Exam 2 Review Sheet - ECON 2005 Fall 2007 Review Sheet for...

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ECON 2005 Fall 2007 Review Sheet for Exam 2 1. What does welfare economics study? 2. What is consumer surplus? How is it computed? What does it measure? 3. What is willingness to pay? 4. What is utility? What is the difference between Total and Marginal Utility? 5. How does Marginal Utility affect the price? 6. What is producer surplus? How do we compute it? What does it measure? 7. What is willingness to sell? 8. What is the relationship between the supply curve and costs of production? 9. What is total surplus? 10. What does efficiency mean in terms of the market system? 11. Why is the market system efficient? 12. How does a tax affect the participants in a market? 13. What is deadweight loss? 14. What happens to welfare before and after a tax? 15. Relationship between elasticity of demand and supply and the deadweight loss. 16. What is the relationship between the size of the tax and deadweight loss? 17. What is the relationship between the size of the tax and tax revenues?
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