Name Microeconomics Unit Exam 2 Elasticity Elastic vs Inelastic

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Excise Tax
Microeconomics Unit Exam 2
Tax Incidence
Elasticity
Economic Impact of Taxes
Elastic vs Inelastic
Marginal buyers & sellers
Influences of Price Elasticity of Demand (5 Tests of
Price Celling
Elasticity)
Price Floor
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Availability of close substitutes
-
Necessities vs luxuries
-
Definition of a market
-
Time Horizon
-
Percent of Income
Binding vs Non Binding
The Costs of Taxation
Elasticity Coefficient
Tax Wedge
Elasticity of Demand Curves
Deadweight Loss
Midpoint Formula (Arc Elasticity)
Income Elasticity of Demand
International Trade
Cross-Price Elasticity
Free Trade
Elasticity of Supply
Tariffs
Determinants of Price Elasticity of Supply
World Price Vs Domestic Price
a. If domestic price < world price
Market Interventions
Sin Taxes
b. If domestic price > world price
How exporting country is affected by trade
How importing country is affected by trade
Excludable vs Non-excludable
Effects of a tariff
Rival vs Non-Rival
Price Quotas
Public Goods
Common Resources
Externalities
Quasi-Public/Collective Goods
Positive Externalities
Private Goods
Negative Externality
Free-Riders
Market Equilibrium (when good has a positive or
Cost-Benefit Analysis
negative externality)
Social Cost
Tragedy of the Commons
Ways to “internalize” the externality
Social Benefit
Command and Control Policies
How tradable permits work
Pigovian Tax (Corrective Tax)
Pigovian Subsidy
Coase Theorem
Spillover Costs
Common Goods and Resources
Market Failures
Be Able To Graph
Elasticity Graphs
Tax Graphs
Elasticity Graphs
Tariff Graph
International Trade Graph
Chart 4 Types of Goods with a G or S
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