1. Describe law of supply and law of demand (draw graphs too)
2. Describe a good supply and demand condition for a business.
3. Describe the paradox of diamonds and water with respect to supply and demand.
4. Describe what factors shift the supply and demand curves.
5. Graph and describe a shortage, and do the same for a surplus.
6. Draw and describe simultaneous shift of supply and demand

33.It costs $30 for a movie and $25 for a meal. I get 15 utils of satisfaction from the movie and 10 utils of satisfaction from the meal. Which one should I choose? SHOW WORK

1. Describe inelastic demand and how it relates to revenue if price is increased.
2. Describe elastic demand and how it relates to revenue if price is increased.
3. If the elasticity of demand is .6 and price increases by 9%, how much and in which direction will quantity demanded change?
4. What factors affect the elasticity of demand for a good?
5. Describe cross-price elasticity of demand, income elasticity, and supply elasticity.
6. How is elasticity of supply different in the short run and long run?
7. If elasticity of demand is 1.4 and elasticity of supply is .8 and supply decreases by 9%, what will be the percentage change in price and the direction of the price change?
8. Graph the following 2 points on a demand curve and compute the elasticity of demand: P = $12 and Qd = 5; P = $11 and Qd = 16.If price increases by 15%, what happens to Qd?
9. What part of the demand curve is more elastic and what part is more inelastic.
10. Draw and describe consumer and producer surplus
11. Show deadweight loss from price ceiling and price floor (2 graphs)
12. Other effects from rent control
13. Draw and explain import restriction and deadweight loss
14. Graph a 5 dollar tax on a product with a 10 equilibrium price
15. Show same graph using inelastic demand. How does result change.
16. Show deadweight loss from tax (use elastic supply curve)
17. Demand function: Qd = 300 - 20P; Supply Function: Qs = 20P - 100. Calculate equilibrium P and equilibrium Q. Graph it too.
18. Describe economic profit and accounting profit in detail
19. Construct a generic income statement and balance sheet.
20. Describe an explicit cost and implicit cost
21. Draw and describe graph for diminishing marginal product of labor
22. Describe and graph ATC, AFC, and AVC
23. Draw a graph with ATC, AVC, and MC
24. What is the short run in economics
25. Describe the relationship between marginal cost and ATC
26. Draw and describe the long run ATC for a firm
27. Describe economies of scale, constant returns to scale, and diseconomies of scale, and why each occurs for a company as it increases production.
28. Demand function: Qd = 500 - 40P; Supply Function: Qs = 30P - 200. Calculate equilibrium P and equilibrium Q and graph it.