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Intermediate Microeconomic Theory; ECO4010 final exam review questions with verified solutions
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This document coversECO4010 Intermediate Microeconomic Theory practice questions with 100% correct answers

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  • November 3, 2024
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  • 2024/2025
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  • eco4010 exam review questions

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ECO4010 FINAL EXAM REVIEW
QUESTIONS WITH CORRECT
ANSWERS


Economic cost - Explicit cost + opportunity cost

Opportunity cost - The value of all that must be sacrificed to do the activity.

Sunk cost - A cost that cannot be avoided regardless of future actions.

Reservation price - The minimum amount you would spend to do something.

Marginal cost - The cost of an additional unit.

Marginal benefit - The benefit of an additional unit.

MB = MC - Stop when marginal benefit = marginal cost

Price elasticity of demand - The percentage change in the quantity of a good demanded
that results from a 1 percent change in its price.

Elasticity of demand - εD = %∆QD / %∆P
Price Elasticity of Demand = % Change in Quantity Demanded / % Change in Price

Elasticity of supply - εS = %∆QS / %∆P

Elasticity - A measure of how much one economic variable responds to changes in
another economic variable.

Elastic - Less than -1

Unit Elastic - -1

Inelastic - Greater than -1

Normal Good - Income ↑ ⇒ Demand ↑ and Income ↓ ⇒ Demand ↓

Inferior Good - Income ↑ ⇒ Demand ↓ and Income ↓ ⇒ Demand ↑

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