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Eco 101 Principles of Microeconomics

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Page 1: Eco 101 Principles of Microeconomics 100 200 400 300 400 Intro to Econ Supply & Demand Elasticity Market Failure 300 200 400 200 100 500 100

Eco 101Principles of Microeconomics

Page 2: Eco 101 Principles of Microeconomics 100 200 400 300 400 Intro to Econ Supply & Demand Elasticity Market Failure 300 200 400 200 100 500 100

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Intro to Econ

Supply & Demand

ElasticityMarket Failure

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Page 3: Eco 101 Principles of Microeconomics 100 200 400 300 400 Intro to Econ Supply & Demand Elasticity Market Failure 300 200 400 200 100 500 100

Row 1, Col 1

With limited resources and unlimited wants, this is the central economic problem.

What is scarcity?

Page 4: Eco 101 Principles of Microeconomics 100 200 400 300 400 Intro to Econ Supply & Demand Elasticity Market Failure 300 200 400 200 100 500 100

1,2

This law tells us that price is inversely related to quantity,

holding all else constant.

What is the law of demand?

Page 5: Eco 101 Principles of Microeconomics 100 200 400 300 400 Intro to Econ Supply & Demand Elasticity Market Failure 300 200 400 200 100 500 100

1,3

Since the demand curve always slopes down, we expect

elasticity to have this property.

What is be < 0?

Page 6: Eco 101 Principles of Microeconomics 100 200 400 300 400 Intro to Econ Supply & Demand Elasticity Market Failure 300 200 400 200 100 500 100

1,4

Pollution is a prime example of this type of market failure.

What is a negative externality or external cost?

Page 7: Eco 101 Principles of Microeconomics 100 200 400 300 400 Intro to Econ Supply & Demand Elasticity Market Failure 300 200 400 200 100 500 100

2,1

This refers to the next best option

not chosen.

What is opportunity cost?

Page 8: Eco 101 Principles of Microeconomics 100 200 400 300 400 Intro to Econ Supply & Demand Elasticity Market Failure 300 200 400 200 100 500 100

2,2

An increase in income will actually decrease the demand

for these types of goods.

What are inferiors goods?

Page 9: Eco 101 Principles of Microeconomics 100 200 400 300 400 Intro to Econ Supply & Demand Elasticity Market Failure 300 200 400 200 100 500 100

2,3

When demand elasticity is -5, and 10% price increase causes

this change in quantity demanded.

What is a DECLINE of 50%?

Page 10: Eco 101 Principles of Microeconomics 100 200 400 300 400 Intro to Econ Supply & Demand Elasticity Market Failure 300 200 400 200 100 500 100

2,4

A good has this property when you cannot prevent non-payers

from consuming it.

What is nonexclusivity?

Page 11: Eco 101 Principles of Microeconomics 100 200 400 300 400 Intro to Econ Supply & Demand Elasticity Market Failure 300 200 400 200 100 500 100

3,1

The production possibilities curve takes this shape due to

resources being unequally suiting to different uses.

What is concave?

Page 12: Eco 101 Principles of Microeconomics 100 200 400 300 400 Intro to Econ Supply & Demand Elasticity Market Failure 300 200 400 200 100 500 100

3,2

Peanut butter and jelly are prime examples of these types

of goods.

What are complements?

Page 13: Eco 101 Principles of Microeconomics 100 200 400 300 400 Intro to Econ Supply & Demand Elasticity Market Failure 300 200 400 200 100 500 100

3,3

We expect gasoline demand to be inelastic for this reason.

What is lack of substitutes? or What is it’s a necessity?

Page 14: Eco 101 Principles of Microeconomics 100 200 400 300 400 Intro to Econ Supply & Demand Elasticity Market Failure 300 200 400 200 100 500 100

3,4

This problem occurs with public goods when people

attempt to enjoy the benefits of such goods without paying for

them.

What is the free rider problem?

Page 15: Eco 101 Principles of Microeconomics 100 200 400 300 400 Intro to Econ Supply & Demand Elasticity Market Failure 300 200 400 200 100 500 100

4,1

“Taxes are too high,” is an example of this type of

statement.

What is a normative statement?

Page 16: Eco 101 Principles of Microeconomics 100 200 400 300 400 Intro to Econ Supply & Demand Elasticity Market Failure 300 200 400 200 100 500 100

4,2

When the price of Coke rises, we expect the demand for Pepsi

to do this.

What is shift right?

Page 17: Eco 101 Principles of Microeconomics 100 200 400 300 400 Intro to Econ Supply & Demand Elasticity Market Failure 300 200 400 200 100 500 100

4,3

A perfectly inelastic supply curve takes this shape.

What is a vertical line?

Page 18: Eco 101 Principles of Microeconomics 100 200 400 300 400 Intro to Econ Supply & Demand Elasticity Market Failure 300 200 400 200 100 500 100

4,4

Positive externalities are a market failure that results in

this.

What is underproduction of the good or service?

Page 19: Eco 101 Principles of Microeconomics 100 200 400 300 400 Intro to Econ Supply & Demand Elasticity Market Failure 300 200 400 200 100 500 100

5,1

This factor of production refers to all types of natural resources.

What is land?

Page 20: Eco 101 Principles of Microeconomics 100 200 400 300 400 Intro to Econ Supply & Demand Elasticity Market Failure 300 200 400 200 100 500 100

5,2

With an increase in both supply and demand, we know this must

increase in equilibrium.

What is quantity?

Page 21: Eco 101 Principles of Microeconomics 100 200 400 300 400 Intro to Econ Supply & Demand Elasticity Market Failure 300 200 400 200 100 500 100

5,3

When a good is not easily stored, its supply has this

characteristic.

What is inelastic?

Page 22: Eco 101 Principles of Microeconomics 100 200 400 300 400 Intro to Econ Supply & Demand Elasticity Market Failure 300 200 400 200 100 500 100

5,4

Flood control is considered a public good, because it has

these two properties.

What is nonexclusivity and nonrivalry?


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