ECON 302                                                    

Intermediate Microeconomic Theory

Fall 2008

Dr. Dao

Review for Final Exam

 

·         Shortages vs. Surpluses

·         Shifts in Demand and Supply

·         Indifference curves

·         Slope of budget line

·         Price-consumption curve

·         Income-consumption curve

·         Substitution vs. Income Effect of Price Change

·         Measure of investment risk

·         Expected value of investment opportunity

·         Relationship between Average and Marginal Product

·         Relationship between Marginal and Total Product

·         Link between Productivity of Labor and Standard of Living

·         Example of fixed labor cost

·         Equation of isocost line

·         Returns to Scale

·         Profit-maximizing output

·         Perfectly competitive markets

·         Consumer Surplus

·         Deadweight Loss

·         Output, Price, and Profit Determination under Monopoly

·         Types of Price discrimination

·         Arc elasticity of demand

·         Monopolistic Competition

·         Stackelberg vs. Cournot model

·         Prisoners’ Dilemma

·         Effect of Increase in Labor productivity on employment and wage

·         Purely competitive factor markets

·         Income and Substitution Effects of Wage Increase

·         Present value

·         Effective Yield of a Bond

·         Marginal Revenue Product

·         Rule for Employing Input

·         Reaction Functions

·         Equilibrium in free markets

·         Price supports

·         Price elasticity of demand