Econ 274 Fall 2011 Glandon

Econ 274 Fall 2011 - Econ 274 Fall 2011 Glandon Outline of Material Covered Prior to Midterm Exam I The firm(Chapter 2 a Firm objectives b

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Econ 274 Fall 2011 Glandon Outline of Material Covered Prior to Midterm Exam I. The firm (Chapter 2) a. Firm objectives b. Ownership and control (3 major types of structures) II. Cost (Chapter 2) a. Cost Concepts a.i. Sunk Costs a.ii. Avoidable Costs a.iii. Fixed Costs a.iv. Variable Cost a.v. Marginal Cost a.vi. Average Cost b. Geometry of Costs c. Short Run vs. Long Run d. Economic vs. Accounting definition of cost e. Economies of Scale: e.i. e.ii. minimum efficient scale e.iii. Three sources III. Competition (Chapter 3) a. Long run versus short run b. Benchmark for efficient allocation b.i. Two reasons for efficiency c. Residual demand curve d. Market elasticity vs. elasticity facing an individual firm e. Welfare f. Entry barriers g. Dead Weight Loss g.i. Relation to elasticity
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IV. Monopoly and Monopsony (Chapter 4) a. How does monopolist select price b. Reasons monopolies exist c. Monopoly experiment d. Price-Cost Markup relationship to elasticity e. Dominant firms e.i. Fixed firms in fringe
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This note was uploaded on 12/15/2011 for the course EES 108 taught by Professor Giligan during the Spring '11 term at Vanderbilt.

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Econ 274 Fall 2011 - Econ 274 Fall 2011 Glandon Outline of Material Covered Prior to Midterm Exam I The firm(Chapter 2 a Firm objectives b

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