ECONOMICS ECO152 FINAL CONTENT
Total points:120 Total duration:105 min.
SECTION A-Verbal part :35 p-Total questions:15
Study the Midterm questions for Microeconomics-Laws of economics+ Market types (9 p)
CHAPTER 1- 4 p
CHAPTER 2-4p
CHAPTER 3-4 p
CHAPTER 4-4 p
CHAPTER 5- 2 p
CHAPTER 6-3 P
CHAPTER 7- 3 P
CHAPTER 8-4 P
CHAPTER 9-2 P
*CHAPTER 11- 8 P
*CHAPTER 12- 10 p
CHAPTER 14- 2 p
*CHAPTER 15- 10 p
*CHAPTER 18-10 P
TOTAL:70 P(GROUP A+GROUP B)
*Study these chapters intensively
SECTION B- Multiple choice questions-25 POINTS- Number of questions: 8
MACROECONOMICS: 15-17 p (Chapter 12-13-14-15-16-17-18)
MICROECONOMICS (Market types:Perfect competition-Monopoly-Monopolistic competitionOligopoly and Elasticity-Production cost(Graphic question-AVC;ATC,MC,MR): 8-10 p
SECTION C-Calculation-60 p ; Total questions:3-4
Q1- GNP-NNP-NI-PI-Yd calculations + balanced budget multiplier and APC,personal consumption
function (20 p)
Q2-Import-Government revenue-Change in consumer and producer surplus (Graph of supply and
demand functions) -14 p
Q3-Taxes and imports depending variable of real GDP-government spendings multiplier—Calculation
of real GDP using aggregate expenditures method-20 p
Q4-Comparative advantage theory-Calculation of benefits of different countries after specialization
and trade-8 p
Q5-Quantity and profit calculation in a duopoly made of two firms when decide together or
seperately how much to produce-20 p
Q6-Production costs -18 p (the question below)
•
•
•
•
•
•
•
•
•
In an automobile industry, there is a single firm(company X) producing motor bikes,
Number of machines operating: 55
Rental cost per machine : 3725 TL
Break even point , QB = 25
Shut down point, QSH = 80
Q=67,5 where AVC is minimum
Given the total revenue and total variable cost function for a monopoly as:
TR= 22500 Q – 209 Q2 ; TVC= C Q – B Q2 +A Q3
The total product function TP= 18 L – L2 (L= Number of labor units)
The number of motor bikes produced per employee(AP) = 15
a)Calculate A, B and C
b)Calculate the maximum profit of the monopolist
c)Calculate producer surplus for a monopoly
d)Calculate deadweight (welfare) loss for a monopoly
e)Calculate the operating profit/loss where the point price elasticity of demand EP= - 0,8
f)Assume now a new firm (company Y) has entered the market operating at a quantity
where its AVC is minimum and AVC=3375 TL and having a total product function TP= 8 L^2 L^3 .(L=labor units) with a total fixed cost of 184.000 TL, what would be its profit margin(
π/TC ×100) when he used the same TR function as the firm X.
g)Calculate the economies of scale and AC(average cost) in the long run when the firm X
decides to operate with 110 machines( % change in capital units= % change in labor units)
h)Calculate the mid-point price elasticity of demand for the firm X(based on averages) using
the data in question g