Economics

List of Topics for Econ 201 Final: Disclaimer: This is only a slant of topics, not a list of questions. The final will be cumulative. From the first midterm exam topics you pick out to know: Everything about preferences, MRS, savorless transformations, convexity etc. Indifference curves, utility functions. How to do utility maximization and derive a demand function when you are habituated a utility function. Normal, inferior, Giffen goods. Substitution and income effects of a footing change. The concept of elasticity, how to calculate elasticity when you are given a demand function. Consumer and producer surplus. Notice that we use some of these concepts in the new topics also: for example, in calculating welfare consequences of monopoly (e.g. the deadweight loss), you take away to know the concepts of consumer and producer surplus. So, rather than cohereting a circumstantial question on these, you might also get a question from the new topics that uses these concepts. Also note that I am NOT including kinked budget lines in the exam.

From the 2nd midterm topics, you need to know: The concept/definition of Pareto efficiency, the condition for Pareto efficiency, the contract curve, keen what an counterbalance is, calculating equilibrium prices. Relevant graphs (drawing the Edgeworth box etc.) TRS, peripheral product of an input, isoquants, convexity. Profit maximization, speak to minimization. Related graphs, deriving the cost function. Perfect Competition: Supply decision of a absolutely competitive firm in the short run, in the wide run. Finding the supply function of the firm in the short-term (how much does the firm produce at different prices? At what price would it shut down operations?) Finding the equilibrium price and number of firms in the long-run. From after the 2nd midterm: Monopoly: Profit maximization, calculating monopoly profits, welfare consequences (deadweight loss) of monopoly, comparison with a... If you want to get a full essay, order it on our website: Ordercustompaper.com

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