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Microeconomics ECON 2302 May 2011

Microeconomics ECON 2302 May 2011. Marilyn Spencer, Ph.D. Professor of Economics Review for Exam 2: Chapters 5, 6, 10 & 11. Exam 2: Wednesday, May 25. Test format (same as Exam 1): Short answer questions

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Microeconomics ECON 2302 May 2011

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  1. MicroeconomicsECON 2302May 2011 Marilyn Spencer, Ph.D. Professor of Economics Review for Exam 2: Chapters 5, 6, 10 & 11

  2. Exam 2: Wednesday, May 25 • Test format (same as Exam 1): • Short answer questions • Resources sheet provided, to indicate any additional resources used – same resource choices as for 1st exam • Questions include definitions, theory & applications. – Expect graphs and tables of numbers.

  3. Chapter 5 MAJOR TOPICS • Negative & positive externalities • What we mean by market failure • Causes of externalities • Deadweight loss from externalities • Coase Theorem • Rival v. nonrival / excludable v. non-excludable • Quasi-public goods • Common resource problem • Public goods/free rider problem

  4. Chapter 6 EXAM QUESTION TOPICS • Price elasticity of demand • Determinants • Calculating price elasticity of demand • Elasticity of demand and total revenue • Other elasticities of demand • Income elasticity of demand • Cross price elasticity of demand • Taxes and elasticity of demand • Elasticity of supply • Determinants • Calculating price elasticity of demand

  5. Chapter 10 EXAM QUESTION TOPICS • Short run v. long run • Economic cost v. accounting cost • Marginal product of labor • Average product of labor • Family of SHORT RUN cost curves: ATC, AFC, AVC, MC and how MC relates to the ATC & AVC curves • LONG RUN: • Returns to scale • Minimum efficient scale

  6. Chapter 11 EXAM QUESTION TOPICS • Perfectly competitive market assumptions/conditions • Elasticity of demand for a perfectly competitive firm • Perfectly competitive profit maximization • Perfectly competitive loss minimization • Shutdown point • Long run entry and exit • Efficiency of perfect competition

  7. Any questions on any of these topics?

  8. Pre-read Ch. 12 before we start going over it in class, including: • Review Questions: 3rd ed. p. 422, 1.1—1.3; p. 426, 4.1, 4.2; p. 6.1, 6.2 (2nd ed.,p. 432, 1.1 – 1.3; p. 436, 4.1 & 4.2; p. 438, 6.1 & 6.2;1st edition: 1, 2, 3, 7 8 & 10 on pp. 406-407); and • Problems and Applications: 3rd ed. p 422 1.4; p 423, 2.5; p424, 2.11; p 425, 3.3 (2nd ed.,p. 432, 1.4; p. 433, 2.5; p. 435, 3.3; & p. 4.34, 2.11; 1st edition: 1, 3, 5 & 17 on pp. 407-410).

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