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?