Micro Learning Objectives for questions over Exam 1

 

PCM

 ECON 2302 MICROECONOMICS   

Chapter 29

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 4 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 Marginal Revenue Product and labor demand
  2. Explain Derived Demand
  3. Define and calculate demand elasticity for labor
  4. Understand Labor Market Equilibrium
  5. Discuss shifts in market demand for labor
  6. Discuss Labor outsourcing benefits
  7. Discuss the net effects of labor outsourcing
  8. Discuss the benefits of labor outsourcing
  9. Discuss a monopoly in the product market
  10. Discuss the utilization of other factors of production