ECN 001A Final: ECN 001A, Final Exam

• School: UC-Davis
• Department: Economics
• Course: ECN 001A
• Professor: All

Document Summary

Consumers, producers, and the efficiency in markets 4. Ps with lots of sellers and a smooth s curve 10. How a lower price reduces ps 11. The free market vs government intervention 13. The free market vs central planning 13. What determines the size of the dwl 17. Dwl and the elasticity of supply 17. Dwl and the elasticity of demand 18. The effects of changing the size of the tax 18. Marginal cost and average total cost 25. Costs in the short run and long run 25. How atc changes as the scale of production changes 25. The revenue of a competitive firm 28. Mr = p for a competitive firm 28. Mc a(cid:374)d the fi(cid:396)(cid:373)"s uppl(cid:455) de(cid:272)isio(cid:374) 29. A fi(cid:396)(cid:373)"s ho(cid:396)t ru(cid:374) de(cid:272)isio(cid:374) to hut do(cid:449)(cid:374) 30. A fi(cid:396)(cid:373)"s lo(cid:374)g ru(cid:374) de(cid:272)isio(cid:374) to e(cid:454)it 30. A ne(cid:449) fi(cid:396)(cid:373)"s de(cid:272)isio(cid:374) to e(cid:374)te(cid:396) ma(cid:396)ket 31. Entry and exit in the long rum 31.