What This Document Is
This document is a study guide for ECO 1001: Microeconomics, offered at Baruch College CUNY, prepared by Professor O'Neill in March 2016. It’s designed to help students prepare for a final exam covering core principles of supply and demand, and elasticity. The guide consolidates key concepts and relationships for review.
Why This Document Matters
This study guide is valuable for any student enrolled in or recently completed Professor O'Neill’s Microeconomics course. It’s most useful during final exam preparation, serving as a concentrated review of essential topics. It exists to help students efficiently identify and revisit the most important material covered throughout the semester.
Common Limitations or Challenges
This study guide is a *review* tool, not a substitute for attending lectures, completing assignments, or reading the textbook. It provides a framework for understanding, but doesn’t offer in-depth explanations or practice problems beyond those summarized. It assumes prior learning of the concepts.
What This Document Provides
This guide specifically covers:
* **Supply and Demand:** Factors that shift demand and supply curves, movements along the curves, and the determination of equilibrium. It differentiates between normal and inferior goods, and substitutes and complements.
* **Elasticity:** A numerical overview of responsiveness of quantity to changes in its determinants, including definitions of inelastic, elastic, and unit elastic, as well as perfectly inelastic and perfectly elastic scenarios. It also outlines the determinants of price elasticity of demand.
This preview does *not* include detailed calculations, practice questions, or a comprehensive list of all possible exam topics. It does not provide full explanations of the underlying economic theories.
