Microeconomics ECON 2302 Summer I, 2011 Marilyn Spencer, Ph.D. Professor of Economics Review: Chapters 1-4.

Slides:



Advertisements
Similar presentations
LECTURE #5: MICROECONOMICS CHAPTER 6 Government Intervention Policy Objectives Policy Tools.
Advertisements

Microeconomics ECON 2302 Summer I, 2011
Final Exam "Microeconomics" March 2008 Ir. Muhril A., M.Sc., Ph.D1 Subjects For Final Exam March 2008 Microeconomics.
Microeconomics ECON 2302 Summer 2011 Marilyn Spencer, Ph.D. Professor of Economics Introduction to course & Chapter 1.
1. absolute advantage 2. capital 3. command economy.
Chapter Five: Welfare Analysis. Consumer Surplus.
ECON 101 Review Principles of Economics: Summer Session I.
Microeconomics: Law of Supply & Demand
1 Price Ceilings & Price Floors Price Floors 2 What is a Price Ceiling? below the market A maximum price set by government below the market generated.
Barron’s Chapter 2. Discipline of Economics ► Absolute Advantage: The ability to produce something more efficiently ► Capital: Productive equipment or.
Understanding Supply. Outcome: Describe the behavior of sellers in a competitive market.
CHAPTER SIX PRICES. Equilibrium When demand meets supply Demand greater than supply – shortage Supply greater than demand - surplus.
Supply & Demand Marketing I.
Unit 3: Microeconomics SSEMI3 The student will explain how markets, prices, and competition influence economic behavior. a. Identify and illustrate on.
Unit 2. The law of demand states that as price decreases, quantity demanded increases. An inverse relationship exists. The law of demand is dependent.
Chapter 6SectionMain Menu Opening Act: Friday 12/3 Pass your HW towards the person sitting along the center aisle of your row Here are the only items I.
Chapter 7 Supply. © OnlineTexts.com p. 2 The Law of Supply The law of supply holds that other things equal, as the price of a good rises, its quantity.
Economics Unit 4 Supply. Supply refers to the various quantities of a good or service that producers are willing to sell at all possible market prices.
What Is Economics?  Economics:  The study of the choices and decisions that affect making, distributing, and using goods and services.
Demand and Supply Chapter 3. Demand demand is a schedule that shows the various amounts of a product consumers are WILLING and ABLE to BUY at each specific.
CDAE Class 28 Dec 7 Last class: 9. Applying the competitive models Quiz 8 (Chapters 7 and 8) Quiz 9 (optional and take home, due 12:00noon, Friday,
Demand and Supply Krugman Section Modules 5-7. Demand demand is a schedule that shows the various amounts of a product consumers are WILLING and ABLE.
CDAE Class 27 Dec. 4 Last class: 8. Perfectively competitive markets 9. Policy analysis Today: 9. Policy analysis Class evaluation Quiz 8 (optional.
Chapter 6 Combining Supply and Demand. Equilibrium- where the supply and demand curves cross. Equilibrium determines the price and the quantity to be.
Macroeconomics ECON 2301 Spring 2011 Marilyn Spencer, Ph.D. Professor of Economics Chapters 6, 7, 8 & 14 Review.
Macroeconomics ECON 2301 Spring 2011 Marilyn Spencer, Ph.D. Professor of Economics Chapters 15 & 16 Review.
Summary Notes Economics 230 Part I. Chapter I Economics is concerned with the implications of relative scarcity A consequence is that there is no free.
Macroeconomics ECON 2302 May 2009 Marilyn Spencer, Ph.D. Professor of Economics Chapter 3.
Microeconomics ECON 2302 Spring 2010 Marilyn Spencer, Ph.D. Professor of Economics Introduction to course & Chapter 1.
Unit 2, Lesson 2 Cost Analysis Learning Targets: IWBAT graph and explain how firms determine price and output through marginal cost and analysis IWBAT.
Macroeconomics ECON 2301 Spring 2009 Marilyn Spencer, Ph.D. Professor of Economics Chapters 6-9 Review.
Benchmark Review How do economists define scarcity?
CHEVALIER FALL 2015 Supply and Demand Together. Warm-Up #9: Review Notes… Explain the pricing mechanism. When do surpluses occur and when do shortages.
Macroeconomics ECON 2301 Spring 2008 Marilyn Spencer, Ph.D. Professor of Economics Review of Chapters 14, 15 & 16 April 28, 2009.
ECN 221 Microeconomics First Exam Review. Chapter 1 [7] The study of Economics, Definitions Scarcity, Trade-offs Efficiency versus Equality Opportunity.
Microeconomics ECON 2302 May 2009 Marilyn Spencer, Ph.D. Professor of Economics Review: Chapters
Copyright 2011 The McGraw-Hill Companies 3-1 Demand Individual Demand Determinants of Demand Supply Individual Supply Determinants of Supply Market Equilibrium.
Graphing using Demand & Supply Analysis Ch. 4,5,6 Economics.
Unit 3 Targets. Target #1 Be able to identify what demand is and what sector it refers to.
Macroeconomics ECON 2301 Fall 2009 Marilyn Spencer, Ph.D. Professor of Economics Review of Chapters 15, 16 & 19.
Microeconomics ECON 2302 Spring 2011 Marilyn Spencer, Ph.D. Professor of Economics Final Exam Review Chapters 1-6 &
Macroeconomics ECON 2302 May 2009 Marilyn Spencer, Ph.D. Professor of Economics Chapter 4.
Principles of Macroeconomics Econ 231 Spring 2010 William J. Polley Department of Economics College of Business and Technology Western Illinois University.
Microeconomics ECON 2302 May 2009 Marilyn Spencer, Ph.D. Professor of Economics Review: Chapters 8, 10, 11 & 12.
Microeconomics ECON 2302 Spring 2010 Marilyn Spencer, Ph.D. Professor of Economics Review: Chapters 6, 10, 11 & 12.
Macroeconomics ECON 2302 May 2009 Marilyn Spencer, Ph.D. Professor of Economics Chapter 5.
Demand and Supply Chapters 4, 5 and 6. Demand demand is a schedule that shows the various amounts of a product consumers are WILLING and ABLE to BUY at.
What is the purpose of supply and demand? They determine the price of a good or service.
APEC3001 – First Review Session Marc F. Bellemare Fall 2015.
Supply & Demand Chapters 3, 4, & 5. Chapter 3 Demand – True demand meets 2 requirements: 1 2 Law of Demand Demand Curve: Demand Schedule: Diminishing.
Microeconomics ECON 2302 May 2009 Marilyn Spencer, Ph.D. Professor of Economics Chapter 12.
Unit 1 Basic Economic Concepts 8-12% 4-7 MCQs – all 3 SAQs.
PowerPoint 5 Unit 2 Economics
3 Demand, Supply, and Market Equilibrium.
Econ Unit One Day 8.
Microeconomics ECON 2302 Spring 2010
3 Demand, Supply, and Market Equilibrium.
Chapter 4: Applications Using Demand and Supply
Determinants of Demand
Chapter 6 Notes The Price System.
Chapter 6 Prices More real world situations.
Markets, Equilibrium, and Prices
Chapter 6 Prices Bring Markets to Balance
Chapter 6 Prices More real world situations.
3 Demand, Supply, and Market Equilibrium.
Application on Demand and Supply
Market-Clearing Price Supply and Demand together
Microeconomics ECON 2302 Spring 2011
Microeconomics ECON 2302 Summer I, 2011
Microeconomics ECON 2302 Summer 1, 2010
Presentation transcript:

