Final Review – Micro

Formulas Needed

How to draw the PPF, and make conclusions from the graph

Calculate the Comparative Advantage of two different people

Calculate changes in relative prices

Calculate MPP and relate it to MR

Other Topics to focus on

Fallacies of logic in economics

Positive and Normative Economics

PPF / Opportunity Cost

Interest Rates

Comparative Advantages

Substitutes and Complements

Supply and Demand Curves

Relative Prices

Derived Demand

3^rd Party Payments

Rent Controls

Tax Burden

Elasticity

Consumer and Producer Surplus

Marginal Utility

Costs

Diminishing returns

Monopoly

Monopolistic Competition

Oligopoly

Externalities

Deadweight Loss

Labor Market

MRP

Profits