Only one will be on the exam, but we need to prepare all the answers to be prepared. I could probably answer all the questions, but when I get stressed it becomes impossible to focus on small things as I can only see the big picture.
1) Discuss the meaning and importance of the concept of elasticity in microeconomic reasoning. Be specific, and provide an example.
For question one, I think I understand. Although, I'm not too sure about the importance of the concept?
2) Choose any two of the markets structures found in market-based economies, and compare them, in terms of characteristics and efficient use of resources. Of the two markets you have analyzed, which market is the best for society, and why?
This one I do get, but which two would be easiest? I'm thinking Perfect Competition and Monopoly? As they are complete opposites? But, we've never learned about their efficient uses of resources.
3) “The concept of opportunity cost is central to the decision making process.” Explain what this statement means. Explain the importance of opportunity cost by providing examples of decisions made by: individuals; and businesses;
I think I get this one. I can think of examples of individuals, (I think) however, I'm not too sure about the business part?
My problem is I've lost my textbooks over the semester, and every thing I find online isn't so great or it's worded in a way that is really complicated.
I suppose my main question is if anyone has any good online resources for Elasticity, Opportunity Cost & the four markets?