Midterm2_topics_part1

Midterm2_topics_part1 - vi Shutdown Chapter 9 Long Run...

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List of Topics for Second Midterm—Part 1 Economics 304K: Principles of Microeconomics Prof. Meg Ledyard THERE ARE MORE TO COME!!! This is a list of topics that we have covered since the first midterm. They are in no way exhaustive, and ANYTHING we have covered in class may appear on the exam. Chapter 7: The Production Process: The Behavior of Profit-Maximizing Firms i. Firm choices ii. Total Product, Marginal Product iii. Accounting vs. Economic Profits Chapter 8: Short-Run Costs and Output Decisions i. Cost terms ii. Graphing costs iii. Cost Charts iv. Profit Maximization v. Short Run Supply Curve
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Unformatted text preview: vi. Shutdown Chapter 9: Long Run Costs and Output decisions. i. Exit ii. Returns to Scale iii. Long Run supply curve iv. Entry/Exit Chapter 12: General Equilibrium and the Efficiency of Perfect Competition i. Pareto efficient allocations (definition) ii. Consumer Surplus and Producer Surplus iii. Perfectly competitive markets are efficient iv. Market failures Chapter 13: Monopoly and Anti-Trust policy i. Sources of Monopoly ii. Monopolies revenue (marginal revenue in particular) iii. Profit maximization iv. Social Costs v. Rent Seeking Behavior vi. Price Discrimination...
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