Study Guide for Final Exam For Economics 1B

It will be made up of about

One third  - Vocabulary drawn mostly from tests and quizzes ,
One third - Short Answers and Graphs - drawn mostly from tests and homework,
One third -Multiple Choice and True False - Drawn mostly from tests.
    Note: Final Exam may include vocabulary and other materials not covered by quizes or tests especially fronm Chapters 25 and 30.

The multiple choice and true false questions along with the answers used on the tests will be available on the web site, for use for studying for the Final. The materials will be posted by the late afternoon of Tuesday May 13.

Here is a list of some of the most important graphs and graphing issues that may appear on the Final:

Supply and Demand (Chapter 3),
    Solve problems similar to or identical to the types that were represented on the quizzes and the test for Chapters 1-3,18
Short run ATC, AVC and MC curves,
Long run ATC curves,
Demand curve for a firm operating in a  perfectly competitive market,
Demand curve and Marginal Revenue curve for a firm operating in a monopolistic market,
Curves illustrating short run break-even point for a firm operating in a  perfectly competitive market,
Curves illustrating short run long run equilibrium for a firm operating in a  perfectly competitive market,
Curves illustrating a profit making point for a firm operating in a  monopolistic market,
Curve illustrating deadweight loss of monopoly-
    Also the technical condition that defines the related allocative efficiency issue (does MC=P?),

Supply and Demand curves to illustrate the problem of externalities,
Supply and Demand curves to illustrate the the use of taxes and subsidies as a solution to externalities,
 
 

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