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ECON 1050 (57)
Midterm

# Midterm Review

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School
University of Guelph
Department
Economics
Course
ECON 1050
Professor
Semester
Fall

Description
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
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