Review Material

Review Material - Problems 1 2 5 7 8 Chapter 14 Why does a...

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Review Material The following represents what I believe to be the most likely material to show up on the exam. This means other material may be covered on the exam and this is only my best guess. Good luck! Chapter 6 The definition of elasticity – not the formula but a definition All of page 189 The relationship between elasticity and TR Definitions: Inelastic, elastic, perfectly elastic, etc i.e. every kind of elasticity Problems: 5, 11, 29 Chapter 8 What are the gains from trade? Definitions: imports, exports, tariff, quota Try problem 29 – also what would happen if there were a tax of $0.25 on imports instead of a quota? Chapter 9 Definitions: Utility, Diminishing marginal utility, income effect, substitution effect, network externalities Problems: 3, 4 Chapter 10
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What is meant by ‘scale’? What is the relationship between MC and ATC? Definitions: Implicit cost, explicit cost, short run vs. long run, law of diminishing returns Problems: 2, 3, 15 Chapter 11 Definitions: Allocative efficiency, productive efficiency, accounting vs. economic profit, Table 11-1,
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Unformatted text preview: Problems: 1, 2, 5, 7, 8 Chapter 14 Why does a monopoly’s MR slope downward? What is the “regulated price” of a monopoly? Why? Do monopolies have supply curves? Where do monopolies come from? Definitions: Antitrust, natural monopoly, vertical and horizontal mergers, network externalities (again) Problems: 10, 11, 12, 13 Chapter 15 What is the “law of one price”? Definitions: Price discrimination, two-part tariff, transaction costs Problems: 15 and explain how it differs from the “standard” monopoly result. Chapter 16 Professor Gunter will cover this material Monday. Definitions: Human Capital, Marginal product of labor, economic rent, monopsony, marginal revenue product, Problems: A problem on an exam would like the examples on pages 500 -501 or the solved problem on 502 – 503. Problem 22 is similar to these examples, but I like the examples better....
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Review Material - Problems 1 2 5 7 8 Chapter 14 Why does a...

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