Exam 3 Review Sheet - ECON 2005 Fall 2007 Review Sheet for...

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ECON 2005 Fall 2007 Review Sheet for Exam 3 1. What is a production function? 2. What are the different “Runs” and how do they relate to the production function? 3. What is Marginal Product? 4. What is the law of Diminishing Returns? 5. Costs in the SR: TC, AC, MC, TFC, AFC, TVC, AVC, and MVC (or MC). 6. What relationship do these concepts have with each other? 7. What is the relationship between LRAC and SRAC? 8. Costs in the LR: What is the cause of the flatter shape of the LRAC? 9. What are economies of scale, constant returns to scale and diseconomies of scale? 10. What do we mean by the terms market structure and competitiveness? 11. What are the assumptions underlying perfect competition? 12. How do we obtain the market and firm demand under perfect competition? How do these curves look? 13. What is the relationship between AR, MR and price in perfect competition? What does TR look like? 14. When should a firm undertake production in perfect competition?
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