Study Guides (238,085)
Canada (114,909)
Economics (191)
ECON 1050 (57)

Midterm Review

3 Pages
Unlock Document

University of Guelph
ECON 1050
Eveline Adomait

Midterm Specific Review October-17-13 8:46 PM • 90 Questions ○ 15 question/chapter  10-15 questions on elasticity • Chapters 2-7 • Questions in this review are from 2011 Midterm - and are the main ones that show use of concepts micromidte m2011 2) Tax amount (shifts every point up by that amount) Consumer tax Tax amount imposed. In this case, $1.00. Producer tax 13) When OC is less,thereis a comparativeadvantage.Always specializein the good that has comparativeadvantage. OC is calculatedby: amount of good x given up to get good y. . To get OC of other good, take reciprocal. OC for Vulcan: 4y for 2x, therefore for 1x they give up 2y. OC for Romulus: good x = 1.5y, good y = 1/1.5x Romulus has comparative advantage for good x because OC is less (1.5 is less than 2), and Vulcan has CA for good y because OC is less (1/2 is less than 2/3) 21) Equilibriumis when Shortageis when Surplusis when Equilibrium 8 e.g. Qd 200 Qs 52) Midterm Specific Review Page 1 CS CS
More Less

Related notes for ECON 1050

Log In


Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.