Midterm 1 Topics

Midterm 1 Topics - Announcements MT1 is Wednesday Office...

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Unformatted text preview: Announcements MT1 is Wednesday Office hours today 2-4:30, tomorrow 2- 4:30 or by appt. HW for ch 6 due tonight All iClicker Qs are on Scholar (Resources) Grades will be up by Friday (drop day is Monday). Midterm Topics Misc. Stuff Econ as a science (scientific method) Positive vs. normative Pitfalls of economic analysis Opportunity Cost Sunk Costs Comparative and Absolute Advantage PPFs Economic systems (Tradition, Control, Market) Comparative and Absolute Advantage Topics PPFs Represent trade-off in society. Slope=marginal rate of transformation Topics Demand Curves Demand vs. Quantity Demanded Shift Demand Curve Income, Tastes, Price of related goods, expectations, number and composition of consumers (for market D) Change in Price moves us along the D curve Supply Curves Supply vs. Quantity Supplied Shift Supply Curve Technology, Prices of inputs, Price of alternative goods, Producer Expectations, number of producers Change in Price moves us along the S curve Topics...
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Midterm 1 Topics - Announcements MT1 is Wednesday Office...

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