Econ6320

What Bsic Decisions are made in every economy? how are these decisions made in the Manerican economy?

What factors shape demand? What factors sahpe supply?

Explain the difference between a change in demand and a change in quantity demanded.

Draw a graph that shows the supply and demand for a service. Label the axis, supply curve, demand curve, equilibrium price and quantity.

Show the effects of establishing a limit on quantity. What is the loss of social welfare? How much loss is born by consumers? How much by Suppliers?

Draw a graph that shows a consumer's indifference map and budget constraint. At which point will the consumer want to be at?

Price elasticity of demand

Cross price elasticity

Price elasticity of Demand

Income elasticity

Inferior good

Substitutes

Compliments

Producer surplus

Consumer surplus

Price Ceiling

Price floor