midterm1reviewtopics - Price Floor Price Ceiling Over...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Review Topics for Midterm 1 Professor Korinna K. Hansen Opportunity Cost Absolute Advantage Comparative Advantage Production Possibility Frontier Marginal Rate of Transformation Law of Increasing Opportunity Cost Law of Diminishing Returns The PPF and Growth Demand Law of Demand Demand versus Quantity Demanded Determinants of Demand Aggregate Demand Supply Law of Supply Supply versus Quantity Supplied Determinants of Supply Aggregate Supply Equilibrium Changes in Equilibrium Consumer Surplus Producer Surplus
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Price Floor Price Ceiling Over production and Under production International Trade Elasticity Price Elasticity of Demand Slope of the Linear Demand versus Price Elasticity of Demand Midpoint Formula Perfectly Elastic, Perfectly Inelastic and Unit Elastic Demand Price Elasticity of Demand and Total Revenue Determinants of Price Elasticity of Demand Cross Price Elasticity of Demand Income Elasticity of Demand Elasticity of Supply Elasticity of Labor Supply...
View Full Document

This note was uploaded on 11/27/2011 for the course ECONOMICS 101 taught by Professor Kelly during the Fall '10 term at Wisconsin.

Ask a homework question - tutors are online