Econ 101 Deiter, S10 Final Exam Study Guide

Logistics: F May 7 9:45 a.m. (set two alarms!), 127 Curtiss Hall Special accommodation students report to 174 Heady as before

Weight in course grade: 33%

Material (= Comprehensive) and approximate weight Ex #1 material (20%) Ex #2 material (30%) New material (50%)

New material: Lectures starting W Apr 7 Chptrs covered in class (12-14, 17, 20) In classes #15-#19

Format: 51 MC questions (based on definitions of terms/concepts, interpret graphs/equations, applications). Same format as previous exams.

Things (not necessarily an exhaustive list) you will be expected to be able to do: 1) See Ex #1 study guide 2) See Ex #2 study guide 3) Explain or calculate cost of output concepts (TC, TVC, TFC, ATC, AVC, AFC, MC) 4) Calculate profit-maximizing Q of output for perfectly competitive and imperfectly competitive firms (i.e. MR = MC) 5) Explain or show graphically/mathematically a firm’s SR shut down decision 6) Explain or show graphically a firm’s SR supply curve and competitive market LR equilibrium 7) Explain or show graphically price discrimination by a P-setting firm 8) Explain topics related to monopolies such as sources of monopoly, natural monopolies, economic effects of monopolies, regulation of monopolies 9) Explain externalities, economic effects of externalities, and polices dealing with externalities 10) Calculate profit-maximizing Q of an input to use (i.e. VMP = MFC), explain factors that influence the derived demand for an input 11) Apply time value of money concepts to economic analyses of incremental benefits and incremental costs