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This economics exam covers core microeconomic principles, including calculating price elasticity of demand, analyzing market supply, and producer surplus. It features exercises on monopoly behavior, determining profit-maximizing and socially optimal outputs, and equilibrium in perfectly competitive markets, including total surplus calculations. The exam also explores intertemporal consumption choices influenced by interest rates and delves into the definition, causes (externalities, public goods, asymmetric information, market power), and solutions for market failures.
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- Multiple Choice Questions:
- Elasticity of Demand: The absolute value of price elasticity for Q = 120 - 3P at P = 20 was calculated as 1.
- Market Intervention: A ban on a good's production would likely cause its demand curve to disappear.
- Market Supply: For 100 identical firms each supplying 10 units at any price, the market supply curve is a vertical line at Q = 1000.
- Producer Surplus: The producer surplus for a supply curve P = 5 + Q at a market price of 10 was found to be 12.5.
- Exercise 5 (Monopoly):
- Context: Examined a monopoly with Total Cost (TC) = 605 + 20Q + 3Q² and market demand P = 240 - 2Q.
- Profit Maximization: The profit-maximizing quantity was determined to be 22 units, yielding a profit of 1815, by setting Marginal Revenue (MR) equal to Marginal Cost (MC).
- Socially Optimal Quantity: The socially optimal quantity was calculated as 27.5 units, achieved when the price equals marginal cost.
- Exercise 6 (Perfect Competition):
- Context: Analyzed a perfectly competitive market with 20 identical firms, each having TC = 10 + 20q + 5q², and a market demand of Q = 200 - P.
- Equilibrium: The market equilibrium price was found to be 80, with a corresponding quantity of 120, derived from equating market supply and demand.
- Total Surplus: The total surplus in this market equilibrium was calculated as 10,800 (sum of consumer and producer surplus).
- Commentary on Graph (Intertemporal Choice):
- Scenario Analysis: Discussed Julia's intertemporal consumption decisions, considering a scenario with no income in period 1 and $100 in period 2, under two different interest rates (10% and 78%).
- Interest Rate Impact: Explained how a lower interest rate (10%) typically encourages borrowing for higher current consumption, while a higher interest rate (78%) makes borrowing more expensive, potentially leading to reduced current consumption or increased saving.
- Open Question (Market Failure):
- Definition and Causes: Defined market failure as an inefficient allocation of resources by a free market and detailed its four main causes: externalities (e.g., pollution), public goods (e.g., national defense), asymmetric information (e.g., adverse selection), and market power (e.g., monopolies).
- Solutions and Example: Provided an overview of potential solutions for each type of market failure and illustrated with an example of a negative externality (e.g., factory pollution) and its solutions (e.g., Pigouvian taxes, regulations).
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Il corso intende fornire gli strumenti di base della disciplina economica, utili per la comprensione del realtà circostante e per spiegare l’evoluzione storica del nostro sistema economico sociale. Al termine del corso, gli studenti saranno in grado di: comprendere i principali elementi dell’analisi micro-economica,…