occur. 36. Suppose that Company A's railroad cars pass through Farmer B's corn fields. The railroad causes an externality to the farmer because the railroad cars emit sparks that cause $1,500 in damage to the farmer's crops. There is a special soy-based grease that the railroad could purchase that would eliminate the damaging sparks. The grease costs $1,200. Suppose that the railroad is not liable for any damage caused to the crops. Assume that there are no transaction costs. Which of the following characterizes the efficient outcome? *d. The farmer will pay the railroad $1,200 to purchase the grease so that no crop damage will occur. 37. Suppose that Charles wants to dine at a fancy restaurant, but the only available table is in the smoking section. Charles dislikes the smell of cigarette smoke. He notices that only one person, Sam, is smoking in the smoking section. Charles values the absence of smoke at $40. Sam values the ability to smoke in the restaurant at $15. Which of the following represents an efficient solution in the absence of transaction costs? *b. Charles offers Sam between $15 and $40 not to smoke. Sam accepts, and both parties are better off. ECON 102 FINAL Cheat Sheet 38. Suppose that Bill wants to dine at a fancy restaurant, but the only available table is in the smoking section. Bill dislikes the smell of cigarette smoke. He notices that only one person, Peter, is smoking in the smoking section. Bill values the absence of smoke at $15. Peter values the ability to smoke in the restaurant at $10. In order for Bill to pay Peter not to smoke, he will need to tip the waiter $10 to facilitate the transaction. Which of the following represents an efficient solution? *a. Peter continues to smoke because the cost to Bill to pay him not to smoke is between $20 and $25, which exceeds the benefit to him of no smoking ($15). Divya Tankasala 44. Suppose a paper mill is located on the banks of a trout stream. The mill must decide whether to discharge high or low amounts of chemical waste from paper making into the stream. If it chooses a high discharge rate, the mill is more valuable (because it can dispose of waste at a low private cost) and the fishery is less valuable because there the trout are fewer and smaller. If it chooses a low discharge rate, the mill is less valuable but the fishery is more valuable. The values of the mill and fishery as a function of the mills pollution decision are given in the table. If the Mill has the right to pollute as much as it wants and bargaining is not costly then ____ . Mill Value Fishery Value High Discharge 39. John lives in an apartment building and gets a $700 benefit from playing his stereo. Mary, who lives next door to John and often loses sleep due to the music coming from Johns stereo, bears a $1,000 cost from the noise. At which of the following offers from Mary could both Mary and John benefit from the silencing of Johns stereo? Decision $3000 $2000 Low Discharge $1000 $6000 *c. $900 40. Alexander lives in an apartment building and gets a $250 benefit from playing his stereo. Mary, who lives next door to Alexander and often loses sleep due to the loud music coming from Alexanders stereo, bears a $350 cost from the noise. Mary would like to offer Alexander some money to turn down the volume on his stereo. If Mary had to hire a lawyer to draw up the contract, what is the maximum amount she could pay to the lawyer to ensure that both Alexander and Mary would benefit from the agreement? *a. an amount less than $100 41. Max lives in an apartment building and gets a benefit from playing his stereo. Lily, who lives next door to Max and often loses sleep due to the loud music coming from Maxs stereo, bears a cost from the noise. Lily is threatening to call the police to force Max to turn down his stereo. Under which of the following conditions would Max be able to offer Lily some amount of money to keep her from calling the police and to allow him to continue to play his stereo loudly? *b. The benefit of the music to Max must exceed the cost of the noise to Lily. 42. Ed is a writer who works from his home. Ed lives next door to Ricky, the drummer for a local band. Ricky needs lots of practice to earn his share of the bands profits, $250. Ed gets distracted by Rickys drumming but needs to get his writing done to earn $500 for his current article. Which of the following is an efficient solution? *c. Ed offers Ricky $251 to stop practicing his drumming. Ricky agrees and both are better off. 43. Emma is a writer who works from her home. Emma lives next door to Clay, the drummer for a local band. Clay needs lots of practice to earn his share of the bands profit, which will amount to $250. Emma gets distracted by Clays drumming but needs to get her writing done to earn $500 for her current article. If Emma needs to hire a lawyer to help her reach an agreement with Clay, then what price is Emma willing to pay the lawyer? *a. less than $250 *A. The Fishery will pay the Mill something over $2000 to switch to low discharge. Charts: ECON 102 FINAL Cheat Sheet More Questions: Divya Tankasala ECON 102 FINAL Cheat Sheet Divya Tankasala

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South - MARKETING - 3010
QUESTION:Discuss the role of price in signaling the quality of a product. For a recent purchase, discuss howpricing influenced your decision to purchase the product. Was the quality you expectedconsistent with the price you paid? If yes, did it reinfor
South - MARKETING - 3010
QUESTION:Discuss a situation when you went out of your way to buy a particular product. How far did youdrive to find it? Why did you make such an effort to buy it? What are the lessons for marketingmanagers who sell products that consumers consider spe
South - MARKETING - 3010
