ECON 302

Intermediate Microeconomic Theory

Fall 2008

Dr. Dao

Review for Second Exam

· Average product and Marginal product

· Factor contributing to high labor productivity in the U.S. vs. rest of the world

· Slope of isocost curve

· Optimal combination of two inputs

· Equation of isocost line

· Profit-maximizing output

· Perfect competition

· Producer surplus

· Consumer surplus

· Price ceiling

· Revenue maximization

· Price discrimination

· Perfect first-degree price discrimination

· Third-degree price discrimination