Businesses and6the
Chapter
Costs of Production
Topics
The firm, cost, and profit
Production Functions
Definitions of Cost
Total Costs
Average Costs
Marginal Cost
The relationship between productivity and cost
Cost in the short run
Cost in the lon
Income Inequality, Poverty and
Discrimination
Topics
Differences in wages
Why do wages, salaries, and incomes differ?
Empirical Facts income distribution in the U.S.
Measuring Inequality: the Lorenz Curve
Causes of inequality
Poverty
Programs to reduce po
Chapter 9: Monopolistic Competition and Oligopoly
Characteristics of Monopolistic Competition
Equilibrium in a Monopolistic Competition market
Characteristics of Oligopoly
Equilibrium in a Oligopolistic market
Price Leadership
Strategic interaction
Monopolistic Competition and Oligopoly
Characteristics of Monopolistic Competition
Equilibrium in a Monopolistic Competition market
Characteristics of Oligopoly
Equilibrium in a Oligopolistic market
Price Leadership
Strategic interaction
Comparison
Chapter 13: Gross Domestic Product
Topics
Gross Domestic Product
Calculating GDP
The Expenditure (Final Goods) Approach
Nominal versus Real GDP
Calculating Real GDP
Calculating the GDP Deflator
Limitations of the GDP Concept
Potential GDP
Economic Growth
Chapter 7: Pure Competition
Topics:
Characteristics of Competitive Markets
Competitive Markets in the Short Run
Four Market Models
Pure competition
Pure monopoly
Monopolistic competition
Oligopoly
Pure
Competition
Monopolistic
Competition
Oligopoly
Mar
Topics
Chapter 8: Monopoly
Monopoly
Sources of Monopoly Power
The Social Costs of Monopoly Power
Price Discrimination
Natural Monopolies and Government Reaction to Monopolies.
Perfect Competition
P = LMC = LRAC
Normal profits or zero economic profits
Professor Gladden
Spring 2016
Practice Exam 1
Name_
You have 75 minutes to complete this 105 point exam. You may use a calculator and one, 1-sided 9.5 by 11 formula sheet.
The exam is closed book.
Please answer the multiple choice questions on the scantro
Professor Gladden
Spring 2016
Practice Exam 2
Name_
You have 75 minutes to complete this 105 point exam. You may use a calculator and one, 1-sided 9.5 by 11 formula sheet.
The exam is closed book.
Please answer the multiple choice questions on the scantro