Chapter 3
Illustrate the concept of Pareto efficiency.
Explain the role of alienable private property rights in markets and why voluntary trade takes place.
Define and apply the concept of comparative advantage.
Explain the difference between demand and supply functions versus demand and supply curves.
Distinguish between movements along supply and demand curves and shifts in the curves.
Explain the forces that move prices and quantities toward their equilibrium levels in a competitive market.
Explain why long-run demand and supply curves are generally more elastic than short-run curves.
Predict (qualitatively) the relative changes in price versus quantity when demand or supply changes in applied settings.
Define and interpret consumer and producer surplus; define and interpret deadweight loss in terms of the value of forgone gains from trade.
Explain the effects of price controls both within the supply and demand model and in real-world terms.
Chapter 4
Define and mathematically express a demand function.
Explain the Law of Demand and the connection between declining marginal value and downward sloping demand curves.
Explain price elasticity and its relation to total revenue.
Define marginal revenue and discuss its relation to the demand curve, total revenue, and price elasticity.
Interpret and explain income and cross elasticities.
Identify differences between industry and firm demand.
Discuss network effects.
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