ECON 1000 Study Guide - Midterm Guide: Inferior Good, Demand Curve, Normal Good

• School: York University
• Department: Economics
• Course: ECON 1000
• Professor: All

Document Summary

Part i - problem format - is worth 40 marks (80% of the total mark of 50) Part ii: a) 5 explanations are worth 1 mark each (10% of the total mark of 50. This total marks in this test are 50. The test is divided into two parts: b) 5 multiple choice are worth 1 marks reach (10% of the total mark of 50) Print your name and student number clearly on the front of the exam and on any loose pages. I: place your answers (and work where necessary) in the space provided. Clearly label all axes, curves, and points: production possibilities curves (12 marks) Suppose that canadian resources can produce the following production possibilities for. 75,000: 1 mark: wheat units intercept = 80,000 and steel intercept = 75,000. 1 mark: ppc curve is concave (could be points: i) 1 mark: no change in the steel intercept. Explain and illustrate with some actual numbers. (2 marks)