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Week One: Fundamentals of Microeconomics Objective: Differentiate between macroeconomics and microeconomics. 1. Macroeconomics is a. the study of individual choice and how that choice is influenced by economic forces b. the study of the pricing policies of firms and the purchasing decisions of households c. the study of aggregate economic relationships d. an analysis of economic reality that proceeds from the parts to the whole 2. The invisible hand theorem comes from Objective: Analyze the effect of changes in supply and demand on the equilibrium price and quantity. 3. The law of demand states that the quantity demanded of a good is inversely related to the price of that good. Therefore,which are related to each week’s objectives. Highlight the correct response,Final Examination Study,papers,Course Hero Intern Company

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Learn More > Are you an educator? Log in Sign up University of Phoenix ECO ECO 1942 Eco+365+sample+final+exam - Final Examination Study Guide ECO/1942 Version 4 ECO/1942 Final Examination Study Guide This study guide prepares you for the Eco+365+sample+final+exam - Final Examination Study Guide... School University of Phoenix Course Title ECO 1942 Type Test Prep Uploaded By brightmuse Pages 6 Ratings 91% (44) 40 out of 44 people found this document helpful This preview shows page 1 - 3 out of 6 pages. Final Examination Study Guide ECO/1942 Version 4 1 ECO/1942 Final Examination Study Guide This study guide prepares you for the Final Examination you complete in the last week of the course. It contains practice questions,the demand a. is elastic b. is inelastic c.

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has unit elasticity d. is perfectly inelastic Final Examination Study Guide ECO/1942 Version 4 2 You've reached the end of your free preview. Want to read all 6 pages? TERM Fall '09 PROFESSOR BOWMAN TAGS Economics,Microeconomics,average total cost,as the price of a good goes 4. Which of the following situations best demonstrates the law of demand? Objective: Determine how elasticities affect pricing and purchasing decisions. 5. If quantity demanded does not change when the price changes,and even share my old projects,where I can find study resources for nearly all my courses,Course Hero Intern I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end,get online help from tutors 24/7,c. Insourcing

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