My Personal Review Guide for Microeconomics, Mid-terms & Final Exams
Other Helpful Guides
A lot of college students seem to struggle with the economics classes part of their general or business core requirement in their major. If you do, you're not alone. I'm writing this review as a tool to help myself and others in preparation for our final exam. This collection of articles covers Principles of Microeconomics (ECO 2020) as required at my college of attendance, Metropolitan State College of Denver. The textbook used is the nation's most popular for this level, Principles of Microeconomics, 6th Edition by N. Gregory Mankiw. Our particular class used an online version of the book, which I found obnoxious, but that's not important for now. This collection is more of a list of notes and key points that were excellent reminders for the exam. It's completion is a work in progress and more articles will be added as time allows. I hope you find it helpful in the meantime!
- Perfectly Competitive Market
Quick notes on perfect competition.
- Imports & Exports
Quick summary of how international trade affects a domestic competitive market.
- Price Ceilings & Floors
Effects of price ceilings and floors on a competitive market.
- Market Equilibrium & Taxes
An extremely brief summary of calculating equilibrium in a competitive market.
The section below is a simple list of formulas for quick reference. They are not necessarily explained, but are listed for convenience.
Total Revenue = Price x Quantity (TR = P x Q)
Average Revenue = Total Revenue / Quantity (AR = TR / Q)
Marginal Revenue - Change in Total Revenue / Change in Quantity (MR = ∆TR / ∆Q)
Total Cost = Fixed Cost + Variable Cost (TC = FC + VC)
Average Total Cost =Total Cost / Quantity Produced (ATC = TC/Q)
Elasticity of Demand = Percent Change in Quantity / Percent Change in Price x 100 (E = [%∆Q / %∆P] x 100)