By Tammy Griffin,2015-01-31 17:56
Review Outline for Microeconomics
Please make sure to understand the following issues, but not by rote.
1. Shifts in the demand curve: causes and outcomes.
2. how supply and demand together set the price of a good and the quantity sold.
3. the meaning of the elasticity of demand.
4. determinants of the price elasticity of demand.
5. elasticity and total rev..