ECON101 Lecture Notes - Lecture 12: Demand Curve, Scantron Corporation, Consumer Behaviour

• School: University of Alberta
• Department: Economics
• Course: ECON101
• Professor: Gordon Lee

Document Summary

Scantron exam - test paper can be kept - 3 digit number on test, put on upper-right corner of scantron. Course introduction - what is economics, economic choices, positive vs. normative economics, micro vs macro economics (6 questions) Markets - players, circular flow diagram, characteristics of market (2 questions) Supply and demand - difference between change in quantity demanded (supplied) and change in demand (supply) (5 questions) Supply and demand with government (no questions on quotas) (4 questions) Elasticities - elasticity of demand, total revenue rule, other elasticities, taxes (5 questions) Consumer behaviour - assumptions, marginal utility, law of marginal utility (3 questions) If it"s not in the notes, then it"s not on the exam. Material up until and including september 30th (not oct. 3 class) The consumer equilibrium is defined as those levels of the quantities such that the consumer"s utility is maximized.