Quiz 1 preparation
You are given the following information about a demand curve.
a) P = 500 2 Q
b) P = 500 5 Q
c) P = 600 2 Q
d) P = 600 5 Q
Show each on a graph
2. What is the elasticity of demand for each of the demand curves in part 1 around the
Chapter 3 demand and supply
Competitive market- has many buyers and sellers, so no single buyer or seller can
Producers offer items for sale only if the price is high enough to cover their opportunity
Consumers respond to changing opp
Chapter 6: Government Actions in Markets
Chapter 10: Organizing Production
Chapter 1 What is economics?
- Scarcity: Our inability to get everything we want
- Incentive: A reward that encourages an action or a penalty that discourages one
- Economics is the social science that studies the choices that individuals, businesses,
Chapter 17 Public Goods and Common Resources
Excludable good: If it is possible to prevent someone from enjoying its benefits. (Brinks security
Non-excludable good: If it is impossible to prevent anyone from benefiting from it. (Atlantic
Chapter 16 - Externalities
Externality: Is a cost or a benefit that arises that arises from production and falls on someone
other than the producer, or a cost of benefit that arises from consumption and falls on someone
other than the consumer.
Quiz 2 Work Sheet: For this assignment you can use a calculator. Try to do the entire problem
and use your calculator to find the final answer. On the quiz you can leave your answers
unsolved if the arithmetic is complicated (as is the case for the averag
DEPARTMENT OF ECONOMICS AND FINANCE-
College of Management and 'ECOIIOmics
ECON* 1050 Intr'oductOry Microeconomics
Fall 2011 - Midterm 1 - Version '1 _ _
INSTRUCTOR: E. ADOMAIT AND J. LIVERNOIS
ES - Identify yourself (name and student number) on the Compu
Microeconomics Chapter 10 Notes
-firm: an institution that hires factors of production and organizes those factors to produce and sell
goods and services. Our goal is to predict firms behavior.
-The Firms Goal: making a high quality product, business grow
Microeconomics Chapter 8 Notes
-Utility: the benefit or satisfaction that a person gets from the consumption of goods and services.
-Total Utility: total benefit that a person gets from the consumption of all the different goods and services. Depends on t
Microeconomics Chapter 7 Notes
-why do we go to such lengths to trade and communicate with others in faraway places?
-comparative advantage is the fundamental force that drives international trade. It is a situation in which a person
can perform an activi
ECONIOSO midterm 2 ea f08
Multiple Choice _ _
Identi) the choice that best completes the statement or answers the question.
d. A + B
5. Refer to Figure 9-8. The change in total surplus in this market because of trade is
~ Name: Class: Date: ID: A
1050 Midterm 2 ea jl rl f07
Identify the letter of the choice that best completes the statement or answers the question.
1. If a consumer is willing and able to pay $15.00 for a particular good but the price of t
ECON 1050 Exam Review
Chapter 1 notes
Scarcity: our inability to satisfy our wants. Scarcity is not only about money, but also time. When faced
with scarcity we are forced to choose how we will satisfy our wants and which wants we will satisfy. The