FALL/SPRING/SUMMER
PCM
ECON 2302 MICROECONOMICS
Chapter 6
Below you will find the learning objective, concept, idea, term,
or theory that each question on the exam will cover. The numbers in the list
refer to the question number on Exam 2 that will test your knowledge of that
specific learning objective. You will also find a reference to the page
numbers in the textbook, Microeconomics, Explore & Apply: Activebook
Version 2.0 where the substance of each
question is explained. A much better understanding can often be attained by
working through the "active graphs" and "smart graphs"
connected to many of these objectives in the online material.
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After reading this chapter, you should be able to:
- Discuss
how the income and substitution effects lead to a downward-sloping
demand curve. Page 94
- Define
the terms utility, total utility, and marginal utility. Pages 94-95
- Explain
what motivates consumers in the economic model presented in the
textbook, and explain why marginal utility eventually diminishes.
Page 96
- Explain
the utility maximization process step-by-step. Pages 98-99
- State
and apply the rule for utility maximization. Page 99
- (#5
above is repeated here.)
- Show
how the rule for utility maximization can be used to derive a
downward-sloping demand curve. Pages 99-100
- (#7
above is repeated here.)
- List
and discuss the influences that impinge on consumers’ choices.
Pages 101-103
- (#9
above is repeated here.)
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