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TOPICS FOR MIDTERM EXAM I SHORT ANSWER QUESTIONS 1. Opportunity cost and the principle of comparative advantage. See questions 1.10, 1.12, 5.4, 5.5 2. Demand and Supply: Explain how different events shift the market demand and /or supply curves and change the equilibrium price and quantity in a given market. Illustrate and explain the effects of price ceilings and price floors. Give real world example
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Unformatted text preview: See questions 3.3, 3.6, 3.8 3.9, and class lectures. 3. The Business Population, Legal Forms of Businesses. See questions 4.3, 4.4, 4.5 4. Elasticity of Demand and its Applications. Calculate the coefficient of the price elasticity of demand. Use the concept of the elasticity to explain how a price change affects total revenue. See questions 6.2, 6.4, 6.5, 6.6, 6.9, 6.10...
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This note was uploaded on 11/01/2010 for the course BUSA 8 taught by Professor Macdough during the Spring '08 term at Mt. SAC.

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