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Answers Test _1 BA 315 Fall 06 Oct 17

# Answers Test _1 BA 315 Fall 06 Oct 17 - Name BA 315 Test#1...

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Name:______________ Favorite Restaurant:__________ BA 315: Test #1, Fall 06 Lundquist College of Business University of Oregon Ali Emami Please answer all questions and make sure to show your calculations for questions marked with (*). Correct answers without showing calculations do not receive any credit. You are allowed to use a calculator to help with the calculations on the test. Do not talk during the test or use someone else’s paper or calculator as assistance this can result in a zero and a failing grade in the class. 1. Entrepreneurship refers to: A) Natural resources such as land and water. B) Computer technology. C) Skilled labor. D) People who are creators. Ans: D 2. In Economics, investment refers to: 3. Complete the following table (fill in the blanks): Output Total Cost Total Fixed Cost Total Variable Cost Average Fixed Cost Average Variable Cost Average Total Cost Marginal Cost 10 20 30 40 _____ _____ _____ _____ _____ _____ _____ _____ _____ _____ _____ _____ 25 _____ _____ _____ 5 _____ 15.00 _____ _____ _____ _____ 30 _____ 2.00 _____ _____ The next 2 questions refer to the following: The price elasticity of demand for a firm’s product is - 2.25 over the range of prices being considered by the firm’s manager. 4*. If the manager increases the price of the product by 8 percent, the manager predicts that quantity demanded will _____________ by _______ percent. 5. If the manager wishes to increase sales volume (Q) by 25 percent, the manager predicts the price of the product must be _____________ (increased, decreased) by _______ percent.

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