COMM 220 Study Guide - Final Guide: Mercantilism, Opportunity Cost, Standard Deviation
21 Apr 2017
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How to derive a supply and demand curve (isolate the slope and initial value and. Understand the law of demand and law of supply. Know the variables that shift the demand curve. Know the variables that shift the supply curve. Government intervention policies: price floor, price ceiling, price support, production quota. Efficient markets and market failures: lack of information, externalities. Calculation of unemployment rate and labour force participation rate. Interpretation of unemployment rate (tight or loose conditions) Difference between wages, earnings, total compensation, income: calculation of each item, difference between in-kind and deferred benefits, qualities of unearned income. Understanding of the demand for labour (use the scale and substitution effects to explain why the demand for labour is downward sloping) Know the factors that shift the demand for labour curve. Know the factors that shift the supply of labour. Profit maximization formulas (mpl, mpk, mrpl, mrpk, mel) Labour and capital as substitutes and complements.
