ECN2802

Summer 2018

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