ReviewSheet 1

ReviewSheet 1 - Review Sheet for Test 1 Chapter 1...

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Review Sheet for Test 1 Chapter 1 Accounting cost / Economic cost Accounting profit / Economic profit Normal profit Pure profit Finding derivatives o For instance how to find marginal benefit (MB) or marginal revenue (MR), marginal cost (MC), etc. Optimization rule (For instance, how to find output level Q that maximizes total revenue, or total profit) Marginal analysis Chapter 2 Determinants of demand (or factors that affect demand). Normal goods versus inferior goods Substitute goods versus complement goods How to determine (solve for) equilibrium price and quantity Comparative static analysis (For instance, if demand and supply both increase, what will happen to the equilibrium price and quantity) Price ceiling and price floor o Given supply and demand, how to determine excess surplus or excess demand under price ceiling or price floor Chapter 3 How to compute own price elasticity, cross-price elasticity, income elasticity, etc. Understand the meaning of each type of elasticity.
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ReviewSheet 1 - Review Sheet for Test 1 Chapter 1...

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