Micro FRQ Topics

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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