Final Exam Review

Final Exam Review - FINAL EXAM REVIEW SHEET ECO...

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FINAL EXAM REVIEW SHEET ECO 2306-Mencken Chapter 1 Scarcity Marginal benefit, marginal cost Opportunity cost and sunk cost Chapter 2 Opportunity costs Absolute and comparative advantage Calculating opportunity costs Production Possibility Frontier and shifters Chapter 3 Economic systems, capitalism, command, mixed, transitional Demand schedule, curve, and 5 shifters Income and substitution effects Substitute and complement goods Normal and inferior goods Supply schedule, curve, and 6 shifters The Market: Surplus, shortage, and equilibrium Shifts in market-supply, demand, or both Price ceilings and price floors Social welfare, producer and consumer surplus Chapter 4 Price elasticity of demand & supply, midpoint Elastic, inelastic, unit elastic Demand price elasticity & total revenue relationship Elasticity & demand curve (& total revenue relationship) Income elasticity of demand: formula and normal vs. inferior goods Chapter 5 Utility, total utility, marginal utility Law of Diminishing Marginal Utility 2 Utility Maximizing conditions & problem with 2 goods (pool and bowling) Using MU/P formulas and interpreting which goods to buy Deriving demand curves from utility
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This note was uploaded on 04/30/2008 for the course ECO 2306 taught by Professor Mencken during the Fall '07 term at Baylor.

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Final Exam Review - FINAL EXAM REVIEW SHEET ECO...

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