ECON 1050 Midterm: Content of the Midterm, Questions and Answers from Review Lecture

• School: University of Guelph
• Department: Economics
• Course: ECON 1050
• Professor: H.Brand

Document Summary

Short answer question is from cocktail party. Midterm: saturday from 1:00 to 3:00 in rozh 101. 75 multiple choice questions + 1 short answer. Cocktail party economics read chapters 1 to 5. Production possibilities frontier (ppf: relate the ppf to opportunity cost, relate the ppf to the efficient use of resources, review the rising opportunity cost of food . Know what a demand schedule is: demand curve represents a demand schedule law of demand. Know what a supply schedule is: supply curve represents a supply schedule law of supply clearly understand the difference between movement along the curve and shifts in the curve. Go through the figures on page 74. How is elasticity measured: midpoint calculation, perfectly inelastic, inelastic, unitary elastic, elastic, perfectly elastic. 5 types of elasticity change in total revenue depending on the elasticity of the product factors influencing elasticity of demand: # of substitutes cross elasticity of demand income elasticity of demand elasticity of supply.