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Final

MICRO FINAL EXAM OUTLINE.docx

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Department
Economics
Course
EC 110
Professor
Kent Zirlott
Semester
Spring

Description
MICRO FINAL EXAM OUTLINE The following chapters and items WILL be on the final exam. Ch. 10 Externalities Ch. 11 Public Goods and Common Resources Ch. 4 Supply and Demand (KNOW EVERYTHING IN THIS CHAPTER) Ch. 5 Elasticity 1. Know how to calculate elasticity of demand using the midpoint method. 2. Know the 5 types of elasticity and the characteristics and shapes of their demand curves. 3. Know the relationship between elasticity of demand and total revenue. 4. Know the determinants of elasticity of demand. Ch. 13 Production and Costs 1. Know the definitions and concepts. 2. Know the various types of costs and how to calculate them. 3. Know the types of profit and how to calculate them. 4. Know the graphs from the chapter. Ch. 14 Perfect Competition 1. Know the concepts and characteristics of this market. 2. Know the graphs associated with this market. 3. Know the short run and long run characteristics and conditions of this market. Ch. 15 Monopoly 1. Know the concepts and characteristics of this market. 2. Kno
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