midterm topics

# midterm topics - Econ 200 Study Topics for the Midterm...

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Econ 200 Study Topics for the Midterm Marginal Value, Total Value and Total Expenditure o How to calculate them o How they relate to the demand curves o The definitions o How to make your big chart Consumer Surplus o How to calculate it o Remember it represents the gains to the consumer o Changes in consumer surplus represent the monthly fee a person is willing to pay o When a person goes from demanding some of a good to not being able to have the good, their loss is represented by the change in consumer surplus Elasticity o What is elasticity o Various measures: Cross-Price Elasticity Income Elasticity Price Elasticity of Demand o Point Elasticity Formula: ε = P Q . D Q D P o Percent Change Formula: = %D Q %D P = D Q Q ( ) D P P ( ) *100 o How Elasticity relates to Total Expenditure Economic Efficiency o What does this mean o At what point in the Graph does this occur o Dead Weight Loss The Role of Money o Commodity money What is it? What are the problems with it

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midterm topics - Econ 200 Study Topics for the Midterm...

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