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ECO 105 -
Exam 2 Study Guide
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ECO 105 1nd EditionExam # 2 Study Guide Lectures: 7 - 11Lecture 7What is the wealth transfer of a supply and demand curve that has a price floor?Money goes from consumers to producersLecture 8What is price elasticity of demand?The percentage change in Q when price increases by 1%How do you know if something is elastic or inelastic?Absolute value > 1, elasticAbsolute value < 1, inelasticLecture 9What is important to remember for theory of production?K (capital) is fixed/constantLecture 10How do you find variable cost in theory of cost?Labor * WagesLecture 11What is the difference between ambiguous and unambiguous?Ambiguous = unclearUnambiguous = clearCan profit maximization be
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