Midterm1_topics - i. Budget constraints ii. Indifference...

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List of Topics for First Midterm Economics 304K: Principles of Microeconomics Prof. Meg Ledyard This is a list of topics that will be covered on the first midterm. It is NOT a comprehensive list. Anything covered in lecture is fair game. The midterm will consist of multiple choice and problems similar to those in the homework. Chapter 2: Interdependence and Gains from trade a. Production possibilities frontier b. Absolute advantage c. Comparative advantage and opportunity cost Chapter 3: Supply and Demand a. Demand curves and what shifts them b. Supply curves and what shifts them c. Equilibrium and how it changes with changes in supply and demand Chapter 6: Theory of Consumer Choice
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Unformatted text preview: i. Budget constraints ii. Indifference Curves a. 4 properties b. Perfect substitutes and perfect compliments iii. Consumer Optimization a. budget constraint is tangent to indifference curve b. Changes in income i. Normal and inferior goods c. Changes in price i. Income and substitution effects ii. How to find these on a graph for both normal and inferior goods iv. Deriving Demand v. Labor Supply Chapter 4: Supply, demand, and government policy i. Price floors ii. Price ceilings Chapter 5: Elasticity and its applications a. Price elasticity of demand, b. Income elasticity of demand c. Cross price elasticity of demand d. Price elasticity of supply e. Midpoint method...
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This note was uploaded on 03/18/2008 for the course ECON 304K taught by Professor Ledyard during the Spring '08 term at University of Texas at Austin.

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