ECON101 Study Guide - Final Guide: Opportunity Cost, Oligopoly, Marginal Cost

• School: University of Waterloo
• Department: Economics
• Course: ECON101
• Professor: Wokia Kumase

Document Summary

Mcq 100: ch 6 -> 10-15, ch 12-15 ->40, ch 3,4,5 -> 20, ch 1,2,8 ,9 ,10 -> 30. Factors affecting demand/supply to be changed, and what determines that 2-3 questions. Surplus (prices set over the equilibrium market)/ shortage (prices set below the equilibrium market) Types of elasticity (elastic, inelastic, perfectly elastic/ inelastic , Income elasticity ( normal, interior, luxury, ), cross price elasticity (substitute, compliment, positive, negative), elasticity versus revenue ( To solve it make them equal 10-2p=20+4p => -10=6p => p= -10/6. Change equilibrim -> best affect able bundle ( bl (slope) , indereference carfs (slope) Mux/muy = px/py if mu increases p increases (question) Difference in ce (substitute/income effect) which one greater or smaller depending on good. What is marginal cost if change the scale form here to there. Single price monopoly vs price-discriminatory monopoly (which one is working toward what?) (how much we are willing to pay)