Summary-exam3 - Exam Exam Review Steven J. Haider EC201...

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Exam Review Steven J. Haider EC201 Spring 2010
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These review slides… re meant to give you the main ideas of each chapter Are meant to give you the main ideas of each chapter Remind you how things fit together Show you the repetitiveness of what we do Tips for studying Understand your problem sets (and previous exams) Refer to your lecture notes and book to get additional details ork additional problems (Study Guide end of chapter Work additional problems (Study Guide, end of chapter, online) Work with a partner, explaining problems to each other EC201-Review-p2
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Op Cost Trade/ Comp Ad Comp Model Surplus/ Effi’ncy Elast. MB/ MC Product/ Costs Mkt Power Game Theor Extern. Fact Mkts 2X X 3X 4X X X 5X X 6X X 7 X X X 9X 10 X X 12 X X X 13 X X 4 14 X X X 15 X X X 16 X X X 17 X X X 18 X X X 0 20 X X X X X X X EC201-Review-p3
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Chapter 2 Key concepts: PPF, opportunity cost, gains from trade, omparative vs absolute advantage comparative vs. absolute advantage xample: Fig 2.5 Example: Fig 2.5 EC201-Review-p4
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Chapter 3 Key concepts: the competitive model, demand and upply curves shifts vs movements along / demand supply curves, shifts vs. movements along / demand vs. quantity demanded, equilibrium Ps and Qs Example: Fig 3.15 (drought) EC201-Review-p5
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Chapter 4 Key concepts: producer/consumer/total surplus (gains om trade) competitive markets are efficient from trade), competitive markets are efficient xample: Figure 4.10 Example: Figure 4.10 EC201-Review-p6
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Chapter 5 Key concepts: the effect of price and quantity controls n P/Q outcomes dead weight loss / inefficiencies /
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This note was uploaded on 11/11/2011 for the course EC 201 taught by Professor Haider during the Spring '10 term at Michigan State University.

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Summary-exam3 - Exam Exam Review Steven J. Haider EC201...

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