Econ 210 Study guides, Class notes & Summaries

MODULE 1 - GRADED QUIZ_ CHAPTERS 1 & 2_ ECON 210 MICROECONOMICS Due Oct 20 at 11:59pm Points 100 Questions 25 Time Limit 60 Minutes Allowed Attempts 2 Instructions Graded Quiz Before the end of the module week, take the module quiz. The purpose of the quiz is to assess your mastery of the knowledge and skills presented in your assigned textbook readings. To prepare for the graded quiz, take the Module 1 - Practice Quiz: Chapters 1 & 2. Time Limit: The quiz contains 25 multip...

Given that total spending for a certain household will always include a base amount of $1,000/month, and that additional spending is equal to half of any income earned, we can predict total household spending with a model y=b+mx. X represents income earned In a world of scarcity, we will never meet all of society's wants Due to limits on out time and effort, we are best off when we allocate our time, money, and effort According to the opportunity cost of out choices If Stan's Shoemake...

Due Jan 26 at 8:59pm Points 100 Questions 25 Time Limit 60 Minutes Allowed Attempts 2 MODULE 2 - GRADED QUIZ: CHAPTER 3: ECON 210 MICROECONOMICS Instructions Graded Quiz Before the end of the module week, take the module quiz. The purpose of the quiz is to assess your mastery of the knowledge and skills presented in your assigned textbook readings. To prepare for the graded quiz, take the Module 2 - Practice Quiz: Chapter 3. Time Limit: The quiz contains 25 multiple choice quest...

Due Jan 26 at 8:59pm Points 100 Questions 25 Time Limit 60 Minutes Allowed Attempts 2 MODULE 2 - GRADED QUIZ: CHAPTER 3: ECON 210 MICROECONOMICS Instructions Graded Quiz Before the end of the module week, take the module quiz. The purpose of the quiz is to assess your mastery of the knowledge and skills presented in your assigned textbook readings. To prepare for the graded quiz, take the Module 2 - Practice Quiz: Chapter 3. Time Limit: The quiz contains 25 multiple choice quest...

Which of the following statements demonstrates that economic agents respond to incentives? Consumers rent more DVDs from a video store that rents DVD's at a lower price than other rival video stores in the area. AND Department stores take steps to increase security since they believe it is more costly to allow shoplifting than to install expensive monitoring equipment. Holding all other personal characteristics-- such as age, gender, and income-- constant economists would expect that...

condition for monotonicity transformation -the transformation derivative is positive mrs to preference link -if mrs is the same after the transformation then its the same preferences steps for optimal choice using price and MRS -1. set price equal to MRS 2. solve for x1 into budget constraint and solve for x2 diminishing marginal product - marginal product calculation -derivative of the production function with respect to one input

a small number of strategically interdependent firms - The unique characteristic of an oligopolistically competitive market is monopolistic competition - Under which of the following market structures would you expect to see firms engaged in non‐price competition such as advertising? less; higher - Compared to a perfectly competitive firm operating in the long run, a monopolistic competitor will produce _____ at a ______ price. less than price since the demand facing the monopolis...

Principle 1 - Choices are necessary because resources are scarce Principle 2 - There is always an opportunity cost that comes with choices made with scarce resources Opportunity Cost - What you must give up in order to get something or what you must give up by not choosing your best alternative Principle 3 - "How much" is a decision at the margin Principle 4 - People usually respond to incentives, exploiting opportunities to make themselves better of

MODULE 1 - GRADED QUIZ_ CHAPTERS 1 & 2_ ECON 210 MICROECONOMICS Due Oct 20 at 11:59pm Points 100 Questions 25 Time Limit 60 Minutes Allowed Attempts 2 Instructions Graded Quiz Before the end of the module week, take the module quiz. The purpose of the quiz is to assess your mastery of the knowledge and skills presented in your assigned textbook readings. To prepare for the graded quiz, take the Module 1 - Practice Quiz: Chapters 1 & 2. Time Limit: The quiz contains 25 multip...

When economists assume that you can rank any two options according to the utility they provide, they are saying that your preferences arecomplete The slope of the budget line is given by:-Px/Py Consumers allocate their scarce resources bymaximizing their total utility subject to one or more budget constraints The marginal rate of substitution tells usthe amount of one good we would be willing to give up in exchange for one additional unit of another good What causes the demand for a no...