ECO100Y1 Study Guide - Quiz Guide: Sunk Costs, Demand Curve, Perfect Competition
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DEPARTMENT OF ECONOMICS ECO101: FALL 2017
UNIVERSITY OF TORONTO PETER FOLTIN
Tutorial 3: Quarter-Term Review
1. Review some of the major concepts introduced in the first three weeks of class.
2. Test your understanding of these concepts by thinking and discussing interesting
3. Have some fun!
How to Prepare for Tutorial:
We will be using MobLab to answer MC questions and a reflection question.
1. Complete the questions below.
2. Check that your MobLab account’s email is your U of T account if you haven’t already.
To do so, email firstname.lastname@example.org with the email you used to sign up, as well as
your U of T email and the course code (rbkmnzlu) to have your account switched to your
U of T email address.
Pre-Tutorial Prep Problems
Note: not all problems will be taken up in tutorial; nor will solutions for these problems be
1. What is opportunity cost? What about implicit and explicit costs? How do the three
2. Explain the idea of marginal costs and benefits.
3. Why is it that rational people should ignore sunk costs?
4. What’s the difference between absolute and comparative advantage?
5. Explain what a production possibilities frontier is.
6. How do we construct a combined PPF from the PPFs of two individuals?
7. What are the three ways to interpret the demand curve? The supply curve?
8. Which factor leads to a shift along a demand curve? What factors lead to a shift of the
9. What is equilibrium in a perfectly competitive market? What is the market clearly
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