Econ 401 Exam 2
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| show | most a single consumer would pay for a unit of good
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| show | set x = 0, find U when all y is bought, then set x = 1 and y = m - r and same utility
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| Consumer surplus def | show 🗑
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| Quasilinear consumer surplus | show 🗑
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| Compensation variation def | show 🗑
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| Compensation variation = | show 🗑
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| Equivalent variation def | show 🗑
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| show | original income - equivalent income
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| show | CV = EV = change in consumer surplus
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| show | where tax revenue normally is
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| Gross surplus def | show 🗑
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| show | area under curve above price
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| show | x = am/ (a+b)p1 & y = bm / (a+b)p2
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| perfect compliments equilibriums | show 🗑
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| derivative of lnx = | show 🗑
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| show | p1 = am/x
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| show | difference between minimum amount willing to sell and what they actually sell x units for
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| effective price def | show 🗑
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| show | horizontal sum of quantities demanded by each consumer at every price
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| show | measures sensitivity of one variable with respect to another
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| show | percent change x / percent change y
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| Arc own price elasticity = | show 🗑
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| Point own price elasticity = | show 🗑
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| Own - Price elasticity for p = a - bx | show 🗑
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| if -1<E<0 then | show 🗑
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| if -infinity<E<-1 | show 🗑
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| if E = -1 | show 🗑
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| show | E = -a everywhere (constant)
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| Revenue = | show 🗑
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| show | increase
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| elastic demand causes sellers rev to ___ as price rises | show 🗑
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| Marginal Revenue = | show 🗑
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| show | 0
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| if elastic own price elasticity then MR | show 🗑
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| if inelastic own price elasticity then MR | show 🗑
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| If Demand < Supply | show 🗑
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| If Demand > Supply | show 🗑
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| show | p = a - c/b+d & q = ad + bc/ b + d
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| show | tax levied on sellers
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| sales tax def | show 🗑
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| t = | show 🗑
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| show | ps = a - c - bt / b + d & q = ad + bc - bdt / b + d
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| show | pb - p' / p' - ps
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| Price elasticity of demand (changes) = | show 🗑
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| show | (change q / q') / (ps - p'/p')
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| show | Es / Ed
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| show | supply more elastic or demand more inelastic
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| fraction of tax to suppliers increases when | show 🗑
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| show | slope of the demand function
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| Price elasticity of demand for q = a - bp | show 🗑
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| Normal good has what income elasticity | show 🗑
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| inferior good has what income elasticity | show 🗑
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| perfectly elastic | show 🗑
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| perfectly inelastic | show 🗑
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| show | no way to make anyone better without making anyone worse off
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| show | equilibrium in particular market
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| show | interact in several markets
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| feasible allocation = | show 🗑
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| edgeworth box dimensions | show 🗑
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| show | xA - WA
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| Walrasian equilibrium | show 🗑
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| Walras law def | show 🗑
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| First Theorem of Welfare Economics | show 🗑
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| show | when preferences are convex, a pareto efficient allocation is an equilibrium for some set of prices
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| show | consumption externality (competitive)
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| Total cost curve = | show 🗑
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| show | c(y)/y + F/y
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| show | dc(y)/dy
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| MC intersects AVC at | show 🗑
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| area under MC is | show 🗑
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| show | ATC minimum
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| show | lower envelope of SR total cost curves
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| Pure competition | show 🗑
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| show | py - c(y) - F
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| choose level of output at | show 🗑
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| show | AVC > P
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| producer surplus = | show 🗑
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| show | find average cost, find derivative, set = to 0, find critical points, plug back in
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| Monopoly | show 🗑
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| Oligopoly | show 🗑
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| show | many firms, but 1 large firm that affects decisions of small firms
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| show | many firms each slightly different products, each firm's output is small relative to total
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| show | many firms, same product, no influence on market price, price takers
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| show | take derivative of profit function, critical points, second derivative should be negative
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| produce in short run if | show 🗑
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| produce in long run if | show 🗑
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| show | p = MC(y) then solve for y
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| show | profit
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| market supply curve def | show 🗑
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| show | flat at p = min AC, profits driven to zero
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| show | all of burden is on consumers
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| find industry supply at given price level | show 🗑
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| saw - toothed LR supply curve is | show 🗑
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| show | 1. find inverse supply functions for one firm 2. solve for supply function 3. lowest possible p = min AC 4. set S(market) = D at p to find n 5. if n is fraction round down and solve for p
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| show | E = p/q * dq/dp
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| show | E = I/Q * dq/di
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| show | price
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| In SR if MC is decreasing as output increases then | show 🗑
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| a profit maximizing firm may ___ money in the SR | show 🗑
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| show | horizontal
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| Revenue equation is | show 🗑
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| To find maximum revenue then | show 🗑
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| Expected revenue = | show 🗑
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| show | P(confiscated)*fine + cost
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Created by:
wayisaac