review2 - PADP 6950 Fertig Final Exam Review Topics Note:...

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Unformatted text preview: PADP 6950 Fertig Final Exam Review Topics Note: The Final is cumulative but the emphasis of the exam will be on these topics. Fall 2011 UGA Profit formulas Economic vs. accounting profit Difference between short-run and long-run Production functions (SR and LR, graphs) Diminishing marginal product Diminishing technical rate of substitution Profit maximization (be able to explain intuitively MR=MC, graphs for monopoly only, not competition) Cost curves (ATC, AVC, MC) SR vs. LR ATC Returns to scale Supply curve (MC above AVC) Graph profit with cost curves Shut down criteria (focus on long run) Description of markets under perfect competition & monopoly Pros and cons of monopolies Average cost pricing and marginal cost pricing regulation Lerner index Herfindahl-Hirschman Index Price discrimination Prisoners' dilemma (be able to explain and identify) Strategic form of a game (be able to put a word problem into this form) Nash equilibrium Dominant strategy Pareto efficiency Edgeworth box Policy distortion (be able to explain what economists mean in terms of welfare) Market failures Externality (definition, examples, graphs) Marginal social cost/benefit curves Pigouvian tax/subsidy Policy options to address externalities Emission permits Coase Theorem Public goods (definition, contrast with private goods, examples) Free rider problem Policy options to address public goods ...
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