AP and honors unit I test info

Don't forget your "CHEAT SHEETS" which should include (1) the shift factors for supply and demand, and (2)the factors affecting elasticity (with the formula from your last handout)!

Bonus opportunity: The first ten (10) students to bring Mr. Robinson the answer to the following question will receive 10 bonus points on their unit test:

1. What qualifies a resource as being scarce?
2. Explain the difference between a straight line and a concave PPC.
3. What causes some PPCs to be concave--what does it tell you about the opportunity costs?