Econ 315 Final Exam Study Guide
There are 30 Scantron questions: each question is worth 3 points.
You will need a new Scantron 882 for the exam as some questions will be answered on the back side of the form.
The order of the material on your exam will differ from the order indicated below.
There are three short-answer questions worth 30 points in total.
Note that most of the material on the final has been covered since the second exam. Some of the material has not yet been covered since we still have two class meetings before the final exam. Where the material has not yet been covered it is indicated on the study guide.
1. Peak load pricing analysis
2. Limit pricing analysis and outcome – information not seen yet
3. Predatory pricing analysis – information not seen yet
4. Rent seeking, general observations – information not seen yet
5. Price matching strategy, motivations and outcomes
6. Penetration pricing, motivations and outcomes – information not seen yet
7. Given demand function and external/internal cost functions, determine the socially efficient level of output – information not seen yet
8. Given MC and price elasticity, find profit-maximizing price; formula required MC = MR = P (1+E)/E
9. Compare/contrast perfect competition/monopoly/oligopoly
10. Given information on an oligopolistic industry, relate market elasticity of demand and profit-maximizing markup factor. Formula required: P = NEm/(1 + NEm) x MC
11. Given demand function and cost function, find per-unit price charged under a two-part pricing strategy
12. Given a demand function and cost information, determine the firm’s price/quantity using a block pricing strategy
13. Predict the outcome under a Bertrand oligopoly given demand and cost functions
14. Given cost information in a Cournot oligopoly, predict what will happen
15. Second degree price discrimination profit calculation
16. Influences on mark-ups for oligopolies