ECN2802

Fall 2016                                             Review for Exam 2

Dr. Dao

 

·         Shift factors for supply

·         Shift factors for demand

·         Effects on price and quantity of shifts in demand and supply

·         Calculation of foreign exchange rate

·         Effect of increase in imports on the demand for foreign currency

·         Effect of price ceiling

·         Effect of minimum wage on employment

·         Examples of excise tax

·         Tariff

·         Effect of quantity restrictions on wage

·         Price elasticity of demand

·         Price elasticity of supply

·         Perfect Inelastic Supply

·         Perfect Inelastic Demand

·         Perfectly Elastic Demand

·         Slope and Elasticity along Straight-line demand curve

·         Factors influencing the elasticity of demand

·         Total revenue and price elasticity of demand

·         Income Elasticity of Demand

·         Utility Maximizing Rule

·         Conspicuous consumption

·         Assumption about taste for the theory of rational choice

·         “Ultimate Game”

·         Rational consumer

·         Marginal utility vs. Total utility

·         Relationship between marginal and total utility

·         Principle of Diminishing Marginal Utility

·         Focal point equilibria