Midterm2_topics - iii Consumer Optimization a MRS = Price...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
List of Topics for Second Midterm Economics 304K: Principles of Microeconomics Prof. Meg Ledyard Chapter 13: The costs of production. i. TR, TC, and Profit ii. Economic vs. Accounting Profit iii. Production functions and cost curves a. MC b. ATC c. AVC d. AFC Chapter 14: Firms in Competitive Markets i. Price taking behavior ii. Revenue of a competitive firm iii. Profit maximization condition iv. Shut down vs. Exit v. Long Run supply curve Chapter 21: Theory of Consumer Choice i. Budget constraints ii. Indifference Curves a. 4 properties b. Perfect substitutes and perfect compliments
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: iii. Consumer Optimization a. MRS = Price ratio (usually) b. Changes in income c. Changes in price i. Income and substitution effects iv. Deriving Demand v. Giffen Goods Chapter 15: Monopoly i. How monopolies make pricing and production decisions ii. Monopolies revenue (marginal revenue in particular) iv. Profit maximization v. The deadweight loss and monopoly profits vi. Natural monopoly (We may or may not get to this point.) a. Marginal cost pricing b. Average cost pricing...
View Full Document

This note was uploaded on 09/14/2009 for the course ECON 304K taught by Professor Ledyard during the Fall '08 term at University of Texas.

Ask a homework question - tutors are online