Eric Doviak Principles of Microeconomics Review for the Mid-term Exam The first exam will cover Lectures 1, 2, 3 and 4. The exam will require you to define some of the terms listed below and require you to solve some problems. The problems given below were taken from exams that I have given in the past. They are a supplement to the homeworks. They are NOT a substitute for the homeworks. Terms to know x independent variable x dependent variable x ceteris paribus x absolute advantage x comparative advantage x opportunity cost x relative price x gains from trade x production possibilities frontier x increasing opportunity cost x price x individual demand curve x market demand curve x quantity demanded x individual supply curve x market supply curve x quantity supplied x income x substitutes x complements x total cost x average cost x marginal cost x excess demand x excess supply x equilibrium x price elasticity of demand x elastic region of demand curve x inelastic region of demand curve ƇƇƇ
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