final exam info micro fall 2007

final exam info micro fall 2007 - Microeconomics 2106 Fall...

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Microeconomics 2106 Fall 2007 Topics covered on final Chapter 1 We covered this entire chapter including the appendix. In the appendix, you are not responsible for pages 30 and 31. Primary topics: thinking at the margin, opportunity costs, sunk costs, graphs and lines Chapter 2 We covered this entire chapter. Primary topics: exchange and opportunity costs, comparative advantage, production possibilities curve, gains from specialization and trade Chapter 3 We covered this entire chapter including the appendix. Primary topics: supply and demand, market equilibrium, price floors, price ceilings, remember that it is important to be able to determine the difference between a change in demand and a change in quantity demanded, also supply and quantity supplied, markets and social welfare, changes in equilibrium versus being out of equilibrium Chapter 4 We covered this entire chapter including the appendix. Primary topics: price elasticity of demand and determinants, elasticity and total expenditure, cross- price elasticity, income elasticity, supply elasticity and determinants, graphs of perfectly elastic/inelastic supply/ demand curves (what do they mean?), midpoint formula for elasticity and when to use. Chapter 5 We covered this entire chapter including the appendix. Primary topics: utility, total utility, marginal utility, info from graphs and tables, rational spending rule, substitution, real vs. nominal price, individual and market demand curves, consumer surplus- definition and on graph, indifference curves, budget constraints (shifts and rotations), optimal bundle, preferences, tradeoffs Chapter 6 We covered this entire chapter. Primary topics: supply and opportunity cost, individual and market supply curves, perfectly competitive firms (characteristics, implications, graphs), profit maximization, demand curve for PC firm and market, short run vs. long run, choosing optimal output, shut down condition, AVC, ATC, AFC, MC, etc… P=D=MR=AR for PC firm, the law of supply, determinants of supply, producer
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This note was uploaded on 03/20/2008 for the course ECON 2306 taught by Professor Cloud during the Fall '07 term at UGA.

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final exam info micro fall 2007 - Microeconomics 2106 Fall...

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