Micro Learning Objectives for questions over Exam 1

 

PCM

 ECON 2302 MICROECONOMICS   

Chapter 21

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. Define utility and utils..
  2. Distinguish between total utility and marginal utility.
  3. Discuss the concept of diminishing marginal utility.
  4. Explain how a consumer optimizes utility by equalizing the marginal utility per dollar spent across all goods and services.
  5. Describe the substitution effect of a price change on the quantity demanded.
  6. Understand how the real income effect of a price change affects the quantity demanded.
  7. Discuss the diamond-water paradox.
  8. Graph and describe the properties of an indifference curve.
  9. Graph and understand a budget constraint.
  10. Understand consumer optimum within the indifference curve analysis.