ECON10A_9

ECON10A_9 - Review 1/4/2008 1 Question1 p2 Good 1, Good 2...

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 1/4/2008 1 Review
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 1/4/2008 2 Question 1 p 2 Good 1, Good 2 complements Where is the optimum consumption bundle after the price change? 1. C 1 2. C 2 3. C 3 4. C 4 X 1 X 2 B A C 1 C 2 C 3 C 4
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 1/4/2008 3 Question 2 p 2 Good 1, Good 2 complements Good 1 is: 1. Normal 2. Inferior 3. Can’t tell X 1 X 2 B A C 1 C 2 C 3 C 4
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 1/4/2008 4 Slutsky Equation I x x p x p x i i U U i i i i - = =
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 1/4/2008 5 Aggregation
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 1/4/2008 6 Individual vs. Market Demand 7 15 X 1 P 1 Fred
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 1/4/2008 7 Market Demand: Question 1 X 1 P 1 7 15 7 20 Fred George X 1 P 1 What is Market Demand when P 1 =7?
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 1/4/2008 8 Market Demand X 1 P 1 7 15 7 20 Fred George X 1 P 1 X 1 P 7 35 Market
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 1/4/2008 9 Market for Factors of Production Market for Finished Goods HOUSEHOLDS FIRMS DEMAND (for Goods $ $ $ $ SUPPLY (of Factors of Prod) CIRCULAR FLOW DIAGRAM
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 1/4/2008 10 SUPPLY OF FACTORS OF  PRODUCTION Labor
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 1/4/2008 11 Question 1 A doctor earns $150/hr. He wants to take off from work and go see a movie that will last 2 hours. The ticket costs $8. How many dollars worth of other consumption must he give up to see the movie? A. None B. $8 C. 158$ D. 308$ E. Can’t tell
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 1/4/2008 12 Supply of Labor Every economic choice involves a trade-off Labor Supply: Trade-off is between consumption and leisure. For simplicity, we group all consumption together
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ECON10A_9 - Review 1/4/2008 1 Question1 p2 Good 1, Good 2...

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