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Economic Principles I Lecture 13 Exam and Revision
Junqian Xu Email: junqian.xu@xjtlu.edu.cn Office B2 A457 Office hour: Wednesday 3-5 pm
1
Final and Resit Exams
3
Review Points
• Chapters 1-9; • Lecture notes 1-9; • Tutorials 1-5;
• Section A & B
• (1) Elasticities -Calculations– midpoint method and standard method -Definitions– PED, PES, IED,CPED -Determinants-elastic or inelastic? • (2) Consumer choice and demand decisions -Budget constraint & Indifference curve -The effects of changes in income or price of one good on consumption -How to get optimal choices of consumptions of goods X and Y?
INSTRUCTIONS TO CANDIDATES
• 1. This is a closed-book examination, which is to be written without books, tapes, or notes. • 2、 Total marks available are 100, divided in Section A (40 marks), B (30 marks) and C (30 marks). Answer all questions in Sections A and B. • Choose 6 from questions C24-C31 in Section C. • 3、 In section A, 2 marks will be awarded for each correct answer and 0 marks for each wrong answer provided. There is NO penalty for providing a wrong answer. • 4、 In section B, a maximum of 10 marks can be awarded for each question. • 5、 In section C, a maximum of 5 marks per question can be awarded. • 6、 Answer should be written in the answer sheet(s) and/or booklet(s) provided. Only English solutions are accepted. • 7、 The university approved calculator - Casio FS82ES/83ES can be used. • 8、 All materials must be returned to the exam supervisor upon completion of the exam. Failure to do so will be deemed academic misconduct and will be dealt with accordingly.
4
• (3) Supply decisions Various types of costs and Revenue –TC,AC,MC &TR,AR,MR - assumptions, definitions & calculations & diagrams - How could a firm make supply decision? • (4) Costs and Supply Production and supply decisions in SR & LR - Costs in SR & LR - LAC in LR •
5
• (5) Perfect competition - Demand & supply - Supply decisions in SR & LR • (6) Monopoly - Supply decisions • (7) Imperfect competition - Characteristics - Supply decisions of monopolistic competition in LR - Cartel & collusion of oligopolist
• Questions asking for diagrams
• Label the diagrams fully • Explain the diagrams in detail
7
• • • • • • • • • • • • •
Natural monopoly Minimum efficient scale Income elasticity of demand Monopolist competition Dominant strategy Monopoly power Short run equilibrium Normal profit Marginal product of labor Long-run total costs Marginal utility Cartels Cross-price elasticity of demand
11
Other Elasticities:
(3) The cross price elasticity of demand
The cross price elasticity of demand for good i with respect to the price of good j is: % change in quantity demanded of good i % change in the price of good j This may be positive or negative The cross price elasticity tends to be positive – if two goods are substitutes: e.g. tea and coffee The cross price elasticity tends to be negative – if two goods are complements. e.g. coffee and milk.
2
Summary of Exam Structure (final and resit)
• SECTION A: A1-A20 MCQs, 2.0 marks will be awarded for each correct answer and 0 marks for each wrong answer provided. Answer all questions. • SECTION B: B21-23 (Problem solving questions, 10 marks each). Answer all questions. • SECTION C: C24-C31(short notes questions, 5 marks each). Answer six questions only (choose 6 from 8).
% change in quantity demanded % change in price
We can use both Standard Method and Mid-point method to compute the percentage changes).
(2) Price Elasticity of Supply
Other Elasticities
• (4) Income elasticity of demand: measures the sensitivity of
quantity demanded to a change in income.
Income elasticity = of demand Percent change in income
9
(1) The price elasticity of demand
Price elasticity of demand measures how much Qd responds to a change in P. …measures the sensitivity of the quantity demanded of a good to a change in its price It is defined as:
• • • • • • • • • •
Tacit collusion Optimal output level Diseconomy of scale Economic profit Utility maximization Giffen good Indifference curve Economy of scale A perfectly competitive market Diminishing marginal rate of substitution • Inferior good • U-Shaped Average Total Cost
6
Section C
• In general
• Answer the question • Use economic theory in your answers • Define the relevant terms, give examples where possible, draw diagrams where possible
Hence, for normal goods, income elasticity > 0. For inferior goods, income elasticity < 0.
Percent change in Qd
13
Price elasticity for a linear demand curve
Price elasticity of supply Percentage change in Qs
=
Percentage change in P
• Price elasticity of supply measures how much Qs responds to a change in P. Loosely speaking, it measures sellers’ price-sensitivity.
