Econ Final Exam
Ch. 26 1) List and explain the characteristics of the market structure known as monopolistic competition.
2) List some examples of monopolistically competitive firms.
3) Explain, graphically and verbally, how a firm in monopolistic competition derives its demand curve and marginal revenue (MR) curve.
4) Explain, graphically and verbally, how a firm in monopolistic competition determines what quantity to produce and what price to charge in order to maximize its profits.
5) Explain the impact of advertising on product differentiation.
6) List and explain the characteristics of the market structure known as oligopoly.
7) List some examples of oligopolies.
8) Explain, graphically and verbally, how an oligopolist derives its demand curve and marginal revenue (MR) curve.
9) Explain, graphically and verbally, how an oligopolist determines what quantity to produce and what price to charge in order to maximize its profits.
10) Explain the impact of collusion on oligopoly pricing.
Ch. 28
1) Given some data, calculate Marginal Physical Product (MPP) or (MP). The marginal physical product of labor is the change in total output accounted for by hiring one more worker, holding all other factors of production constant
2) Given some data, calculate Marginal Revenue Product (MRP). The marginal physical product (MPP) times marginal revenue (MR).
3) Given some data, calculate Marginal Factor Cost (MFC). Change in TC/Change in labor.
4) Explain how a firm selling its product in a perfectly competitive market and hiring labor in a perfectly competitive market as well determines how many laborers to hire and the wage rate to pay. The marginal physical product of labor is the change in total output accounted for by hiring one more worker, holding all other factors of production constant.
b. Because of the law of diminishing marginal product, the marginal physical product of labor eventually declines.
c. Because this firm is in a competitive labor market, it is
2) List some examples of monopolistically competitive firms.
3) Explain, graphically and verbally, how a firm in monopolistic competition derives its demand curve and marginal revenue (MR) curve.
4) Explain, graphically and verbally, how a firm in monopolistic competition determines what quantity to produce and what price to charge in order to maximize its profits.
5) Explain the impact of advertising on product differentiation.
6) List and explain the characteristics of the market structure known as oligopoly.
7) List some examples of oligopolies.
8) Explain, graphically and verbally, how an oligopolist derives its demand curve and marginal revenue (MR) curve.
9) Explain, graphically and verbally, how an oligopolist determines what quantity to produce and what price to charge in order to maximize its profits.
10) Explain the impact of collusion on oligopoly pricing.
Ch. 28
1) Given some data, calculate Marginal Physical Product (MPP) or (MP). The marginal physical product of labor is the change in total output accounted for by hiring one more worker, holding all other factors of production constant
2) Given some data, calculate Marginal Revenue Product (MRP). The marginal physical product (MPP) times marginal revenue (MR).
3) Given some data, calculate Marginal Factor Cost (MFC). Change in TC/Change in labor.
4) Explain how a firm selling its product in a perfectly competitive market and hiring labor in a perfectly competitive market as well determines how many laborers to hire and the wage rate to pay. The marginal physical product of labor is the change in total output accounted for by hiring one more worker, holding all other factors of production constant.
b. Because of the law of diminishing marginal product, the marginal physical product of labor eventually declines.
c. Because this firm is in a competitive labor market, it is