Dr. Reed Olsen - Review Economics 165 Final Exam | |||
Introduction | terminology and economic systems | 2 | 1 & 2 |
PPF Model | the production posibility model | 2 | 2 |
Supply & Demand | Demand and Supply basics | 3 | 3 |
Demand and Supply equilibrium and applications | 2 | 4 | |
Elasticity | Def of 4 types, coefficient interpretation, tax incidence, and elasticity and TR | 2 | 5 |
Utility | Definitions, MU, TU max, consumer surplus | 2 | 6 |
Short-Run Production and Costs |
basic definitions (LR vs SR, firms,
costs, profits, etc) |
1 | 7 |
TP, MP, AP (and relationship to cost curves), diminishing returns, etc. | 3 | 8 | |
Long-Run Production and Costs |
long-run profit maximization, long-run average costs (economies of scale, etc) | 1 | 8 |
Perfect Competition | Basics (firm and market D, MR, etc) | 2 | |
short-run profit max., loss minimization, firm S, and industry S | 2 | ||
long-run equilibrium, S, efficiency | 2 | ||
Imperfect Competition | monopoly (SR, LR, comparison to competition, efficiency, regulation, antitrust) | 2 | 10 |
monopolistic competition (definition, short-run, long-run) | 2 | 11 | |
oligopoly markets (definition, kinked D, cartel, price leader, non-price comp., etc.) | 2 | ||
general imperfect comp. (efficiency, price disc, MR, P, D). | 2 | 10-11 | |
Antitrust & Regulation | antritrust laws, laws in action | 1 | 12 |
why regulate? three theories | 1 | 12 | |
Factor Markets | Definitions and profit maximization | 2 | 13 |
factor demand and optimal resource use in competitive markets | 2 | ||
optimal resource use in non-competitive markets | 2 | 14 | |
Total | 40 | 1-11, 13-14 & 21 |
(6) Short-Run Production and Costs