outlinemid04 - Outline of Materials for Midterm Exam in...

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1 Outline of Materials for Midterm Exam in EEP101/ECON125 Spring 2004 Materials with “*” are more likely in the exam, but exam is not limited to those materials. 1. Basic Definitions: Chapter 2 You should be able to define: Pareto optimal Perfect competition Competitive equilibrium Main theory of welfare economics 2. Welfare Economics and Positive/Negative Externality*: Detailed text online: chapter 3, chapter 4, chapter 5, and chapter 6 Problem Sets: HW1 Discussion notes (1) Social welfare=CS+PS+GR-TEC+TEB where GR is the net government revenue, TEC is the total externality cost, and TEB is the total externality benefit* (2) Equilibrium conditions: should be able to solve mathematically and graphically the equilibrium for each of the followings:* Social optimum (MSC=MSB, where MSC = MPC + MEC, MSB = MPB + MEB) Competitive (MPC=MPB) Monopoly (MPC=MR) Monopsony (MO=MB) Middleman (MO=MR) (3)
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