Microeconomics Exam #2 Review

Microeconomics Exam #2 Review - Consumer and Producer...

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Microeconomics Exam #1 Review 33 multiple-choice questions 14 questions from chapter 3 15 questions from chapter 6 4 questions from chapter 15 Topics to Review Law of demand Change in quantity demanded v. change in demand Determinants of demand Law of supply Determinants of supply Surpluses/shortages Price ceilings/floors Simultaneous shifts of demand and supply
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Unformatted text preview: Consumer and Producer surplus (what they are and calculations) Price Elasticity of demand (various types and calculations) Total revenue and elasticity Cross price elasticity Income elasticity Price elasticity of Supply Tax incidence analysis *be able to perform the calculations that we did in class **see the worked problems for examples...
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