ECN2802
Fall
2016 Review
for Exam 2
Dr.
Dao
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Shift factors for supply
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Shift factors for demand
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Effects on price and quantity of shifts in demand and supply
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Calculation of foreign exchange rate
·
Effect of increase in imports on the demand for foreign currency
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Effect of price ceiling
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Effect of minimum wage on employment
·
Examples of excise tax
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Tariff
·
Effect of quantity restrictions on wage
·
Price elasticity of demand
·
Price elasticity of supply
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Perfect Inelastic Supply
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Perfect Inelastic Demand
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Perfectly Elastic Demand
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Slope and Elasticity along Straight-line demand curve
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Factors influencing the elasticity of demand
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Total revenue and price elasticity of demand
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Income Elasticity of Demand
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Utility Maximizing Rule
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Conspicuous consumption
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Assumption about taste for the theory of rational choice
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“Ultimate Game”
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Rational consumer
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Marginal utility vs. Total utility
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Relationship between marginal and total utility
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Principle of Diminishing Marginal Utility
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Focal point equilibria