FinalReviewSheet - EC 201 Review Sheet for Final Exam The Final Exam will be comprehensive and will include the following topics Chapter 1 Scarcity

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Unformatted text preview: EC 201 - Review Sheet for Final Exam The Final Exam will be comprehensive and will include the following topics: Chapter 1 Scarcity Opportunity cost Chapter 2 PPF – especially what happens when there is trade (see question from Midterm 1) Chapter 3 Demand – shifts & movements (demand and quantity demanded) Supply – shifts & movements (supply and quantity supplied) Know how to read supply and demand schedules Substitutes and complements Normal and inferior goods Equilibrium, equilibrium price, equilibrium quantity Chapter 4 Price ceilings & Price floors – real life examples: rent control, minimum wage Chapter 5 Price Elasticity of Demand Elastic, inelastic, unit elastic How to calculate price elasticity of demand using the midpoint formula What determines the price elasticity of demand? Know what happens to total revenue when there is a price change if demand is elastic, unit elastic or inelastic Cross-price elasticity of demand Income elasticity of demand Price elasticity of supply...
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This note was uploaded on 04/08/2008 for the course ECON 201 taught by Professor Wadell during the Spring '08 term at University of Oregon.

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FinalReviewSheet - EC 201 Review Sheet for Final Exam The Final Exam will be comprehensive and will include the following topics Chapter 1 Scarcity

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