Microeconomics ECON 2302 Summer I, 2011 Marilyn Spencer, Ph.D. Professor of Economics Review: Chapters 1-4

Exam 1, June 13 4 Chapters 1–4 ÜStudy PPT slides. ÜStudy assigned end-of-chapter questions. ÜStudy with a friend. 4 Test format: ÜShort answer, graphing, working with numbers ÜQuestions include definitions, theory & applications. Ü90 minutes

Test Resources Used Please check any applicable box concerning "fees" for test resources you plan to use DURING the exam:  3x5 card with notes, 5 test points  textbook and notebook, 15 test points  information from others, 100 test points  Will NOT use additional resources* * Two (2) points will be added to your score if you choose to NOT use any of these test resources. Name (please print):____________________ ID #:______________________ (some portion of ID#) Signature: ___________________________

Chapter 1 MAJOR TOPICS  Rational behavior  Responding to incentives  Positive & normative analysis  Scarcity

Chapter 2 MAJOR TOPICS  Production possibilities frontier model  Points on curve  Points below curve  Points above curve  Growth  Opportunity cost/marginal opportunity cost  Comparative advantage v. absolute advantage

Chapter 3 MAJOR TOPICS  Law of demand/movement along demand curve  Other major variables that affect demand  Law of supply/movement along supply curve  Other major variables that affect supply  Shortage or surplus  Changes in demand & supply that change the equilibrium

Chapter 4 MAJOR TOPICS  Economic surplus  Consumer surplus  Producer surplus  Price floors / ceilings  Effects of a tax  Effects of a government subsidy

Assignments to be completed before we begin Chapter 5: 4Pre-Read Ch. 5, including: ÜReview Questions: 3 rd ed. p. 160, ; p. 161, 2.1; p. 164, 4.2, 4.3 (2 nd ed., p. 166, ; p. 167, 2.1; p. 170, 4.2 & 4.3;1 st ed.: 1-6, 11 & 12 on p. 159) and ÜProblems and Applications: 3 rd ed. p ; p. 162, 2.5, 3.3; p. 165, 4.5 (2 nd ed., p. 166, 1.6; p. 168, 3.3; p. 167, 2.5; p. 170, 4.5;1 st ed.: 1, 3, 7 & 17 on pp ).

Any questions?