Externalities and Efficiency. Final Exam About 40% old and 60% new Old multiple choice questions will be taken from previous exams (with modifications!)

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Presentation transcript:

Externalities and Efficiency

Final Exam About 40% old and 60% new Old multiple choice questions will be taken from previous exams (with modifications!) More short answers based on “basic” economic knowledge. Monopolist cost/revenue table (Number 2 on last assignment). Calculate HHI, Game Theory Graph Supply and Demand.

Final Exam, Old Material You will definitely need to review: Basic Economic Decision Rule (MB and MC) Opportunity cost Comparative advantage Supply and demand Consumer and producer surplus The formula for price elasticity and …

Final Exam, Old Material Utility maximizing condition Marginal productivity and marginal costs Profit-maximizing condition The graph of perfectly competitive firms Entry and exit in the long run (the invisible hand)

See you Thursday! Use the study guide, your notes, old exams, quizzes, the assignment, the book and each other… STUDY HARD AND YOU WILL DO WELL!