ECON REVIEW FINALS
Change in Supply and Demand curves
o Know determinants in demand
Taste in Preferences
3 questions in any comparative statics problem
o Which curve shifts
o Which way does it shift?
o What happened to equilibrium P and Q after the shift
EC 101, Introductory Microeconomic Analysis
Practice Questions for the Final
For all of the relevant questions below, assume downward-sloping demand curves, and
upward-sloping supply curves, unless otherwise stated.
For the following question(s), use the
EC 101, Section BB
Introductory Microeconomic Analysis
Professor: Bruce Watson
Lectures: Mondays, Wednesdays and Fridays, 12:00 12:50
Room 537 in the Economics Dept., 270 Bay State Road
Econ Midterm Module Notes
Supply, Demand, Equilibrium, Price Controls, and Comparative Statistics
Definition of Supply & Demand
o Graph shifting
o Difference between Qd and D, and Qs and S
Equilibrium = when S and D curve meet.
o Price Floo
Econ Notes Sept 9
Overview of the Economy
Product Markets/Factor Markets
Firms - Supply
Goods and services flow from firms to households.
Factor Markets: Factor of Production labor/capital
Determinants of Demand
Econ Notes Sept 4 (Friday)
Princple Center if you want 1 on 1 help.
10:00 6:00pm Monday to Thursday
10:00AM 5:00 PM Friday
ERC (Educational Resource Center) in YAWKEY for additional help.
But rely on your Principle center and Discussion session.
Econ Notes 9/18
Which is more sensitive to changes in price?
DVD players went down by an average of $100 a player / Quantity of DVD players sold up by 1
Price of gasoline down by an average of 40 cents a gallon / Quantity of gasol
Econ Notes 9/11/2015
Supply: How much producers want to produce.
Determinants of Supply
o How much can I sell this for?
o Raw Materials, etc.
o What if the new machine I buy requires less labor? How to combine inputs in order
3 Questions in Comparative Statistics:
Which curve shifts?
o Demand since the price of a complement has changed and that is a
determinant of demand. (ex: DVD sales - price goes lower for complement)