Economics Test 2 Review

Economics Test 2 Review - Economics Test 2 Review Chapter 5...

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Economics Test 2 Review Chapter 5 Elasticity Definitions and Concepts How to calculate Price Elasticity of Demand Types of Elasticity and what impacts them Total Revenue and Elasticity Elasticity of Supply Cross Price Elasticity Chapter 6 Price Ceilings and Floors Definitions and Concepts Binding vs. Nonbinding Ceilings and Floors How they look on a graph and their impact on the market Surpluses and Shortages How to solve for a Price Ceiling Chapter 7 Consumer and Producer Surplus Definitions and Concepts How they compare on a graph How changes in price impact consumer surplus Chapter 8 Taxes Definitions and Concepts How Tax impacts Supply and Demand and Price and Quantity Tax wedge Impact on market( consumer and producer surplus and dead weight loss) Tax incidence- who bears the tax burden Size of dead weight loss _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ There will be a lot of Graphs!!
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Economics Test 2 Review - Economics Test 2 Review Chapter 5...

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