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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 on theme: "Externalities and Efficiency. Final Exam About 40% old and 60% new Old multiple choice questions will be taken from previous exams (with modifications!)"— Presentation transcript:

1 Externalities and Efficiency

2 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.

3 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 …

4 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)

5 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!


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