Final Exam topics, Econ 5
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 Meaning of supply and demand, quantities supplied and demanded.
11. Measuring inequality, including Lorenz curves and Gini coefficient.
12. Short and long run in production.
13. Time preference, real and nominal interest rates. Inflation and deflation.
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. Determination of amount of employment by a firm.
23. Savings and investment.
24. Taxing and regulating pollution.
25. What makes supply and demand shift.
26. Concept of scarcity.
27. Trade, subjective values, marginal utility, comparative and absolute advantage.
28. Business cycle: what drives it, causes and remedies.
30. Shifting taxation from elastic to inelastic supplies.