What This Document Is
This document is a detailed answer key for a midterm examination in Introduction to Microeconomics (ECON 1011) at Washington University in St. Louis. It covers core principles and problem-solving techniques assessed in the course, offering a comprehensive review of key concepts. The key corresponds to a specific midterm administered in Spring 2019, but the underlying economic principles are broadly applicable to the course material. It’s designed to be used *after* attempting the original exam to evaluate understanding and identify areas for improvement.
Why This Document Matters
This resource is invaluable for students enrolled in or having recently completed an introductory microeconomics course. It’s particularly helpful for students who want to solidify their grasp of fundamental economic concepts, understand common question types, and pinpoint specific areas where they struggled on the midterm. Utilizing this key allows for targeted review and a more efficient study process as you prepare for future assessments or continue your economics education. It’s best used in conjunction with your course notes, textbook, and any practice problems assigned during the semester.
Common Limitations or Challenges
This document provides the correct responses to specific questions, but it does *not* include detailed explanations of the reasoning behind each answer. It won’t walk you through the problem-solving process or offer alternative approaches. Simply knowing the correct answer isn’t enough; a strong understanding of the underlying economic principles is crucial. This key is also specific to one particular iteration of the midterm and may not perfectly reflect the content or format of future exams.
What This Document Provides
* A complete set of answers corresponding to a past ECON 1011 midterm exam.
* Coverage of core microeconomic topics, including consumer choice, opportunity cost, and production possibilities.
* Questions relating to marginal utility and consumer surplus calculations.
* Scenarios involving sunk costs and rational decision-making.
* Problems requiring application of economic principles to real-world situations.
