Micro Econ Final Review
Practice Set #1 Intro
1. Positive vs Normative Econ
a. Positive = econ system as is. No ethical or value judgments.
b. Normative studies econ on how it ought to be and uses value judgements
2. One major shortcoming of the tradition
Practice Set #3 Market Demand
1. Problem #1
a. What is the shape of a demand curve that is unit elastic throughout?
a.i. A rectangular hyperbole LOOK OVER
b. How can you tell if a demand curve is unit elastic throughout by simply