SAMPLE Microeconomics

‭Contents‬ ‭Chapter 1:‬ ‭Basic Economic Concepts‬

‭1‬

‭A. Scarcity, Choice, and Opportunity Cost‬

‭2‬ ‭5‬ ‭7‬

‭B. Production Possibilities Curve‬

‭C. Comparative Advantage, Specialization, and Trade‬

‭D. Economic Systems‬

‭11‬ ‭15‬ ‭17‬ ‭20‬ ‭22‬ ‭24‬ ‭24‬ ‭31‬ ‭36‬ ‭44‬ ‭48‬ ‭49‬ ‭50‬ ‭52‬ ‭58‬ ‭59‬ ‭59‬ ‭63‬ ‭65‬ ‭23‬ ‭51‬

‭E. Property Rights and the Role of Incentives‬

‭F. Marginal Analysis‬

‭Chapter 1 Review Questions‬ ‭Chapter 1 Review Answers‬

‭Chapter 2.1:‬ ‭The Nature and Functions of Product Markets – Market Equilibrium‬

‭A. Markets and Competition‬ ‭B. Demand and its Determinants‬ ‭C. Supply and its Determinants‬ ‭D. Market Equilibrium and Dynamics‬

‭E. Price Controls‬ ‭F. Quantity Controls‬

‭Chapter 2.1 Review Questions‬ ‭Chapter 2.1. Review Quiz Answers‬

‭Chapter 2.2:‬ ‭The Nature and Functions of Product Markets – Elasticity‬

‭A. Price Elasticity of Demand‬ ‭B. Income Elasticity of Demand‬ ‭C. Cross-Price Elasticity of Demand‬

‭D. Elasticity of Supply‬

‭Chapter 2.2 Review Questions‬ ‭Chapter 2.2. Review Quiz Answers‬

‭Chapter 2.3:‬ ‭The Nature and Functions of Product Markets – Markets and Welfare‬

‭66‬

‭A. Consumer Surplus, Producer Surplus, and Market Efficiency‬

‭67‬ ‭76‬ ‭82‬ ‭83‬

‭B. Tax Incidence and Deadweight Loss‬ ‭Chapter 2.3 Review Questions‬ ‭Chapter 2.3 Review Quiz Answers‬

‭Chapter 2.4:‬ ‭The Nature and Functions of Product Markets – Theory of Consumer Choice‬

‭84‬

‭A. Utility‬

‭85‬ ‭86‬ ‭90‬ ‭95‬

‭B. Utility Maximization‬

‭C. Consumer Equilibrium: A Different Lens for Utility Maximization‬

‭D. Income and Substitution Effects‬