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Unformatted text preview: -Profit maximization condition for a competitive firm-Shut-down condition for a competitive firm-Exit condition for a competitive firm-Graphical representation of the cost and revenue curves of a competitive firm-The reasons why monopolies exist-Profit maximization condition for a monopolist-Monopoly output and price elasticity of demand-The welfare cost of a monopoly-Monopolistic Competition output and price-Methods used to determine industry structure-The effects of different price strategies on consumer surplus 3. Learn the following formulas:-TC = FC + VC-ATC = TC/q-AFC = FC/q-AVC = VC/q-q TC MC =-q TR MR =-TR = P*q-L q MP L = L=labor-Profit = TR TC = (P-ATC)*q Go over the problems at the back of each chapter and the practice questions posted on semester book. 4. Bring the following to the exam:-A small scantron-A calculator-A pencil and eraser...
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