A Couple of Points on Price Elasticity
As I said earlier, the only main topic from Chapters 2-6 on the final will be price
elasticity, either of demand or supply. There are a couple of points that I went over
in lecture on price elasticity of demand (and
X Inefficiency: A Third Economic cost of Monopoly
1. Your book goes over two economic costs of monopoly: (1) deadweight lossthe unrealized gains in total surplus due to price being above marginal cost;
(2) rent-seeking behavior.
2. There is a third: in ma
Economics 304k: Pastel Midterm 2
November 2, 2011
Observe the Honor Code
Do not open the test until told to do so.
Do any 5 questions. YOU MUST DO QUESTION 3!
Definitions and short answer questions. Use a diagram if it helps a
Economics 304k-Unique # 34425
Introduction to Microeconomics
Professor David Sibley
An economy is a term we use to refer to the billions of interactions that take place each
day between buyers and sell
Lecture Exam #3 Answer Key
Study Topics for Midterm 3
1. Learn all definitions in chapters 13,14, 15 (through p. 321) and 16
(through p. 341). For the purposes of this exam, definitions are only
those terms printed in bold in the margins of the pages.
2. If I give you a specific li
Economics 304k-Professor Sibley
Midterm Exam 1-Pastel Version
October 5, 2011
Do not open the exam until told to do so.
Show all work on the exam. You will not need any paper other than the exam.
There are six questions, of which you must answe