MODR 1710 Study Guide - Final Guide: Perfect Competition, Economic Surplus, Economic Equilibrium

• School: York University
• Department: Modes Of Reasoning
• Course: MODR 1710
• Professor: Carmela Circelli

Document Summary

Part i - problem format - is worth 40 marks (40 of the total mark of 50) Part ii - multiple choice- is worth 10 marks (10 of the total mark of 50) This total marks in this test are 50. The test is divided into two parts: (5 multiple choice questions worth 2 marks each) You must use a pen; pencil is not eligible for remarking. Print your name and student number clearly on the front of the exam and on any loose pages. Place your answers (and work where necessary) in the space provided. Show the output (qo) produced by the firm if the firm were to produce. 1 mark: upward sloping mc at some point with correct axes cost/unit and q (or q) 1 mark: avc falls and rises with mc through min avc. 1 mark: ac (> avc) falls and rises with mc through min ac. 1 mark: econ loss: (aco po)*qo (bold rectangle above)