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

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
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
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 04/08/2008 for the course ECON 200 taught by Professor Ta during the Spring '07 term at University of Washington.

Page1 / 2

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

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online