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Econ – Oct 5.docx

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Department
Economics
Course
ECON101
Professor
All Professors
Semester
Fall

Description
Econ – Oct 5 Today: Midterm Preview, other elasticities, policy application – product specific taxes,  consumer behaviour Reading: chapter 5 and 6 Midterm  ­pencil, calculator ­30 multiple choice questions  ­look at old exams on website ­Course Introduction: definitions, opportunity cost, economics as a science, ppf, 6  questions ­Markets: players, circular flow diagrams 2 questions ­Supply and Demand: comfortable with change in demand and change in quantity  demand, equilibrium, comparitive statics 10 questions ­Supply and Demand with the Government: forces in economy, invisible handshake, price  floors and ceilings, quotas 6 questions ­Elasticities: elastics of demand, total revenue rule 6 questions ­most questions are based on problem solving ­questions all from lectures Elasticity Demand – arc elastic formula, midpoint Income Elasticity of Demand – measures the responsiveness of quantity to changes in  income, measures the size of the shift in the demand curve, DO have to keep track of  positive or negative signs If income elasticity of demand is >0, then the good is a normal good (income goes up and  quantity demand goes up) If income elasticity of demand is <0, then the good is an inferior good (income goes up  and quantity demand goes down) If ­1  0, then goods a and b are substitutes If It is 
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