1. The production function is nothing to do with the isoquant.
2. The average product(AP) can be negative.
3. The marginal product(MP) can be negative.
4. The AP is always greater than the MP.
5. The total product(TP) increases all the time as the inputs increase.
6. The isocost is related to the cost function.
7. The output elasticity of capital determines the return to scale.
8. The productivity is not related to the AP.
9. The productivity is not related to the MP.
10. The learning curve is the function of time.
11. The diffusion curve is the function of time.
12. The total cost is a sum of fixed cost and variable cost in a long-run.
13. The marginal cost(MC) is higher than the average cost(AC) at any output.
14. The break-even output is estimated from the positive profit..
15. The long-run cost function is estimated on the cross-section data.
16. A difference between oligopoly & monopolistic competition is number of firms.
17. The monopoly firm faces the perfectly price-elastic demand.
18. The oligopoly firm faces the moderately price-elastic demand.
19. The perfect competitive firm faces the perfectly price-inelastic demand.
20. The cartel model is a kind of monopoly market.
21. The sales maximization model concerns the profit.
22. The dominant strategy game is considering other firm's strategy.
23. The mark-up pricing on price is higher that mark-up pricing on cost.
24. The transfer pricing is to find price of similar products.
25. The expected value calculation is needed for the uncertainty analysis.
26. The net present value calculation is needed for the risk analysis.
27. The cost of debt(loan) is nothing to do with firm's tax rate.
2. Summarize
(1) Condition of optimum 2 inputs :
(2) Increasing return to scale:
(3) Cobb-Douglas production function:
(4) Causes of productivity increases:
(5) Opportunity cost:
(6) Economy of scope:
(7) Types of market structures:
(8) Condition of optimum output and price in the market:
(9) Mark-up pricing on cost and mark-up pricing on price:
(10) Price discrimination:
(11) Maximin and minimax:
(12) Risk attitudes:
(13) Market power regulation acts: