Microeconomics Topics from 2010-present:
YEAR
| Question 1 | Question 2 | Question 3 | | 2017 | | | | 2016
Key | Price floor, elasticity of supply, input cost increase, CS, cross-price elasticity, perfectly elastic supply. | Utility maximization, optimal combination, income change, price change. | Monopolisitic competition, LRATC, total revenue maximization, economies of scale. | 2016 Average | 5.42/10 | 4.63/7 | 2.80/6 | 2015
Key | Perfect competition draw, total revenue, lump-sum subsidy, short-run & long run. | Game theory, payoff matrix, dominant strategy, subsidy. | Market graph analysis, price floor, price ceiling, quota, price elasticity. | | 2015 Average | 4.06/10 | 2.99/5 | 3.34/6 | 2014
Key | Monopoly analysis (flat ATC=MC= LRATC), calculations, economies of scale, CS, DWL, elasticity, price discrimination. | Perfectly competitive labor market, minimum wage, MRPL. | Market drawn with relatively elastic supply, per-unit tax, consumer and producer prices, tax revenue, elasticity and tax burden. | 2014
Average | 4.64/10 | 2.72/6 | 3.24/6 | 2013
Key | Monopoly analysis (flat MC=ATC), note areas, profit, DWL, price discrimination, socially optimal regulation, elasticity. | Game theory, payoff matrix, dominant strategy, Nash equilibrium, redraw w/ higher costs. | Market drawn, negative externality, positive externality, DWL. | 2013
Average | 5.55/10 | 2.54/5 | 2.81/6 | 2012
Key | Monopoly draw, economic loss, allocative efficiency, total revenue, per-unit subsidy, CS, lump-sum subsidy. | Marginal utility table, total utility, utility maximization, income elasticity, cross-price elasticity. | Trade, tariff, CS, tax revenue, PS. | 2012
Average | 4.66/10 | 2.46/6 | 1.59/5 | 2011
Key | Monopoly analysis (MC, & ATC), profit, allocative efficiency, elasticity, accounting profit, price ceiling, price discrimination, CS. | Perfectly competitive firm draw, increase in wages, perfectly competitive labor market, wage increase. | Negative externality draw, allocative efficiency, DWL, lump-sum tax. | 2011
Average | 4.17/10 | 2.87/6 | 1.11/5 | 2010
Key | Perfectly competitive draw, elasticity, demand increase, input cost increase. | Perfectly competitive capital market, rental rate, derived demand, marginal product, MRP, cost minimizing inputs. | Market graph analysis, CS & PS, negative externality, per-unit tax. | 2010
Average | 6.02/10 | 1.60/5 | 2.30/5 | | | | | |
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