ECON 2301 Spring 2003
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Transcript ECON 2301 Spring 2003
Microeconomics
ECON 2302
Spring 2010
Marilyn Spencer, Ph.D.
Professor of Economics
Review: Chapters 1-5
Announcement: Bonus Extra Credit
4 points possible
When: Thursday, February 18, 7 p.m.
Where: CI 102 (this room)
Who: Dr. Andy Piker, professor of philosophy, will speak
on steps to resolve conflicts.
What:
Sign in when you arrive
Email a summary (approx. 100 words) of how his main
points involve making choices to
[email protected], before class, February 25.
Announcement: Bonus Extra Credit
4 points possible
When: Tuesday, February 23, 4-5 p.m.
Where: Oso Room in the UC (Room 221)
Who: Barry C. Lynn, Director of the Markets, Enterprise,
and Resiliency Initiative, and a senior fellow at the New
America Foundation, will speak on “Cornered: The New
Monopoly Capitalism and the Economics of Destruction.”
What: RSVP ahead of time at RSVP form
Sign in when you arrive
Email a summary of his main points (approx. 100
words) to [email protected], before class,
March 2.
Exam 1, February 18
Chapters 1–5
Study PPT slides.
Study assigned end-of-chapter questions.
Study with a friend.
Test format:
Short answer questions, problem solving, graphing &
multiple choice
Questions include definitions, theory & applications –
Expect graphing and tables of numbers.
75 minutes
Test Resources Used
Please check any applicable box concerning "fees" for test
resources you plan to use DURING the exam:
3x5 card with notes, 5 test points
textbook and notebook, 15 test points
information from others, 100 test points
Will NOT use additional resources*
* Two (2) points will be added to your score if you choose to
NOT use any of these test resources.
Name (please print):____________________
ID #: ______________________ (some portion of ID#)
Signature: ___________________________
Chapter 1 MAJOR TOPICS
Rational behavior
Responding to incentives
Positive & normative analysis
Scarcity
Chapter 2 MAJOR TOPICS
Production possibilities frontier model
Points on curve
Points below curve
Points above curve
Growth
Opportunity cost
Marginal opportunity cost
Trade-offs
Comparative advantage v. absolute advantage
Circular flow of income model
Chapter 3 MAJOR TOPICS
Law of demand
Variables that affect demand
Law of supply
Variables that affect supply
Shortage or surplus
Changes in demand & supply that change the
equilibrium
Chapter 4 MAJOR TOPICS
Consumer surplus
Producer surplus
Price floors
Price ceilings
Effects of a tax
Effects of a government subsidy
Chapter 5 MAJOR TOPICS
Positive externalities
Negative externalities
Causes of externalities & market failures
Coase Theorem
Common resource problem
Public goods
Free rider problem
Before February 23, pre-read Ch. 6, including:
Review Questions: p. 200, 1.1-1.4; p. 202, 2.1 & 2.2; p.
204, 4.1 & 4.2; pp. 205-6, 5.1; p. 206, 6.1; and “If demand
for orange juice (OJ) is inelastic, will a rise in the price of
OJ increase or decrease the revenue received by orange
juice sellers?” (1st edition: 1-10, p. 193); and
Problems and Applications: p. 202, 3.3; p. 206, 5.2; p.
202, 2.4; p. 207, 6.6; and “During 2001 in Afghanistan,
the Taliban outlawed growing poppies, from which
opium is made. Opium output fell by 95%, and the price
of opium rose from 2,000 rupees/kg to 40,000 rupees/kg.
What was the price elasticity of demand for opium in
Afghanistan?” (1st edition: 2, 3, 5, 6 & 18, pp. 193-195).
Any questions?