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  • Microeconomics - SP Jain Dubai - December 2012 - Study Guide - Final Exam

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    Shikha Dhingra
    142 vues4 pages
    Consumer surplus and policy evaluation Rent Controls Free trade vs. Protectionism Monopoly and profit maximization Monopolistic competition and oligopoly Price discrimination Collusion and cartels Cases of market failure Information asymmetries plus Externalities Public goods and basic Imperfect information and adverse selection Negative externalities Positive externalities Public goods.

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    Consumer surplus and policy evaluation Rent Controls Free trade vs. Protectionism Monopoly and profit maximization Monopolistic competition and oligopoly Price discrimination Collusion and cartels Cases of market failure Information asymmetries plus Externalities Public goods and basic Imperfect information and adverse selection Negative externalities Positive externalities Public goods.

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    142 vues4 pages

    Microeconomics - SP Jain Dubai - December 2012 - Study Guide - Final Exam

    Transféré par

    Shikha Dhingra
    Consumer surplus and policy evaluation Rent Controls Free trade vs. Protectionism Monopoly and profit maximization Monopolistic competition and oligopoly Price discrimination Collusion and cartels Cases of market failure Information asymmetries plus Externalities Public goods and basic Imperfect information and adverse selection Negative externalities Positive externalities Public goods.

    Droits d'auteur :

    Attribution Non-Commercial (BY-NC)
    Téléchargez comme PDF, TXT ou lisez en ligne sur Scribd
    Signaler comme contenu inapproprié
    sur 4

    S.P.JainGMBADubaiCampusDecember2011 Microeconomics Instructor:Prof.TheodoreTolias StudyGuidefortheFinalExam AssignedMaterial InstructorsLecturenotesandpresentationslides:All Additionalresources: 1. 2. ImportantTopics 1.MarketDemandandSupply FactorsaffectingMarketDemandandSupply EquilibriumMarketPriceandQuantity StabilityofMarketEquilibrium SurplusesandShortages 2.

    2.Elasticity PriceElasticityofDemand/IncomeElasticityofDemand/CrossPriceElasticityofDemand/Price ElasticityofSupply ElasticityandSlopealongaLinearDemandCurve PriceElasticityofDemandandRevenue Characterizinggoodsonthebasisofelasticityinformation SubstitutesandComplements NormalandInferior Applications:SalesTaxesWhoPaystheTax? 3.ConsumerTheory Possibilities,PreferencesandConsumerChoices Supplementarytextbook:Topicscoveredinclassonly(seecourseoutline) Assignedreadingsfromthecoursepack:Topicscoveredinclassonly(seecourseoutline)

    IndividualandMarketDemand 4.TheoryoftheFirm ProductionandCost(shortrun&longrunanalysis) ProfitMaximizationinPerfectCompetition TheShortrunSupplyCurveofaPerfectlyCompetitiveFirmandtheMarketSupplyCurve 5.ConsumerandProducerSurplusandPolicyEvaluation Applications: RentControls Freetradevs.Protectionism 6.Monopoly MonopolyandProfitMaximization MonopolyandPerfectCompetition:ComparisonsofMarketOutcomes IncreasingReturnstoScaleandNaturalMonopoly NaturalMonopolyRegulation 7.Othermarketstructuresandpricingwithmarketpower Monopolisticcompetitionandoligopoly Pricediscrimination Collusionandcartels 8.CasesofMarketFailureInformationAsymmetriesplusExternalities&PublicGoods (definitionsandbasicideas) Imperfectinformationandadverseselection Negativeexternalities Positiveexternalities Publicgoods

    StructureoftheExam Thestructureofexamwillbeasfollows: PartA:Definitions+ExplanationofKeyTerms(20marks) PartB:ShortAnswerQuestionsandApplications(30marks) Theexamwillbemarkedoutof50. Thedurationoftheexamwillbe90minutes SampleQuestions Warning:YoushouldNOTlimityourpreparationtothesequestionsonly DefinitionQuestions Definefullythefollowingterms.Youmustusediagramsand/orformulaswhenever necessary. Consumersurplus PriceElasticityofDemand Crosspriceelasticityofdemand IncomeElasticityofDemand Producersurplus MarginalRateofSubstitution IndifferenceCurve BudgetConstraint(consumertheory) Monopoly NaturalMonopoly PerfectCompetition ReturnstoScale EconomiesofScale ProductionFunction OpportunityCost MarginalProductofLabour

    AverageProductofLabour MarginalCost LawofDiminishingMarginalReturns MarginalRevenue Pricediscrimination Perfectpricediscrimination Externalities(positiveandnegative) Publicgoods(keycharacteristics) Adverseselection Shortanswerandapplicationquestions Question1 Thegovernmentintroducesrentcontrollegislationtoprotectlowincometenants. Usetheconceptsofconsumerandproducersurplustodeterminetheimpactofsuch pricecontrolsonlandlordsandtenants.Whatsthelikelyimpactofthepolicyon tenantsifmarketdemandishighlyinelastic? Question2 Drawadiagramtocomparethemonopolymarketoutcometothatofperfectcompetition.(a)Whyis the perfectly competitive outcome better from societys point of view? (b) Why is the monopoly marketoutcomeinefficientfromsocietyspointofview? Question3 Usesupplyanddemandcurvestoillustratehoweachofthefollowingeventswouldaffectthepriceof carsandthequantityofcarsboughtandsold: a. b. c. d. Question4 Amarketstudyhasshownthata3percentincreaseinmortgageratescausesa15percentdeclinein thequantityofapartmentsdemanded.(a)Whatkindofelasticityinformationisthis?(Explain).(b)Use therelevantformulatocalculatetheelasticityvalueandexplainwhatthatvaluemeansforthedemand forapartments. Anincreaseinthepriceofgasoline. Anincreaseinthepriceofpublictransportation. Adecreaseinaverageincomelevels. Anexpectedincreaseininterestrates(assumepeoplehavetoborrowtobuyacar).

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