Midterm1_topics - a. Price elasticity of demand, income...

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List of Topics for First Midterm Economics 304K:Principles of Microeconomics Prof. Meg Ledyard Chapter 1: 10 Principles Chapter 2: Thinking like an economist Chapter 3: Interdependence and Gains from trade a. Production possibilities frontier b. Absolute advantage c. Comparative advantage and opportunity cost Chapter 4: 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 5: Elasticity and its applications
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Unformatted text preview: a. Price elasticity of demand, income elasticity of demand, and cross price elasticity of demand b. Price elasticity of supply Chapter 6: Supply, Demand, and government policies a. Price ceiling b. Price floor c. Taxes i. Who pays the tax: Does it matter? ii. Who bears the burden of the tax Chapter 7: Consumers, producers, and the efficiency of markets a. Consumer Surplus b. Producer Surplus c. Market Efficiency...
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