David GuDecember 5th, 2012ECON 1021ALecture 21 NotesFinal Exam ReviewChapter 11Understand cost curves thoroughly. Diferences between average and marginal cost curves. When the marginal cost curve is greaterless than average total cost, it is increasingdecreasing and intersects at the minimum !oint. "ll #rm$s !roduction occurs at marginal revenue e%uals marginal cost. Chapter 12&or #rms in !er'ect com!etition, their marginal revenue is its !rice.(he !rice in the long run is the intersection o' marginal revenue and average total cost. Chapters 14 & 1&or oligo!olies and mono!olies, the marginal revenue has hal' the slo!e o' the demand curve.)ligo!olies will end u! !roducing *ero economic !ro#t in the long run i'they !lay their +games$ at the ,ash e%uilibrium. Chapter 1!Understand how value o' marginal !roduct afects labour ine%uality and discrimination. -oren* curve, Gini ratio, redistribution, and why we use regressive ta. systems in /anada. Chapter "(he ta. !er unit is the diference between the intersection o' marginal social cost and marginal !rivate bene#t and the marginal cost at such a %uantity. (he marginal cost (he deadweight loss is always between the e0cient and ine0cient %uantity above the marginal social cost and marginal bene#t.(he hori*ontal distance between the su!!ly and su!!ly with %uota is the %uota itsel'. /anadian !roducers gain 'rom a %uota and consumers lose. David GuDecember 5th, 2012(he vertical distance between the su!!ly curve and the su!!ly curve with the ta. is the ta. itsel'. (a.es incurve a shi't +u!wards$.Chapter 4(he more inelastic the demand, the more the ta. is !aid by the consumer.(he more elastic the demand, the more the ta. is !aid by the !roducer.(he more inelastic the su!!ly, the more ta. is !aid by the !roducer. (he more elastic the su!!ly, the more ta. is !aid by the consumer.