1. EC201- Microeconomics
Review for Midterm
10/26/2017

2. What to know… Chapters 1 – 6, 10
All Definitions (in margins of textbook; underlined in lectures)
Examples of those definitions (from book, lecture, or yourself)
Most Figures in each chapter (esp. those covered in lectures)
Solved Problems in chapters (e.g., 2.2, 3.3, 3.4, 4.3, 5.3, 5.4, 6.3)
Quiz & Homework problems

3. What to know… Tables 3.1, 3.2, 3.3 Figure 5.7
Midpoint Formula (part of equation will be provided on exam; see Solved Problem 6.1 for practice)
Tables 6.1, 6.3, 6.4, 6.5, 6.6, 6.7; next slide relating demand curves and price elasticity of demand
Atlantic article on Online Shopping

4. Price Elasticity of Demand (PED) & Demand Curves (Table 6.1)
Demand Curve PED
D1 = Perfectly elastic infinity
D2 = Elastic > 1
D3 = Unit-elastic 1
D4 = Inelastic < 1
D5 = Perfectly inelastic 0 D1 D2 D3 D4 D5
Also Know—
Price Elast. Of Supply Curves (Table 6.6) – same idea, except sloping upward