QUESTION:Pricing: Status IndicatorThe automobile market is a classic example of a market segmented by pricing points.Automobiles are status symbolsthe car you drive can be a strong indicator of your values,income, and status.Select three best-selling
South - MARKETING - 3010
QUESTION:Pricing and Distribution StrategiesThis week, you need to determine a pricing and distribution strategy for your chosen business,service, or product.First, discuss your pricing strategy. Your price should be both sufficient to cover your cost
South - MARKETING - 3010
QUESTION:Advertising helps consumers save time by providing them with information on products andtelling them where to purchase them.Describe an advertisement that you watched recently and then made a purchase based on it.Describe how the advertisemen
South - MARKETING - 3010
QUESTION:One controversial element of advertising is advertising to kids. Is it ethical to advertise tochildren less than twelve years of age? If so, discuss the precautions that marketers should takewhen advertising to children. How should government
South - MARKETING - 3010
QUESTION:Integrated Marketing Communication StrategyAfter you select a target market and determine your product, price, and distribution strategy, itsnecessary to communicate to your target customers that you have a business, service, or productfrom w
South - MARKETING - 3010
QUESTION:When developing a marketing strategy, why is it important to involve the management team thatwill implement this strategy?Support your answers with appropriate examples and reasoning and comment on the postings ofat least two peers.ANSWER:I
South - MARKETING - 3010
QUESTION:Execution of the Marketing PlanThe best plans are of no value if they are not implemented. Describe how you will put yourmarketing plan into action. List the different steps required to implement the plan. Discuss yourbudget and timetable and
University of Phoenix - NTC - 361
Determination of requirementsDevelopment of a system varies in size and may last 30 days for smaller projects and can extend for ayear or even more for larger scale system developments. System Analysts who are accustomed to current trendscan easily inf
Birmingham-Southern College - CIVIL - 102
CONCRETE BASICSFOR BUILDINGMidrand, South AfricaPublished by the Cement &amp; Concrete Institute, Midrand, 2004, repr. 2005, 2007. Cement &amp; Concrete InstituteThis publication may not be reproduced in whole or in part withoutwritten permission of:Cement
Oregon State - PH - 212
PHYSICS 212FINAL EXAM21 March 2003Exam is closed book, closed notes. Use only the provided formula sheet.Write all work and answers in exam booklets.The backs of pages will not be graded unless you so request on the front of the page.Show all your w
Oregon State - PH - 212
PHYSICS 212MIDTERM I29 January 2003Exam is closed book, closed notes. Use only your formula sheet.Write all work and answers in exam booklets.The backs of pages will not be graded unless you so request on the front of the page.Show all your work and
Oregon State - PH - 212
Answer, Key Homework 11 David McIntyreThis print-out should have 36 questions, checkthat it is complete. Multiple-choice questionsmay continue on the next column or page:nd all choices before making your selection.The due time is Central time.Chapte
Oregon State - PH - 212
Answer, Key Homework 10 David McIntyre This print-out should have 22 questions, check that it is complete. Multiple-choice questions may continue on the next column or page: nd all choices before making your selection. The due time is Central time. Chapte
Oregon State - PH - 212
Note added to Homework set 7:The solution to Problem 16 has an error in it.The specific heat of water is listed asc = 1 J/g Kbut should bec = 4.186 J/g KThe final numerical answer given is correct but the math showndoes not give that answer.Answer
Oregon State - PH - 212
Answer, Key Homework 6 David McIntyreThis print-out should have 30 questions, checkthat it is complete. Multiple-choice questionsmay continue on the next column or page:nd all choices before making your selection.The due time is Central time.Chapter
Oregon State - PH - 212
Answer, Key Homework 5 David McIntyre This print-out should have 8 questions, check that it is complete. Multiple-choice questions may continue on the next column or page: nd all choices before making your selection. The due time is Central time. Chapter
Oregon State - PH - 212
Answer, Key Homework 3 David McIntyreThis print-out should have 26 questions, checkthat it is complete. Multiple-choice questionsmay continue on the next column or page:nd all choices before making your selection.The due time is Central time.Chapter
Oregon State - PH - 212
Answer, Key Homework 2 David McIntyre This print-out should have 14 questions, check that it is complete. Multiple-choice questions may continue on the next column or page: nd all choices before making your selection. The due time is Central time. Chapter
Oregon State - PH - 212
Answer, Key Homework 1 David McIntyreThis print-out should have 3 questions, checkthat it is complete. Multiple-choice questionsmay continue on the next column or page:nd all choices before making your selection.The due time is Central time.This is
Oregon State - PH - 212
PHYSICS 212FINAL EXAM13 March 2000Exam is closed book, closed notes. Use only the provided formula sheet.Write all work and answers in exam booklets.The backs of pages will not be graded unless you so request on the front of the page.Show all your w
UCSC - BIO - 20a
Practice Exam Questions for Biotechnology Lecture1.Eco RI is an example of which type of enzyme?a.b.c.d.e.reverse transcriptaseRNA polymeraserestriction endonuclease [CORRECT]DNA polymeraseDNA ligase2. The diagram is a restriction map of a ci