Today's slides and the answer key for the quiz are up. The quizzes should be graded within 24 hours.
Next week, we will pick up where we left off — why costs matter and what to do with these $/unit graphs. And later, we'll see the details of how costs affect the decisions of competitive firms or a monopolist.
The midterm is cumulative, but some questions will definitely NOT appear: deriving and graphing ICCs and PCCs (from last Wednesday's quiz), solving for general equilibrium in two markets (last Friday's quiz).
Midterm points breakdown (not finalized, minor changes may be made)
14 pts — 7 multiple choice
18 pts — 6 short answer; some numerical, some graphical, some conceptual
5,6,7 pts —- 3 long; graphical or numerical
3 bonus pts —- 3 short answer
The long questions could be almost anything: any problems seen on earlier quizzes or the midterm (except the two mentioned above) and also cost-minimization and deriving the cost function.
Tomorrow, I'll recap some basic concepts and go over some numerical/graphical examples, in whatever order people request. It's unlikely that there will be time for everything, so requests/interruptions are encouraged/welcome.