201-MidtermReview-1(1).docx

One opportunity cost calculation using numbers from a

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One opportunity cost calculation using numbers from a Production Frontier or from a word problem One conceptual statement of how an opportunity cost should be framed, without actually calculating it Solve for the equilibrium price and quantity using a system of equations Graphs: there will be about three graphs on the test You may be asked to identify a demand curve, a supply curve, and equilibrium point, the price axis and the quantity axis on a graph You may be asked to identify a shortage or surplus on a graph of demand and supply where the market price is shown You may be asked to identify a picture of a leftward or rightward shift in demand You may be asked to identify a picture of an upward or downward shift in supply
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You may be asked to identify what is shown by a shifting production frontier, e.g. an increase in capital over time, an increase/decrease in the resource base, a change in the production function of one product which then changes the slope of the frontier, comparative frontiers of two trading partners. Definitions, Concepts, Calculations and Graphs that Will NOT be on the First Midterm: Marginal Product/ productivity (this will be on Midterm 2) You will not have to distinguish between perfect substitutes and near substitutes Reservation Price (except to recognize its role in calculating consumer surplus) Revealed Preference - except to recognize that prices are what reveal the relative utility of products to consumers, if the term 'revealed' appears in a question about prices Welfare - this definition is not on the test You will not have to add lines to a graph or create a graph; the complete graph will be given to you and you will be asked to identify something on it
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