ECON 1101- Final Exam Guide - Comprehensive Notes for the exam ( 144 pages long!)

• School: Dalhousie University
• Department: Economics
• Course: ECON 1101
• Professor: Teresa Cyrus

Document Summary

Chapter: 1 - 4: dave and jules gather lobster and eels, and spend all day doing this. Jules is better at fishing lobsters (because opportunity cost of 1 eel is 4 lobsters , compared to. Da(cid:448)e"s whi(cid:272)h is (cid:1006) lo(cid:271)sters) while dave is better at fishing eels (because opportunity cost of 1 lobster is eel, compared to jules which is eel): qd = 100 3p. Make sure you pay atte(cid:374)tio(cid:374) to see if it"s the intercept on the x-axis, or the y-axis. Qs = 78 quantity of equilibrium (e1) P = 34 price of equilibrium (e1) d) S = (cid:1004). (cid:1005)(cid:1011) i(cid:374)elasti(cid:272) (cid:271)e(cid:272)ause s < (cid:1005: fill out the chart if all you have is price and quantity (qd) The pri(cid:272)e a(cid:374)d (cid:395)ua(cid:374)tity differe(cid:374)(cid:272)e are s(cid:373)all e(cid:374)ough that there is(cid:374)"t a (cid:374)eed to use the a(cid:448)erage (cid:448)alues. 2016 midterm short-answer question (3-4) (cid:1007). a(cid:895) he(cid:374)ry"s total utility (cid:894)tu(cid:895) fro(cid:373) (cid:272)o(cid:374)su(cid:373)i(cid:374)g the first two slices of pizza is 16 utils.