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econ303reviewq3spring2010

econ303reviewq3spring2010 - Income elasticity and the engel...

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Econ 303 quiz 3 review topics Income effect and substitution effect: normal vs inferior goods The compensating variation as a measure of the change in consumer surplus The compensated demand curve—for normal/inferior goods Elasticity: calculations, flat/steep demand curve, car/egg example Elasticity and the relation between P and TR stamp example, water example, wino example On Monday or Tuesday I expect to talk about:
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Unformatted text preview: Income elasticity and the engel curve. Production functions: TP, AP and MP—typical shapes of the curves Isoquants as level contours of a production function, slope=MRTS=MPf/MPw Isocosts—slope=Pf/Pw, how to represent TC with isocosts Productive optimum: Find it graphically and mathematically The scale expansion path and how to graphically derive TC from the SEP...
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