Principles of Macroeconomics

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Review Topics for Midterm 1 Econ 101, Lecture 4, Spring 2007 Professor Korinna K. Hansen Opportunity Cost Absolute Advantage Comparative Advantage Production Possibility Frontier Marginal Rate of Transformation Law of Increasing Opportunity Cost Law of Diminishing Returns The PPF and Growth Demand Law of Demand Demand versus Quantity Demanded Determinants of Demand Aggregate Demand Supply Law of Supply Supply versus Quantity Supplied Determinants of Supply Aggregate Supply Equilibrium Changes in Equilibrium
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Unformatted text preview: Consumer Surplus Producer Surplus Price Floor Price Ceiling International Trade Elasticity Price Elasticity of Demand Slope of the Linear Demand versus Price Elasticity of Demand Midpoint Formula Perfectly Elastic, Perfectly Inelastic and Unit Elastic Demand Price Elasticity of Demand and Total Revenue Determinants of Price Elasticity of Demand Cross Price Elasticity of Demand Income Elasticity of Demand Elasticity of Supply Elasticity of Labor Supply...
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