E251x.F11.Final.TopRev

E251x.F11.Final.TopRev - ECON 251x Fall 2011Topical Review...

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ECON 251x Fall 2011Topical Review of New Material on Final Exam (Chapters 12,13 and Classnotes) The following is a general guide to the material we have covered since the second midterm. It is not necessarily definitive. 1. Monopolistic Competition: (Ch.12) A. Definition of the Model B. Derived the characteristics of the market C. Analyzed potential economic profits in the SR and LR D. Analyzed economic efficiency relative to perfect competition E. Analyzed implications for price elasticity 2. Oligopoly: (Ch. 12) A. Definition of the Model 1. Derived the characteristics of the market 2. Defined a Market equilibrium 3. Defined a Nash Equilibrium. B. Analyzed the Cournot Model 1. Defined the assumptions 2. Defined Duopoly 3. Derived the reaction curve and potential for market equilibrium 4. Compared a. Collusive Joint output b. Oligopoly Joint output c. Competitive Joint output 5. potential for profit C. Analyzed the Stackelberg First mover Advantage D. Analyzed the Bertrand Model 1. Assumptions
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E251x.F11.Final.TopRev - ECON 251x Fall 2011Topical Review...

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