exam one study guide and tips

exam one study guide and tips - TIPS!: Chapter one: Know...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
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
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 02/14/2011 for the course ECO 2023 taught by Professor Jones during the Fall '10 term at University of South Florida.

Page1 / 2

exam one study guide and tips - TIPS!: Chapter one: Know...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online