1. Economics 111.3 Winter 14 March 26 th, 2014 Lecture 27 Ch. 12: Perfect competition

2. FINAL EXAM is based on chapters 3, 4, 5 (up to p. 116), 6 (up to p. 138), 8, 9, 10 (up to p. 230, 11, 12, 13, and 14 Its format: 100 Multiple-Choice Questions When and Where: April 21, from 7:00 p.m. to 10:00 p.m; STM 140 Extra Office Hours: April 19, from 1:00 p.m. to 3:00 p.m. Final Exam:

3. A recap

12. P Q MC P Q S1S1S1S1 Industry 1,000 firms Firm (price taker) ATC MR $60$50$40 100 $60$50$40 100,000 D1D1D1D1

13. P Q MC P Q D1D1D1D1 S1S1S1S1 ATC MR $60$50$40 100 $60$50$40 D2D2D2D2 100,000 Industry 1,000 firms Firm (price taker)

14. P Q MC P Q D1D1D1D1 S1S1S1S1 ATC MR $60$50$40 100 $60$50$40 D2D2D2D2 100,000 S2S2S2S2 IndustryFirm

15. P Q MC P Q D1D1D1D1 S1S1S1S1 ATC MR $60$50$40 100 $60$50$40 D2D2D2D2 1000 S2S2S2S2 1100 1100 firms vs. 1000 firms IndustryFirm (price taker)

17. P Q MC P Q D1D1D1D1 S1S1S1S1 ATC MR $60$50$40 100 $60$50$40 100,000 Industry 1,000 firms Firm (price taker)

18. P Q MC P Q D1D1D1D1 S1S1S1S1 ATC MR $60$50$40 100 $60$50$40 D2D2D2D2 100,000 Industry 1,000 firms Firm (price taker)

19. P Q MC P Q D1D1D1D1 S1S1S1S1 ATC MR $60$50$40 100 90,000 D2D2D2D2 S3S3S3S3100,000 $60$50$40 900 firms IndustryFirm (price taker)

20. P Q MC P Q D1D1D1D1 S1S1S1S1 ATC MR $60$50$40 10090,000 D2D2D2D2 S3S3S3S3 $60$50$40 100,000 900 firms vs. 1000 firms IndustryFirm (price taker)