exam one study guide and tips

exam one study guide and tips - TIPS Chapter one Know what...

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TIPS!: ONLY TWO ANSWERS OUT OF 25 ARE “D” Chapter one: Know what utility means Understand relationship between marginal benefit and marginal cost Know what ceteris paribus means- all things being equal Be able to read a budget line for two goods and determine price- where you have two products (bread and milk) and you have various quantities between the two; be able to tell how much of one product you must give up in order to obtain the other product Chapter three: Understand the demand curve and the relationships between price and quantity- Understand the income effect- if income goes up or down, how will it affect demand? Know what complement are Understand how changes in quantity supplied are reflected on a graph Be able to read a schedule (table) reflecting price, quantity demanded, quantity supplied and determine: o A surplus or a shortage o Equilibrium o Changes in demand and supply reflected by factors discussed in book and lecture- 6 factors for demand and 5 for supply that will change it.
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