13 Jun PRICE ELASTICITY OF DEMAND, MIDPOINT METHOD, ELASTICITY AND TOTAL REVENUE
Hi, i will be having an online exam which is open from the 24th April and closes on April 30th 2018 at 11pm. it is only one attempt and will be based on the following chapters:
Chapter 1: economics, scarcity and choice, marginal analysis, opportunity cost, self-interest vs. social interest, incentives and rationality, fundamental economic questions
Chapter 2: market system vs. command system, invisible hand, the circular flow model, the production possibilities curve/frontier
Chapter 3: demand and supply, market equilibrium, government set prices (price ceiling, price floor)
Chapter 4: price elasticity of demand, midpoint method, elasticity and total revenue
Chapter 5: market failures, private goods vs. public goods, positive and negative externalities
Chapter 6: elasticities, total revenue, midpoint method
Chapter 10: consumer’s choice, utility (total, marginal), law of diminishing marginal returns/utility, rational consumers’ goal, budget constraint
Chapter 11: short-run vs. long-run, total product, marginal product, total cost, fixed cost, variable cost, marginal cost, economies of scale
Chapters 12, 13, 14, and 15: market structures’ characteristics, output, price, profit maximization rule, efficiency, possible economic outcomes, profit/loss calculation.
Chapter 16: price strategies (discrimination, arbitrage, law of one price, yield management,…).
i will give the rest of the details about how to access the exam to the one who will be awarded the exam.
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