Midterm Review Topics

Midterm Review Topics - EWMBA 201a Midterm Review Topics...

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EWMBA 201a Fall 2009—Felix Vardy Midterm Review Topics This handout covers the broad topics that you are expected to know for the midterm on Tuesday, September 8. It is not intended to be exhaustive, in the sense that I reserve the right to ask you something that is not explicitly listed here, but it is meant to give you a guideline. Markets This part of the course was designed to introduce you to the basic supply-and-demand model. • Demand - What type of economic unit’s behavior is depicted on the demand curve? - Be able to draw a demand curve and label the axes correctly. - What is the difference between demand and quantity demanded? - What shifts the demand curve? - What is consumer surplus? - Given an equation for a linear demand curve, be able to calculate consumer surplus at a given price. - Be able to aggregate demand curves from individuals or market segments into a single market demand curve. • Supply - What type of economic unit’s behavior is depicted on the supply curve?
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