Micro Learning Objectives for questions over Exam 1

 

PCM

 ECON 2302 MICROECONOMICS   

Chapter 20

Below you will find the learning objective, concept, idea, term, or theory that each question on the exam will cover. Each number in the following list refers to the question number on Exam 2 that will test your knowledge of that specific learning objective. Each of these topics/learning objectives is discussed in the textbook in the order that they are listed below. A much better understanding can often be attained by working through MyEconLab assignments connected to any of these objectives.

 

  After reading this chapter, you should be able to:

  1. Understand and calculate price elasticity of demand.
  2. Understand and calculate price elasticity of demand.
  3. Classify price elasticities of demand.
  4. Classify price elasticities of demand.
  5. Understand the relationship between price elasticity of demand and total revenues.
  6. Discuss the factors that determine price elasticity of demand.
  7. Describe cross elasticity of demand and how is can be used to indicate whether two goods are substitutes or complements.
  8. Explain income elasticity of demand.
  9. Classify price elasticities of supply.
  10. Discuss how the time element affects price elasticity of supply.