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