Eco 101 Principles of Microeconomics 100 200 400 300 400 Consumer Choice Production & Costs Market...

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Eco 101 Principles of Microeconomics

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Transcript of Eco 101 Principles of Microeconomics 100 200 400 300 400 Consumer Choice Production & Costs Market...

Page 1: Eco 101 Principles of Microeconomics 100 200 400 300 400 Consumer Choice Production & Costs Market Structures Resource Markets 300 200 400 200 100 500.

Eco 101 Principles of Microeconomics

Page 2: Eco 101 Principles of Microeconomics 100 200 400 300 400 Consumer Choice Production & Costs Market Structures Resource Markets 300 200 400 200 100 500.

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Consumer Choice

Production & Costs

Market Structures

Resource Markets

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Page 3: Eco 101 Principles of Microeconomics 100 200 400 300 400 Consumer Choice Production & Costs Market Structures Resource Markets 300 200 400 200 100 500.

Row 1, Col 1

This measures the change in total utility from the

consumption of one more unit.

What is marginal utility?

Page 4: Eco 101 Principles of Microeconomics 100 200 400 300 400 Consumer Choice Production & Costs Market Structures Resource Markets 300 200 400 200 100 500.

1,2

Economic profits are the difference between total

revenue and these types of costs.

What are total costs or explicit and implicit costs?

Page 5: Eco 101 Principles of Microeconomics 100 200 400 300 400 Consumer Choice Production & Costs Market Structures Resource Markets 300 200 400 200 100 500.

1,3

In these two types of market structures, firms face barriers

to entry.

What are monopoly and oligopoly?

Page 6: Eco 101 Principles of Microeconomics 100 200 400 300 400 Consumer Choice Production & Costs Market Structures Resource Markets 300 200 400 200 100 500.

1,4

Firms will hire labor until this is true.

What is marginal revenue product = the wage?

Page 7: Eco 101 Principles of Microeconomics 100 200 400 300 400 Consumer Choice Production & Costs Market Structures Resource Markets 300 200 400 200 100 500.

2,1

When consumption of a good rises, total and marginal utility

exhibit these behaviors, respectively.

What is rise and fall?

Page 8: Eco 101 Principles of Microeconomics 100 200 400 300 400 Consumer Choice Production & Costs Market Structures Resource Markets 300 200 400 200 100 500.

2,2

Under the law of decreasing returns we expect this to

happen eventually.

What is marginal product to fall?

Page 9: Eco 101 Principles of Microeconomics 100 200 400 300 400 Consumer Choice Production & Costs Market Structures Resource Markets 300 200 400 200 100 500.

2,3

Selling an identical product with many other firms means

this with respect to pricing power.

What is the firm is a price taker?

Page 10: Eco 101 Principles of Microeconomics 100 200 400 300 400 Consumer Choice Production & Costs Market Structures Resource Markets 300 200 400 200 100 500.

2,4

Under this effect, a wage increase makes you work more,

since leisure becomes more expensive.

What is the substitution effect?

Page 11: Eco 101 Principles of Microeconomics 100 200 400 300 400 Consumer Choice Production & Costs Market Structures Resource Markets 300 200 400 200 100 500.

3,1

Along the same indifference curve, total utility exhibits this

property.

What is stays constant or is the same at all points?

Page 12: Eco 101 Principles of Microeconomics 100 200 400 300 400 Consumer Choice Production & Costs Market Structures Resource Markets 300 200 400 200 100 500.

3,2

A normal profit is another name for this.

What is zero economic profit?

Page 13: Eco 101 Principles of Microeconomics 100 200 400 300 400 Consumer Choice Production & Costs Market Structures Resource Markets 300 200 400 200 100 500.

3,3

Using this rule, firms choose their profit-maximizing output.

What is setting marginal revenue = marginal cost?

Page 14: Eco 101 Principles of Microeconomics 100 200 400 300 400 Consumer Choice Production & Costs Market Structures Resource Markets 300 200 400 200 100 500.

3,4

Government borrowing increases interest rates because

is does this to the market for financial capital.

What is increase demand?

Page 15: Eco 101 Principles of Microeconomics 100 200 400 300 400 Consumer Choice Production & Costs Market Structures Resource Markets 300 200 400 200 100 500.

4,1

In the graph of indifference curves below,

which points have the highest total utility?

What are points E and F?

X

Y

B

A C

D

E

F

Page 16: Eco 101 Principles of Microeconomics 100 200 400 300 400 Consumer Choice Production & Costs Market Structures Resource Markets 300 200 400 200 100 500.

4,2

In the short-run, there are these two types of costs.

What are fixed and variable costs?

Page 17: Eco 101 Principles of Microeconomics 100 200 400 300 400 Consumer Choice Production & Costs Market Structures Resource Markets 300 200 400 200 100 500.

4,3

By holding back output in order to charge a higher price, monopolists create this loss in

surplus.

What is the deadweight loss?

Page 18: Eco 101 Principles of Microeconomics 100 200 400 300 400 Consumer Choice Production & Costs Market Structures Resource Markets 300 200 400 200 100 500.

4,4

This is the difference between the compensation to a resource and the opportunity cost of that

resource.

What is economic rent?

Page 19: Eco 101 Principles of Microeconomics 100 200 400 300 400 Consumer Choice Production & Costs Market Structures Resource Markets 300 200 400 200 100 500.

5,1

In consumer equilbrium, consumers choose a point on the highest indifference curve

that also does this.

What is stay on budget or touch the budget line?

Page 20: Eco 101 Principles of Microeconomics 100 200 400 300 400 Consumer Choice Production & Costs Market Structures Resource Markets 300 200 400 200 100 500.

5,2

This exists in the long run when increases in production lower

the average cost of production.

What is economies of scale?

Page 21: Eco 101 Principles of Microeconomics 100 200 400 300 400 Consumer Choice Production & Costs Market Structures Resource Markets 300 200 400 200 100 500.

5,3

With free entry and exit, firms in these two market structures

can expect zero economic profit in the long run.

What are perfect competition and monopolistic competition?

Page 22: Eco 101 Principles of Microeconomics 100 200 400 300 400 Consumer Choice Production & Costs Market Structures Resource Markets 300 200 400 200 100 500.

5,4

Under this type of rent, differences in rent occur due to difference in resource quality.

What is differential rent?


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Jeopardy $100 $200 $300 $400 $500 $100 $200 $300 $400 $500 $100 $200 $300 $400 $500 $100 $200 $300 $400 $500 $100 $200 $300 $400 $500.

Jeopardy $100 $200 $300 $400 $500 $100 $200 $300 $400 $500 $100 $200 $300 $400 $500 $100 $200 $300 $400 $500 $100 $200 $300 $400 $500.

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