{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

BUSC_1B___STUDY_GUIDE__FOR_MIDTERM_EXAM__I

BUSC_1B___STUDY_GUIDE__FOR_MIDTERM_EXAM__I - See questions...

Info icon This preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
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
Image of page 1
This is the end of the preview. Sign up to access the rest of the document.

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...
View Full Document

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern