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study_sheet_for_midterm1_151a2

study_sheet_for_midterm1_151a2 - Study Sheet for Midterm 1...

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Study Sheet for Midterm 1 Economics 151A The midterm exam will be held on Monday, August 17 th from 4:10-5:30pm and will cover the material presented so far in the lecture and in discussion section. Below is a list of possible topics that could be on the exam and the details I find the most important. It is not a comprehensive list of everything that could be on the exam but is a good representation of the types of things you should know. Anything in the book that was not mentioned in lecture will not be on the exam. However, I recommend that you read the portions of the book covered in the lectures in order to get a solid understanding of the material. Also, the problems at the end of the chapters are good practice for the problems on the exam. 1. The Neoclassical Model of Labor-Leisure Choice a. Understand and find slope of indifference curves b. Understand and find slope of budget constraint c. Find equilibrium levels of leisure and consumption d. Graph and understand dynamics of effect of nonlabor or labor income changes on
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