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CMA1.A2.a. define the term utility CMA1.A2.b. differentiate between total utility and marginal utility and show the difference between the two on a graph CMA1.A2.c. demonstrate an understanding of the law of diminishing marginal utility CMA1.A2.d. analyze the relationship of marginal utility theory to the demand curve and to the price elasticity of demand CMA1.A2.e. identify the point of utility maximization CMA1.A2.f. demonstrate an understanding of indifference curves, including the marginal rate of substitution and the consumer’s equilibrium position

Write your opinion on marginal utility, indifference curve, budget constraint and consumer equilibrium.

CMA1.A6.a. identify the controversies surrounding the issues of inflation, unemployment, and economic growth CMA1.A6.b. define the rate of inflation CMA1.A6.c. distinguish nominal from real income CMA1.A6.d. list the macroeconomic effects of inflation CMA1.A6.e. define demand-pull inflation and cost-push inflation CMA1.A6.f. define the unemployment rate CMA1.A6.g. identify and define the different types of unemployment, including frictional unemployment, structural unemployment, and cyclical unemployment CMA1.A6.h. explain full employment, including the concepts of the natural rate of unemployment and the economy’s potential output CMA1.A6.i. describe the macroeconomic effects of unemployment CMA1.A6.j. interpret the graphical representation of the trade-off between inflation and unemployment CMA1.A6.k. demonstrate an understanding of aggregate demand and aggregate supply both in the short run and long run, including the graphical representation of both CMA1.A6.l. define economic growth and explain why it is an economic goal CMA1.A6.m. interpret the production possibilities curve CMA1.A6.n. demonstrate an understanding of demand-side and supply-side policies as used to increase economic growth and identify the limitations of each CMA1.A6.o. determine the impact of demand-side and supply-side policies on a firm CMA1.A6.p. determine the impact of inflation on the demand for and price of a firm’s output CMA1.A6.q. determine the impact of inflation on the supply and cost of a firm’s factors of production

CMA1.A4.a. identify the defining characteristics of pure competition, monopoly, monopolistic competition, and oligopoly CMA1.A4.b. differentiate the demand curve of an individual firm in a purely competitive market from the demand curve of the market itself CMA1.A4.c. identify, calculate, and graphically represent average, total, and marginal revenue for a firm in a purely competitive market CMA1.A4.d. identify and define the point of profit maximization for the purely competitive firm in the short-run CMA1.A4.e. identify, calculate, and graphically represent average, total, and marginal cost for a firm in a purely competitive market CMA1.A4.f. demonstrate an understanding of the short-run equilibrium price for the firm and for the industry in a purely competitive market CMA1.A4.g. demonstrate an understanding of profit maximization in the long run for the purely competitive firm CMA1.A4.h. identify, calculate, and graphically represent the demand, marginal revenue, and total revenue of a pure monopolist CMA1.A4.i. determine the point of profit maximization for a monopolist CMA1.A4.j. determine the economic consequences of monopoly CMA1.A4.k. identify and graphically represent the demand curve for a monopolistically competitive firm CMA1.A4.l. identify and define the point of profit maximization for a monopolistically competitive firm in the short run CMA1.A4.m. explain the long-run profit for a monopolistically competitive firm CMA1.A4.n. identify forms of non-price competition CMA1.A4.o. demonstrate an understanding of the kinked demand curve of an oligopoly CMA1.A4.p. predict the likely effects of boycotts and cartels on prices and output CMA1.A4.q. demonstrate an understanding of the factors impacting a firm in an oligopoly CMA1.A4.r. determine the impact of market structures on a firm

CMA1.D1.a. demonstrate an understanding of a simple regression equation and the measures associated with it CMA1.D1.b. define a multiple regression equation CMA1.D1.c. identify the assumptions of simple and multiple regression analyses CMA1.D1.d. calculate the result of a simple regression equation as applied to a specific situation CMA1.D1.e. demonstrate an understanding of learning curve analyses CMA1.D1.f. calculate the results under a cumulative average-time learning model and under an incremental unit-time learning model CMA1.D1.g. demonstrate an understanding of exponential smoothing and calculate a forecast using this method CMA1.D1.h. demonstrate an understanding of time series analyses, including objectives and patterns, i.e., trend, cyclical, seasonal, and irregular CMA1.D1.i. list the benefits and shortcomings of regression analysis, learning curve analysis, and time series analysis