Transcript Review for Final Exam

Microeconomics
ECON 2302
Spring 2011
Marilyn Spencer, Ph.D.
Professor of Economics
Final Exam Review
Chapters 1-6 & 10-14
Who should consider taking the
Final Exam?
1. If you missed any of the 3 exams during the
term, you MUST take the final exam.
2. All others:
a. You need to see how very close your total points take
you to the grade you desire.
b. Then it’s a good idea to look at the spread between
your lowest exam score any your highest exam score.
c. If the spread exceeds your need for additional points,
you’re more likely to meet your goal by taking the
final. But, if not, you might do very well just by
studying very hard.
Planning to Take the Final? You need
to let me know!
YOU MUST EMAIL ME by 12 noon, Monday, May 9,
to tell me you plan to take the Final Exam.
Final Exam Week Office Hours:
 4-5:30 p.m., Wednesday, May 4
 12:30-2 p.m., May 5
 3-5 p.m., Tuesday, May 10
 3-5 p.m., Wednesday, May 11
 And by appointment
Optional Final Exam
 Test format (same as all other exams):
20 multiple choice questions
Resources sheet to indicate any additional resources
used – same resource choices as for previous exams
Questions include definitions, theory & applications. –
Expect graphs and numbers.
60-minute time period
Scantron answer sheet provided
Chapter 1 EXAM QUESTION TOPIC
 Scarcity
Chapter 2 EXAM QUESTION TOPICS
 Production possibilities frontier
 Opportunity cost
 Comparative advantage
Chapter 3 EXAM QUESTION TOPICS
 Variables that affect demand & supply
 Change in demand or supply that
change the equilibrium
Chapter 4 EXAM QUESTION TOPICS
 Consumer & producer surplus
 Price floors & ceilings
 Effects of a tax or government subsidy
Chapter 5 EXAM QUESTION TOPICS
 Causes and effects of externalities &
market failures
 Common resource problem
 Public goods/free rider problem
Chapter 6 EXAM QUESTION TOPICS
 Elasticities of demand
 Price elasticity of demand
 Income elasticity of demand
 Cross price elasticity of demand
 Determinants of price elasticity of demand
 Elasticity of demand and total revenue
 Taxes and elasticity of demand
Chapter 10 EXAM QUESTION TOPICS
only in the context of chapters 11-14
 Family of SHORT RUN cost curves: ATC,
AFC, AVC, MC
 LONG RUN: Returns to scale/efficient scale
Chapters 11, 12 & 14 EXAM QUESTIONS
Perfectly competitive v. monopolistically
competitive v. monopoly markets:
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Assumptions/conditions
Profit maximization/loss minimization
Barriers to entry
Effects of long run entry and exit
Efficiency
Government antitrust
Chapter 13 EXAM QUESTION TOPICS
 Barriers to entry
 Game theory to explain oligopoly behavior
 Non-cooperative games
 Dominant strategy
 Nash equilibrium
 Prisoners’ dilemma
 Cooperative games
 Collusion
 Cartel
 Price leadership
Any questions on
these topics?
Questions about
anything else?