Econ 101 FINAL

Econ 101 FINAL - c Know what is means to be perfectly...

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Econ 101 FINAL Ch. 1— a) know the differences between positive and normative economics Ch. 2— a) know the difference between opportunity cost and direct costs b) know whether a point in a ppf diagram is attainable for society or not c) ( c) identigy attainable yet inefficient points Ch. 16—understand, in words, the difference between comparative and absolute advantage Ch. 3— a) Know which types of variables cause a change in D b) Know what “surplus” (excess supply) and “shortage”(excess demand) means c) Know what a substitute/ compliment is Ch. 4— a) Know the definition of a price and income elasticities (in words) b) Know the difference between normal and inferior goods
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Unformatted text preview: c) Know what is means to be perfectly elastic or inelastic Ch. 5— a) Understand what a budget constraint is b) Identify which points on a graph are affordable c) Know how the budget constraint is affected by a change in a price or income d) Know the definition of marginal utility and diminishing marginal utility Ch. 6— a) Know the definition of marginal product(MP) and diminishing MP b) Know the difference between marginal and average cost c) Know the difference between fixed and variable cost d) Know what a skunk cost is Ch. 7— a) Understand why profit maximization requires MR=MC!! Ch. 15-a) Know what a public good is...
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This note was uploaded on 08/31/2011 for the course ECON 101 taught by Professor Brentkreider during the Fall '07 term at Iowa State.

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