ECO 201 Cram Kit Bundle
Opportunity Cost & PPF
4 Concepts
|
1 Practice Exercise
Opportunity Cost
Production Possibility Frontier (PPF)
Inefficient points on PPF
Unattainable points on PPF
PPF – Practice!
Supply & Demand
7 Concepts
|
1 Practice Exercise
Supply
Changes in Supply
Quantity Supplied vs. Supply
Demand
Changes in Demand
Quantity Demanded vs. Demand
Equilibrium
Supply & Demand – Practice!
Absolute vs. Comparative Advantage
5 Concepts
|
1 Practice Exercise
Specialization
Absolute Advantage
Calculating opportunity cost
Comparative Advantage
Graphing trade specialization
Absolute vs. Comparative Advantage – Practice!
Elasticity
6 Concepts
|
1 Practice Exercise
What is price elasticity?
Price Elasticity of Demand
How to calculate Price Elasticity of Demand
Price Elasticity of Supply
How to calculate Price Elasticity of Supply
What is Income Elasticity of Demand?
Elasticity – Practice!
Surplus
3 Concepts
|
1 Practice Exercise
Consumer Surplus
Producer Surplus
Total Surplus
Surplus – Practice!
Tax Incidence & DWL
4 Concepts
|
1 Practice Exercise
Excise tax
Deadweight Loss
Tax burden with inelastic demand
Tax burden with elastic demand
Tax Incidence & DWL – Practice!
Price Controls
5 Concepts
|
2 Practice Exercises
Price Floors
Black Markets with Price Floors
Price Ceilings
Black Markets with Price Ceilings
Non-binding controls
Price Floors – Practice!
Price Ceilings – Practice!
Externalities
3 Concepts
|
1 Practice Exercise
What is an externality?
Positive Externalities
Negative Externalities
Externalities – Practice!
Types of Goods
3 Concepts
|
1 Practice Exercise
Public Goods
Private Goods
Club vs. Common-Resource Goods
Types of Goods – Practice!
Total Costs
4 Concepts
|
1 Practice Exercise
Variable Cost
Fixed Cost
Total Cost
Total cost curves
Total Costs – Practice!
Per-unit Costs
7 Concepts
|
1 Practice Exercise
Marginal Cost
Average Variable Cost
Average Fixed Cost
Average Total Cost
How to interpret per-unit cost graph
Profit-maximizing point
Shutdown point
Per-Unit Costs – Practice!
Market Structures
2 Concepts
|
1 Practice Exercise
Competitive Firms
Monopolies
Market Structures – Practice!
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Quantity Demanded vs. Demand
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