Econ 101.2 Study Guide for Final Exam Prof. A Chaudhuri Summer 2010 This exam is a comprehensive multiple-choice exam. Refer to ILearn for syllabus. Exam date: Thursday, July 8, 2010, Exam Review: 1.15-2.15pm Exam: 2.30-4pm How to study If you are crunched for time, read the last four chapters taught (chap 11, 12, 13, 15) carefully referring to class notes and for the rest of the course, review HW assignments and quiz questions going back to the textbook for clarification, if necessary. Concentrate particularly on the list below. Key Concepts: do not learn only the definitions, try to find a relevant problem worked out in class or HW or quiz question using the concept and work it out. Opportunity cost, comparative advantage and absolute advantage, laws of Demand and Supply, equilibrium, demand vs quantity demanded, supply vs quantity supplied, Elasticity of demand and supply, Price elasticity of demand, income elasticity of demand, cross price elasticity of demand, Revenue and elasticity, normal and inferior goods,
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