Review Sheet for Final Exam Chapters 15-17
Note: Review the Key Concepts, Questions for Review, and assignments.
Chapter 14 Perfect Competition
*You will not be responsible for questions directly from Chapter 14, but you should look at
perfect competition
Chapter 13 Costs of Production
Total Revenue (TR) = quantity of output * selling price
Total Cost (TR) = Explicit costs + Implicit costs
Profit () = Total Revenue Total cost
Explicit Costs = costs that require you to pay out cash
Implicit Costs = opportun
Chapter 14 Perfect Competition
A market is competitive if each buyer and seller is small compared to the size of the total market THEREFORE
firms have little ability to affect market prices SUPPLY CURVE is tightly linked to costs of production
Perfect Com
Theory of Industrial Structure, Unit III
ECO 4371, Spring 2017
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1 Innovation
2 Network Goods
3 Quality, durability
4 Advertising and Marketing tactics
5 Search Theory
6 Principal-Agent problems
7 Economics of Health Care
2 / 109
Kinds of innovation
Money and Banking - Homework 2 (Chaps 6-9)
Name_
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
1) The risk structure of interest rates is
A) the relationship among interest rates on bonds with diffe
Theory of Industrial Structure, Unit II
ECO 4371, Spring 2017
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Durable goods monopoly
Now, many products are durable, so that a purchase today gives a
stream of utility.
Buyers must choose when to buy, and when to re-buy, a
product
This has the im
Homework 3, ECO 4371
Please complete numbers 7.1 & 7.2 from page 164 of the book. Additionally, please complete the
following.
1. Consider a version of the oligopoly in exercise 6.1 from the book, where output is differentiated. In particular,
let = 10 an
Homework 5, ECO 4371
Please complete numbers 13.1 and 14.4 from the book. Additionally, please complete the following.
1. Your company sells expensive, branded fountain pens. There are 100,000 people of your pens. Each of these
100,000 people has his or h
Money and Banking Spring 2017 Semester Project Instructions
9 slides
1.
2.
3.
4.
5.
6.
7.
8.
9.
Title page
Spreadsheet with data (Please scale to fit all on one page)
Define rates and other measures.
At least 2 different graphs comparing no more than 4 di
Theory of Industrial Structure, Unit I
ECO 4371, Spring 2017
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Industrial Economics
Economics is the study of human behavior under scarcity.
Industrial organization or industrial economics studies the
strategies and structures of different industries
Homework 6, ECO 4371
Please complete number 15.2 from the book. Additionally, please complete the following.
1. Homeowners all have an initial wealth of 144, and utility function U = M where M is their net wealth. If
there is a fire, their wealth will dec
Homework 4, ECO 4371
1. Suppose there is a market in which the current state of technology allows a marginal cost of c, but an inventor believes
she can develop an improved process with a lower marginal cost c. Developing this process, retrofitting and tr
ECO5341
Day 1-Intro and Overview
Game Forms
Simultaneous Actions both players play at the same time
vs. Sequential Actions-players take turns
Information Form
Complete Information players know each others moves and can utilize them in strategy
vs. Incompl
Name:.
ECO 5341 (Section 1)
Spring 2016
Homework 2
Due February 9th Tuesday
Total Points: 100
This homework assignment will only be accepted if the answers are provided on the
space following each question. Treat this assignment like an exam. Write your
a
Name:.
ECO 5341 (Section 1) Spring 2016
Midterm
March 22nd Tuesday Total Points: 100
For full credit, please be formal, precise and tidy. If your answer is illegible and not well
organized and/or if your arguments are informal and imprecise, you will lose
Name:.
ECO 5341 (Section 1)
Spring 2016
Homework 3
Due February 23rd Tuesday
Total Points: 100
This homework assignment will only be accepted if the answers are provided on the
space following each question. Treat this assignment like an exam. Write your
Name:.
ECO 5341 (Section 1)
Spring 2016
Homework 2
Due February 9th Tuesday
Total Points: 100
This homework assignment will only be accepted if the answers are provided on the
space following each question. Treat this assignment like an exam. Write your
a
Name:.
ECO 5341
Spring 2016
Homework 1
Solutions
Total Points: 100
This homework assignment will only be accepted if the answers are provided on the
space following each question. Treat this assignment like an exam. Write your
answers only on the space pr
Name:.
ECO 5341
Spring 2016
Homework 6 Solutions
Due April 26th Tuesday
Total Points: 100
This homework assignment will only be accepted if the answers are provided on the
space following each question. Treat this assignment like an exam. Write your
answe
Infinitely Repeated Prisoners Dilemma Steps
Step 1: Identify Variable Values
Find cooperation value (C,C): Co (ex: 4)
Find Deviation value (D,C): Dev (ex: 6)
Find Defection value (D,D): Def (ex for 2a: 0) (ex for 2b: 2)
Step 2a: Solution if defect value i
Name:.
ECO 5341 (Section 1)
Spring 2016
Homework 5
Due April 12th Tuesday
Total Points: 100
This homework assignment will only be accepted if the answers are provided on the
space following each question. Treat this assignment like an exam. Write your
ans
Name:.
ECO 5341
Spring 2016
Homework 4 Solutions
Total Points: 100
This homework assignment will only be accepted if the answers are provided on the space
following each question. Treat this assignment like an exam. Write your answers only on
the space pr
ECO 5341: Strategic Behavior
Problem Set 5: Solutions
1
Signaling in Labor Markets
Consider an economy with 2 types of worker: Type I with marginal productivity of 1 and type II
with marginal productivity of 2. The population is split evenly between both
Homework 2, ECO 4371
Name:
Please complete numbers 6.1 & 6.6 from page 128 of the book. Additionally, please complete the
following.
1. Consider the two firms from question 6.1 in the book, and imagine they have agreed to collude and behave
as a monopoly.
Homework 1, ECO 4371
Name:
Please complete numbers 3.1, 3.4, 5.2 & 5.3 from the book. Additionally, please complete the
following.
1. The supply of new homes is given by S(p) = 15 p 30 and home buyers inverse demand is p(q) = 1000 20q.
(a) Find the equili
Homework 0, ECO 4371
Name:
1. Find the derivative of f (x) = x5 3x3 2x + 1.
2. Find the derivative of U (x) = ln(x2 + 2x + 1).
3. Find the Nash equilibrium of each game.
u
d
l
5, 2
4, 1
m
3, 1
2, 7
A
r
4, 3
2, 10
a
b
c
d
2, 2
1, 4
4, 7
e
7, 1
10, 3
3, 5
B
Exam 2 Review, ECO 4371
The second test in this class covers material from chapters 6, 7 & 8 in the book, and the Unit II slides.
You should be able to:
Ch. 6 Oligopoly
find oligopoly outcomes for competition in prices and quantities
compare these to th
Some More Practice
1. Suppose there are 100 consumers with individual demand for breakfast cereal x given by x = 3 p/5.
(a) Write down the market demand curve for breakfast cereal.
Solution: Since each consumers demand for x at a price is 3 p/5, the total