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ECN 221 Microeconomics

ECN 221 Microeconomics. First Exam Review. Chapter 1 [7]. The study of Economics, Definitions Scarcity, Trade-offs Efficiency versus Equality Opportunity Costs Inflation and Unemployment. Chapter 2: [8]. Economics as Science – Scientific Method Purpose of models

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ECN 221 Microeconomics

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  1. ECN 221 Microeconomics First Exam Review

  2. Chapter 1 [7] • The study of Economics, Definitions • Scarcity, Trade-offs • Efficiency versus Equality • Opportunity Costs • Inflation and Unemployment

  3. Chapter 2: [8] • Economics as Science – Scientific Method • Purpose of models • Rationale for assumptions • Circular Flow Model • Factors of Production • Capital

  4. Chapter 3: [11] • Production Possibility Frontier, Problems • Opportunity Cost Measurements (e.g. like the farmer-rancher) • Comparative Advantage • Specialization • Rationale for Trade

  5. Chapter 4: [10] • Demand, Supply, Equilibrium • Competitive Markets, Monopoly • Deriving the Market Demand Curve • Individual Demand and Market Demand – analysis of tabular schedules, graphs

  6. Chapter 5: [8] • Price Elasticity of Demand • Elastic, Inelastic PED • Necessities versus Luxury Goods (elasticities) • Formula for computing PED (basic) • Interpreting demand schedules (slopes)

  7. Chapter 6: [6] • Price Ceilings, Price Floors – impact on D, S • Impact of Taxes on S, D, Elasticity • Graph problem • ceiling, floor, and equilibrium • surplus or shortage, binding, non-binding

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