Christian,
If you have time, and interest, check out the review sheets I left for you at the house with your books; however, if you don't have time to study everything, at least be sure to hit the highlights:
-- scarcity & opportunity cost
-- what factors cause the demand or supply curve to "shift" and the effect on equilibrium price and quantity
-- price ceilings and floors --- persistent shortages or surpluses
-- be able to calculate price elasticity of demand, state whether something is elastic, inelastic, or unit elastic, and determine the effect on total revenue
-- finding MU if given TU
-- determining the optimal purchase
-- Law of Diminishing Marginal Utility
-- short run vs. long run
-- accounting cost (profit) vs. economic cost (profit)
-- what is a production function? what is a cost function?
-- understand how to determine TC, FC, VC, ATC, AFC, AVC, MC, implicit cost, explicit cost, economic cost, accounting cost, TR, etc.
-- Law of Diminishing (Marginal) Returns
-- economies/diseconomies of scale
-- characteristics of perfect competition (monopoly, oligopoly, etc.)
-- short run (and long run) equilibrium
-- fundamental rule of profit maximization (MR = MC pr P = MC for perfect competition)
-- concentration ratio
-- kinked demand curve
-- Anti-trust Laws
-- negative externalities (MSC > MPC)
-- two characteristics of public goods
-- calculating present value
-- Pareto efficiency, if you got this far
All the best, and love,
mom
