Econ 201 ball state - Study guides, Class notes & Summaries

ECON 201 EXAM 1 BALL STATE; Questions and Answers 100% Correct What is Economics? Correct answer-the study of how people and society manages its scarce resources. How people make everyday decisions, purchases, savings, etc. What is the difference between microeconomics and macroeconomics? Correct answer1. Micro - the study of how households and firms make decisions and how they interact in specific markets. 2. Macro - the study of economy-wide phenomena

ECON 201 EXAM 2 BALL STATE Study Guide.

ECON 201 EXAM 1 BALL STATE | Questions And Answers Latest {} A+ Graded | 100% Verified

Can governments control who ends up bearing the burden of a tax buy imposing the tax wholly on buyers and sellers? - no. Cross Price Elasticity of Demand (CPED) - (% change in Qd of good 1) / (% change in P of good 2) Different elasticities. - Elasticities of Supply - Price elasticity of supply Elasticities of Demand - price elasticity of demand, cross -price elasticity of demand. Effects of tax on Sellers and Buyers. What happens to the equilibrium price and quantities? What happens to c...