8
Calculatioห้องสมุดไป่ตู้s and diagrams
• Diagrams: • Diagrams must be explained • Diagrams require assumptions • An unexplained diagram is not worthless, but you cannot get full marks at all unless explained. You need to demonstrate your understanding of the theory you use • Understand the diagrams used in lectures/tutorials • Practice drawing diagrams
Junqian Xu Email: junqian.xu@xjtlu.edu.cn Office B2 A457 Office hour: Wednesday 3-5 pm
1
Final and Resit Exams
3
Review Points
• Chapters 1-9; • Lecture notes 1-9; • Tutorials 1-5;
• Section A & B
• (1) Elasticities -Calculations– midpoint method and standard method -Definitions– PED, PES, IED,CPED -Determinants-elastic or inelastic? • (2) Consumer choice and demand decisions -Budget constraint & Indifference curve -The effects of changes in income or price of one good on consumption -How to get optimal choices of consumptions of goods X and Y?
INSTRUCTIONS TO CANDIDATES
• 1. This is a closed-book examination, which is to be written without books, tapes, or notes. • 2、 Total marks available are 100, divided in Section A (40 marks), B (30 marks) and C (30 marks). Answer all questions in Sections A and B. • Choose 6 from questions C24-C31 in Section C. • 3、 In section A, 2 marks will be awarded for each correct answer and 0 marks for each wrong answer provided. There is NO penalty for providing a wrong answer. • 4、 In section B, a maximum of 10 marks can be awarded for each question. • 5、 In section C, a maximum of 5 marks per question can be awarded. • 6、 Answer should be written in the answer sheet(s) and/or booklet(s) provided. Only English solutions are accepted. • 7、 The university approved calculator - Casio FS82ES/83ES can be used. • 8、 All materials must be returned to the exam supervisor upon completion of the exam. Failure to do so will be deemed academic misconduct and will be dealt with accordingly.
4
• (3) Supply decisions Various types of costs and Revenue –TC,AC,MC &TR,AR,MR - assumptions, definitions & calculations & diagrams - How could a firm make supply decision? • (4) Costs and Supply Production and supply decisions in SR & LR - Costs in SR & LR - LAC in LR •
5
• (5) Perfect competition - Demand & supply - Supply decisions in SR & LR • (6) Monopoly - Supply decisions • (7) Imperfect competition - Characteristics - Supply decisions of monopolistic competition in LR - Cartel & collusion of oligopolist
• Questions asking for diagrams
• Label the diagrams fully • Explain the diagrams in detail
7
• • • • • • • • • • • • •
Natural monopoly Minimum efficient scale Income elasticity of demand Monopolist competition Dominant strategy Monopoly power Short run equilibrium Normal profit Marginal product of labor Long-run total costs Marginal utility Cartels Cross-price elasticity of demand
11
Other Elasticities:
(3) The cross price elasticity of demand
The cross price elasticity of demand for good i with respect to the price of good j is: % change in quantity demanded of good i % change in the price of good j This may be positive or negative The cross price elasticity tends to be positive – if two goods are substitutes: e.g. tea and coffee The cross price elasticity tends to be negative – if two goods are complements. e.g. coffee and milk.
2
Summary of Exam Structure (final and resit)
• SECTION A: A1-A20 MCQs, 2.0 marks will be awarded for each correct answer and 0 marks for each wrong answer provided. Answer all questions. • SECTION B: B21-23 (Problem solving questions, 10 marks each). Answer all questions. • SECTION C: C24-C31(short notes questions, 5 marks each). Answer six questions only (choose 6 from 8).
% change in quantity demanded % change in price
We can use both Standard Method and Mid-point method to compute the percentage changes).
(2) Price Elasticity of Supply
Other Elasticities
• (4) Income elasticity of demand: measures the sensitivity of
quantity demanded to a change in income.
Income elasticity = of demand Percent change in income
9
(1) The price elasticity of demand
Price elasticity of demand measures how much Qd responds to a change in P. …measures the sensitivity of the quantity demanded of a good to a change in its price It is defined as:
• • • • • • • • • •
Tacit collusion Optimal output level Diseconomy of scale Economic profit Utility maximization Giffen good Indifference curve Economy of scale A perfectly competitive market Diminishing marginal rate of substitution • Inferior good • U-Shaped Average Total Cost
6
Section C
• In general
• Answer the question • Use economic theory in your answers • Define the relevant terms, give examples where possible, draw diagrams where possible
Hence, for normal goods, income elasticity > 0. For inferior goods, income elasticity < 0.
Percent change in Qd
13
Price elasticity for a linear demand curve
Price elasticity of supply Percentage change in Qs
=
Percentage change in P
• Price elasticity of supply measures how much Qs responds to a change in P. Loosely speaking, it measures sellers’ price-sensitivity.
8
Calculatioห้องสมุดไป่ตู้s and diagrams
• Diagrams: • Diagrams must be explained • Diagrams require assumptions • An unexplained diagram is not worthless, but you cannot get full marks at all unless explained. You need to demonstrate your understanding of the theory you use • Understand the diagrams used in lectures/tutorials • Practice drawing diagrams