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Transcript
Economics 301 – Revision Checklist Marginal Analysis I can….. Marginal Analysis – Utility and Demand Explain the difference between perfect and imperfect competition Identify the characteristics of a monopoly Identify the characteristics of a duopoly Identify the characteristics of a oligopoly Identify the characteristics of monopolistic competition Identify the characteristics of perfect competition Define Marginal and Total Utility Explain the Law of Diminishing Marginal Utility Explain the Optimal Purchase Rule Explain the links between the Law of Diminishing MU and the Optimal Purchase Rule to explain the shape of the D curve Marginal Analysis – Costs and Supply Give examples of Economic costs Give examples of Accounting costs Explain the difference between Economic and Accounting profit (in words and calculated) Explain the Law of Diminishing Marginal Returns Explain the link between the Law of Marginal Returns and Marginal Costs Explain how the upward slope of the MC curve is the Supply curve Define and give examples of Fixed Costs Define and give examples of Variable Costs Define/calculate Average Cost Define/calculate Marginal Cost Define/calculate Total Cost Define /calculate Average Fixed Costs Define/calculate Average Variable Costs Explain the shape of the FC curve Explain the shape of the VC curve Explain the shape of the TC curve Explain the shape of the AFC curve Explain the shape of the AVC curve Explain the shape of the AC curve Explain the shape of the MC curve Draw on a graph MC, AC, AVC correctly together Explain why the MC curve cuts the AC and AVC at their minimum points Marginal Analysis - Revenue Define and calculate Total Revenue Define and calculate Average Revenue Define and calculate Marginal Revenue Draw on a graph MR and AR for a perfect competitor Draw on a graph MR and AR for a imperfect competitor (monopoly) Explain why the shapes of MR and AR for perfect and imperfect competition are different Marginal Analysis – Profit Maximisation Perfect Competition Check √ More Work √ Identify the profit maximising position for a perfect competitor Illustrate clearly using the MR, AR, AC and MC curves the profit max position on a graph for a perfect competitor Identify the profit max price and quantity for a perfect competitor on a graph Explain the difference between normal, super and sub normal profits Illustrate normal, super and sub profits on a graph Identify the shut down point for a perfect competitor Explain in detail what happens if a perfect competitor produces at a quantity where MR>MC Explain in detail what happens if a perfect competitor produces at a quantity where MC>MR Illustrate graphically a perfect competitor in the SR and LR Explain the changes to the perfect competitor in the SR and LR Marginal Analysis – Profit Maximisation Monopoly Competition Identify the profit maximising position for a monopoly competitor Illustrate clearly using the MR, AR, AC and MC curves the profit max position on a graph for a monopoly competitor Identify the profit max price and quantity for a monopoly competitor on a graph Explain the difference between normal, super and sub normal profits Illustrate normal, super and sub profits on a graph Explain in detail what happens if a monopoly competitor produces at a quantity where MR>MC Explain in detail what happens if a monopoly competitor produces at a quantity where MC>MR Illustrate graphically a monopoly competitor in the SR and LR Explain the changes to the monopoly competitor in the SR and LR Marginal Analysis – Changes in curves Graphically illustrate what happens in perfect competition when fixed costs increase Graphically illustrate what happens in perfect competition when variable costs increase Graphically illustrate what happens in perfect competition when demand increases Graphically illustrate what happens in monopoly competition when fixed costs increase Graphically illustrate what happens in monopoly competition when variable costs increase Graphically illustrate what happens in monopoly competition when demand increases Identify the new profit max position after any changes in curves Explain the reasons for the firm moving to the profit max position after any changes
