MidtermReview

MidtermReview - Review March 6 2008 Topics covered...

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Review March 6, 2008
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Topics covered Introduction (Chapter 1) Consumer Theory (Chapter 2) Demand Theory (Chapter 3) Theory of the Firm (Chapter 5 & 6)
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What to know? Basic concepts: Multiple choice questions and true or false questions Verbal and graphical analytical skills: short sentence, neat graphs with key points depicted in accuracy Mathematical analytical skills: maximizing/ minimizing problem solving given simple functions
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Introduction Basic concepts and its recognitions, such as normative vs. positive, microeconomics vs. macroeconomics, fallacy of composition vs. post hoc fallacy Verbal analytical skills.
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Consumer Theory Concepts and recognition Comsumption possibility set Convexity Cardinal vs. ordinal utility Substitutes vs. complements Rationality and Psychological assumptions as well as their implications to the shape of indifference curves: verbal and graphical analytical skills How to solve MRS for simple utility function
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MidtermReview - Review March 6 2008 Topics covered...

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