Final Exam topics, Econ 12

Dr. Fred E. Foldvary

1. Atomistic competition: price, marginal revenue, marginal cost, profit

2. Monopoly: profit, demand, marginal and average revenue, marginal and average cost.

3. Oligopoly, monopolistic competition.

4. Labor, wages, land, rent, capital goods and investment in the economic sense

5. Profits: economic, entrepreneurial, monopoly, accounting, normal

6. Costs and their curves: opportunity, marginal, average, total, fixed, variable, sun

7. Profit maximization, graphically and algebraically, monopoly and atomistic.

8 How taxes affect supply and demand and excess burdens; who bears the burdens.

9. How supply shifts when technology or the price of inputs change.

10. Futures markets: speculation and hedging, and future prices relative to present-day ones.

11. Measuring inequality, including Lorenz curves.

12. Short and long run in production.

13. Time preference, real and nominal interest rates.

14. Effects of labor unions on employment and wages.

15. The effect of public works on rent and land value.

16. Average and marginal products; relationships to costs. Diminishing returns.

17. Modern Portfolio Theory (lecture notes are on web site)

18. How rent and the wage level are determined.

19. Effects of price controls: ceilings and floors.

20. The demand-revealing Clarke-tax method (as in problem set #14)

21. Price = return / (interest rate + tax rate)

22. Measuring the concentration of firms in an industry by the Herfindahl index, the sum of the squares of the market-shares of the firms.