Transcript 2 pts - Cloudfront.net

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Basic Economic
Concepts and
Supply &
Demand
The Cost of
Production and
PC
Imperfect
Competition
Factor Market
Market Failures
Imperfect
Factor Market
Competition
Market
Failures
Basic Economic
Concepts & S/D
Cost of Prod
and PC
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$
Basic Econ Concepts and S/D– 1pt
What is the per
unit opportunity
cost for moving
from point d to e?
Basic Econ Concepts and S/D - 2 pt
A downward sloping demand curve can be
explained by
I. diminishing marginal utility
II. diminishing marginal returns
III. the substitution effect
IV. the income effect
a.
b.
c.
d.
e.
I only
II only
I and III only
I and IV only
I, III, and IV only
Basic Econ Concepts and S/D - 3pts
Which of the following shifts in the supply
and demand curves will definitely cause
both price and quantity to decrease?
A.
B.
C.
D.
E.
Supply Curve
Shifts to the left
Shifts to the left
Shifts to the right
No shift
No shift
Demand Curve
Shifts to the left
No shift
Shifts to the right
Shifts to the right
Shifts to the left
Basic Econ Concepts and S/D - 4pts
Draw a price ceiling and
identify if there is a
shortage or surplus.
Basic Econ Concepts and S/D - 5pts
Who should specialize in what?
Brazil
United States
45
40
20M = 15C
25M = 25C
Milk (tons)
Milk (tons)
35
30
25
20
30
25
20
15
15
10
5
10
15
20
Corn (tons)
25
30
5
10
15
20
Corn (tons)
Cost of Prod and PC- 1pt
Draw and label the relationship
between Total Output and
Marginal Output and identify
the three stages of returns.
Cost of Prod and PC- 2 pts
A. Identify the difference
between the short run and long
run in terms of production.
B. Draw the Long-Run Average
Total Cost Curve and label three
stages.
Cost of Prod and PC -- 3pts
A. Draw and label a
perfectly competitive
firm and industry
making a profit.
B. Show what will then
happen in the long run.
Cost of Prod and PC -- 4pts
Cost of Prod and PC - 5 pts
What happens to a firm’s cost curves if
its fixed costs increase. What happens
to output and profits?
Imperfect Competition- 1 pt
A. Identify and name the two
types of efficiency (P=?)
B. Identify which market
structures are efficient in the
long-run.
Imperfect Competition- 2 pts
Draw and label a monopolistic
competitive firm in long-run
equilibrium.
Label Excess Capacity
Imperfect Competition- 3 pts
Is point f in the
elastic or
inelastic,
portion of the
demand curve?
Explain
Imperfect Competition- 4 pts
A. What is Pie Crust’s dominant
strategy?
B. What is the Nash equilibrium?
La Pizza
Advertise
Pie Crust
Advertise
Not
Advertise
Not
Advertise
$250, $200 $450, $300
$180, $500 $390, $400
Imperfect Competition– 5 pts
Draw the following:
1. Monopoly making a profit
2. Cartel making a profit
3. Monopolistic competitive
firm in the short run
making a profit.
Factor Market - 1 pt
When does
diminishing
marginal
returns set
in?
Factor Market - 2 pts
A.Draw and label a
perfectly competitive
labor market and firm
with wage $50
Factor Market - 3 pts
A. Define MRP
B. Identify the two ways to
calculate MRP
Factor Market - 4 pts
If the firm pays
each worker $7
and can sell as
many potatoes
as it wants for
$2, how many
workers should
it hire to
maximize
profits?
Factor Market - 5 pts
In a competitive industry, suppose the
marginal revenue product of the last
donut baker hired is $35 and the
marginal revenue product of the last
bagel maker is $15. A baker must pay
donut makers $40 a day and bagel
makers $10 a day. What should the
bakery do to maximize profits?
Market Failure - 1 pt
A.Draw and label a positive
externality
B.Identify the government
action that will remedy
unerallocation of resources
Market Failure - 2 pts
A. Define Public Goods
B. Give one example
C. Identify why private
firms don’t provide them
Market Failure - 3 pts
Draw a monopoly earning
positive profits. Label the
unregulated price, the
socially optimal price and
the fair-return price.
Market Failure - 4 pts.
Draw a monopoly making a
profit.
Label unregulated price, profit,
Daily
Double
consumer surplus, producer
surplus, dead weight loss
Market Failure - 5 pts
Draw a excise tax on producers.
Label the tax revenue, price
consumers pay, price producers
receive, and dead weight loss.
Basic Econ Concepts and S/D - 1 pt
5 bicycles
$
Basic Econ Concepts and S/D- 2 pts
E – Diminishing marginal
utility, income effect and
substitution effect.
$
Basic Econ Concepts and S/D- 3 pts
D2
$
Basic Econ Concepts and S/D- 4 pts
$
Basic Econ Concepts and S/D- 5 pts
USA
Milk
Corn
Brazil
25
20
(1M = 1C) (1M = 3/4 C)
25
15
(1C = 1M) (1C = 4/3M)
$
Cost of Prod and PC- 1 pt
$
Cost of Prod and PC- 2 pts
$
Cost of Prod and PC- 3 pts
$
Cost of Prod and PC- 4 pts
MC and ATC will shift down
leading to an increase in quantity
and an increase in profit. The price
will not change as it is set by the
industry.
$
The Cost of Prod and PC - 5 pts
Fixed costs  ATC
Output remains the same but
profits decrease.
$
Imperfect Competition- 1 pt
Allocative Effificiency  P = MC
Productive Efficiency  P = min ATC
$
Imperfect Competition - 2 pts
$
Imperfect Competition - 3 pts
Point f is in the
inelastic portion
of the demand
curve because
MR is negative
OR
because TR is
falling as Q
increases.
$
Imperfect Competition- 4 pts
A. Pie Crust’s dominant strategy is not to
advertise.
B. The Nash equilibrium is for both firms not to
advertise
La Pizza
Advertise
Pie Crust
Advertise
Not
Advertise
Not
Advertise
$250, $200 $450, $300
$180, $500 $390, $400
$
Imperfect Competition- 5 pts
Monopoly and Cartel
Monopolistic Competition
$
Factor Market - 1 pt
rd
3
worker
$
Factor Market - 2 pts.
S
$50
D
$
Factor Market - 3 pts
MRP = marginal revenue product =
additional revenue an additional
workers brings in
= change in TR/change in output
= price x marginal product
$
Factor Market - 4 pts
2 workers, $8>$7
$
Factor Market - 5 pts
MP/P = MP/P = 1
Donut
$35/$40
Bagel
= $15/$10 = 1
Decrease
increase
$
Market Failure - 1 pt
Per-unit subsidy
$
Market Failure - 2 pts
Public goods – nonexclusion and
nonrivalrous
Example – national defense, street
lights
Private sector will not provide bc it
is not profitable.
$
Market Failure - 3 pts
Socially Optimal
P = MC
Fair-Return
P = ATC
$
Market Failure - 4 pts
$
Market Failure - 5 pts
$
Make your wager
Factor Market
$
FINAL CATEGORY
$
FINAL CATEGORY
$
END OF GAME
Daily Doubles and
usage notes follow...
$
$
$
$
Contestant 1
$
0
Contestant 2
$
0
Contestant 3
$
0
JEOPARDY! Slide Show
Setup
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The font for the question & answer slides is “Enchanted;” a copy of this font in located in the “REAL
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JEOPARDY! Slide Show
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Running the JEOPARDY!
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On the game board with the categories on top (Slide 8), click on the desired dollar value. (The first
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