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Unformatted text preview: WELLESLEY COLLEGE DEPARTMENT OF ECONOMICS ECONOMICS 201-03 JOHNSON Final Exam Review Materials The final exam in this course will follow the standard self-scheduled rules and procedures here at Wellesley. The exam will cover all course materials from the semester, including all lecture materials up to and including the last lectures ofMonday & Tuesday, December 8 th & 9 th Material will be covered on the exam in a manner proportional to time spent on it in lecture - thus, the final will NOT be primarily based on material covered since the second hour exam. In the P&R text, you are responsible for Chapters 1-17 (with assigned appendices), EXCEPT for the following sections: 5.4, 5.5, 11.5, 11.6, Mixed Strategies (part of 13.3),13.8, 15.5, 15.8, and 15.9. Readings from the course conference are also fair game, and reading questions will again resemble those from problem sets - namely, asking you to apply some part ofa reading to a concept from the course. The exam will consist of 135 minutes ofquestions, for which you'll have the full 150 minutes of scheduled exam time. The first 45 minutes of the exam will be 30 multiple-choice questions, followed by 90 minutes ofproblems and questions to be completed in bluebooks. Books, notes, articles, and especially calculators will NOT be allowed on this exam. Good luck! Office Hours: Thursday & Friday, December 11 th and 12 th : 10:30 a.m. - Noon ~ ~ .. 1:00 - 2:00 p.m. J "-'l> PNE 408 Author's Note: I will be in next week (week ofDecember 14 th ) for drop-in hours, but it will be most efficient if you email me first to see if I'm in the office or to set up a specific time to meet. Emails will be returned in short order. Practice Problems from Last Part ofthe Course: 1. Multiple Choice Choose the BEST answer. 1. A perfectly competitive firm faces the following costs: q ATe 1 10 2 11 3 12 4 13 If the firm can sell its output for $ 13/unit, how many units should it produce? a. 1 b. 2 c. 3 d. 4 2. If, in order to sell more, a firm must reduce the price on all previous units sold, one can conclude that marginal revenue will: a. Exceed average revenue b. Equal average revenue c. Be less than average revenue d. Cannot tell unless we know marginal cost 3. Perfect first degree price discrimination and the optimal two part tariff with a single type ofconsumer both result in: a. A consumer surplus of zero....
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