Microeconomics
ECON 2302
Summer I, 2011
Marilyn Spencer, Ph.D.
Professor of Economics
Final Exam Review
Chapters 1-6 & 10-14
Final Exam: Thursday, June 30
 Test format (same as Exam 2):
40 regular multiple choice questions
Resources sheet to indicate any additional resources
used – same resource choices as for 1st exam
Questions include definitions, theory & applications. –
Expect graphs and tables of numbers.
Scantron answer sheet provided
 More than 50% of exam focused on Chapters 12-14
Chapter 1 EXAM QUESTION TOPIC
 Positive v. normative analysis
Chapter 2 EXAM QUESTION TOPICS
 Opportunity cost
Chapter 3 EXAM QUESTION TOPICS
 Variables that affect demand & supply
 Change in demand or supply that
change the equilibrium
Chapter 4 EXAM QUESTION TOPICS
 Effects of price controls
 Consumer & producer surplus, by
looking at deadweight loss
Chapter 5 EXAM QUESTION TOPICS
 Externalities & market failures
 Public goods
 Common resources
Chapter 6 EXAM QUESTION TOPICS
 Price, income & cross-price elasticities of
demand
 Determinants of price elasticity of demand
 Demand elasticity & total revenue
 Elasticity of supply
Chapter 10 EXAM QUESTION TOPICS
only in the context of chapters 11-14
 Family of SHORT RUN cost curves: ATC,
AFC, AVC, MC
 LONG RUN: Returns to scale
Chapters 11, 12 & 14 EXAM QUESTIONS
Perfectly competitive v. monopolistically
competitive v. monopoly markets:
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Four assumptions/conditions
Profit maximization/loss minimization
Barriers to entry
Effects of long run entry and exit
Efficiency
Government antitrust
Chapter 13 EXAM QUESTION TOPICS
 Barriers to entry
 Game theory to explain oligopoly behavior
 Non-cooperative games
 Dominant strategy/Nash equilibrium
 Nash equilibrium
 Prisoners’ dilemma
 Cooperative games
 Collusion
 Cartel
Any questions on
these topics?
Questions about
anything else?