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Econ 202
Exam 1
Main Topics
I.
Supply and Demand
 Nonprice Determinants of Demand (demand shifters)
 Nonprice Determinants of Supply (supply shifters)
 (Changes in) Demand versus (Changes in) Quantity Demanded
 (Changes in) Supply versus (Changes in) Quantity Supplied
 Equilibrium Price
 Equilibrium Quantity
II.
Reasons for the Downward Sloping Demand Curve
 Substitution Effect
 Income Effect
 Diminishing Marginal Utility
III.
Elasticity of Demand
 Ranges of Elasticity
o Elastic
o Unit (unitary) Elastic
o Inelastic
 Price Elasticity of Demand
o Coefficient of Price Elasticity of Demand
o Total Revenue Test for Price Elasticity of Demand
o Determinants of Price Elasticity of Demand
 Income Elasticity of Demand
o Normal Goods (+ coefficient)
o Inferior Goods (- coefficient)
 Cross Elasticity of Demand
o Substitute Goods (+ coefficient)
o Complementary Goods (- coefficient)
IV.
Price Elasticity of Supply
 Determinant of Price Elasticity of Supply
 Ranges of Price Elasticity of Supply
o Market (Immediate) Period
o Short Run
o Long Run
V.
Applications of/Interferences With Supply and Demand
 Excise Taxes
 Price Floors
 Price Ceilings
 War on Drugs
 External Costs and External Benefits
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