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1423class12 - 14.23 Government Regulation of Industry Class...

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14.23 Government Regulation ± of Industry± Class 12: Preparation for Midterm Exam 1
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How to study for Midterm Exam Go through all numeric problems that were covered in classes and the problem sets and be sure that you are comfortable with how to solve those models. For each of the industries that we have covered ensure that you know: – The basic outline of the industry – Why it was regulated – Why it was deregulated (if that happened to be the case) – How it was regulated (e.g. price controls, entry controls) The economic consequences of the regulation (in terms of efficiency, ability to do what it was supposed to do, profits, etc.). – The level of detail required is that discussed in class. 2
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How to study for Midterm Exam You do NOT need to remember all the acronyms for the various government agencies, the names of regulations, the dates of regulation (or similar). • There are 3 sections to the exam: – Part I consists of short questions/answers (3 worth 5 points, each). Each should invite 3 - 4 sentence accurate but brief responses. Numeric calculations are short with a few sentences for explanation. – Part II consists of one numeric problem (worth 25 points). This will take the same format as one of the problem set questions. – Part III is an essay question (worth 20 points). 3
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Industries Covered • Electricity •C able • Telephone: Fixed Line • Telephone: Mobile Potentially competitive markets: railroads, trucking and airlines 4
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Outline of Topics •1 . Review of theory of the firm: monopoly, oligopoly, surplus,
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1423class12 - 14.23 Government Regulation of Industry Class...

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