Final_topics - a Solving for P and Q in the permit market b...

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List of Topics for the Final Part 2 Economics 304K: Principles of Microeconomics Prof. Meg Ledyard Below is an outline of topics that we have covered in class since midterm 2. This may not include all of the topics that we have covered, but it is a good start. The final will consist of approximately 25% material from before the first midterm, 25% from between the two midterms, and 50% from after the second midterm. It is cumulative. Chapter 13: Natural Monopoly i. High Fixed cost, low marginal cost ii. MC pricing regulation and ATC pricing regulation a. Pros and cons b. Problems in the real world Extra Pages after Chapter 13: Incentive compatibility Chapter 15: Externalities i. Definition/ Graph ii. Positive and Negative externalities iii. Solutions a. Market based (tradeable permits) b. Taxes or subsidies c. Command and Control d. Coase Theorem iv. Tradeable permit markets vs command and control
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Unformatted text preview: a. Solving for P and Q in the permit market. b. Solving for firm costs. Chapter 15: Public Goods and Common resources i. Definition ii. Efficiency iii. Solutions iv. Free Rider Problem Chapter 17: Taxes i. Taxes on consumers ii. Taxes on producers iii. Tax burden iv. Consumer surplus, producer surplus, government revenue, total surplus, and DWL. Chapter 18: International Trade i. Efficiency of free trade vs. a closed economy (no trade) ii. Who gains and who loses under trade (it depends on the world price) a. What are the incentives to limit trade (who wants to limit trade policy in each case?) iii. Tariffs—Trade policy a. What is the change in efficiency compared to free trade? b. Who gains and who loses. Chapter 15: Incomplete Information i. Adverse Selection ii. Moral Hazard iii. Market for lemons—unravels....
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Final_topics - a Solving for P and Q in the permit market b...

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