ECON1050 Final Exam Review
ECON1050 Microeconomics –Final Exam Preparation Guide
Anjum Siddiqui
This exam preparation guide is entirely in line with the course outline that is available on the course website since the beginning of the course.
The final exam will examine some core learning outcomes which I am listing below.
Final exam will have multiple choice (predominantly) and some short answer questions. Focus Of exam is on later chapters that we have done and are going to complete. Other learning outcomes have already been examined in mid term and assignments.
As already mentioned you MUST study the assignments and mid term multiple choice questions—I will be taking about 20-30% of the questions from these pieces of work that you would have already completed before the final exam.
Other knowledge areas that you should prepare and on which you will see multiple choice questions are
Ch 9: Possibilities, Prefrences and Choices
Income and substation effects on demand of a price change –p213
Substitution effect is the effect of a change in price on the quantity brought when the consumer remains indifferent between the original situation and the new one
Predicting Best affordable choice –p 210
Marginal rate of substitution- p208
How changes in prices tilt or change the slope of budget line or relative price line-p206
Ch 10: Organizing Production
Technological efficiency and economic efficiency –the difference—p 231
Why firms exist—p242
Ch 11: Output and Costs
The short run vs the long run what are the differences -p252 onwards
TP, AP MP curves
Short run cost concepts—TC, VC. MC
Why are cost curves u shaped
Whats shifts the cost ciurves
Long Run costs—p262
The LRAC curve –p264
Economies, diseconomies and cosntant returns to scale in LR-p264
Ch 12: Perfect Competition
Why is demand curve facing a perfect completion firm perfectly elastic –p275
Firms production decisions in perfect competition- p276; proifit maximizing output -p277
When will firm shut
Anjum Siddiqui
This exam preparation guide is entirely in line with the course outline that is available on the course website since the beginning of the course.
The final exam will examine some core learning outcomes which I am listing below.
Final exam will have multiple choice (predominantly) and some short answer questions. Focus Of exam is on later chapters that we have done and are going to complete. Other learning outcomes have already been examined in mid term and assignments.
As already mentioned you MUST study the assignments and mid term multiple choice questions—I will be taking about 20-30% of the questions from these pieces of work that you would have already completed before the final exam.
Other knowledge areas that you should prepare and on which you will see multiple choice questions are
Ch 9: Possibilities, Prefrences and Choices
Income and substation effects on demand of a price change –p213
Substitution effect is the effect of a change in price on the quantity brought when the consumer remains indifferent between the original situation and the new one
Predicting Best affordable choice –p 210
Marginal rate of substitution- p208
How changes in prices tilt or change the slope of budget line or relative price line-p206
Ch 10: Organizing Production
Technological efficiency and economic efficiency –the difference—p 231
Why firms exist—p242
Ch 11: Output and Costs
The short run vs the long run what are the differences -p252 onwards
TP, AP MP curves
Short run cost concepts—TC, VC. MC
Why are cost curves u shaped
Whats shifts the cost ciurves
Long Run costs—p262
The LRAC curve –p264
Economies, diseconomies and cosntant returns to scale in LR-p264
Ch 12: Perfect Competition
Why is demand curve facing a perfect completion firm perfectly elastic –p275
Firms production decisions in perfect competition- p276; proifit maximizing output -p277
When will firm shut