Chapter one.docx - Economics can best be defined as 1 The...

This preview shows page 1 - 3 out of 7 pages.

1. Economics can best be defined as: Your Answer: The study of how individuals produce, distribute and consume material goods and services. CONGRATULATIONS! Economics is the study of how goods and services are produced, distributed, and consumed. Read the discussion on page 2 and learn more. 2. Management can best be described as: Your Answer: How individuals organize and allocate a firm's resources to achieve the firm's objectives. GOOD CALL! Management's main concern is how to organize and distribute the firm's resources to achieve the firm's objectives. Read the discussion on page 2 and learn more. 3. Managerial economics can best be described as: Your Answer: How firm managers use economic analysis to make business decisions to best use the firm's resources. WELL DONE! The focus of managerial economics is to utilize economic theory to make business decisions to best use the firm's resources. Read the discussion on page 2 and learn more. 4. Which of the following is a component of managerial economics? Your Answer: All of the above. Application of microeconomic theory. Application of management science tools like linear programming. Application of statistical techniques like regression analysis
Image of page 1

Subscribe to view the full document.

THAT'S CORRECT! Managerial economics utilizes all of the above components and tools. Read the discussion on page 2 and learn more. 5. Which of the following circumstances is a topic most applicable to managerial economics? Your Answer: Whether or not a potential market is penetrable and profitable to the firm. GIVE YOURSELF A PAT ON THE BACK! Managerial decision making often involves assessing the potential to penetrate a market profitably for the firm. Read the discussion on pages 3-4 and learn more. 6. Which of the following would represent a microeconomic decision or process? Your Answer: Using forecasted interest rates to determine the appropriate time to finance a new plant. THAT'S CORRECT! This decision involves a single firm. Read the discussion on page 9 and learn more.
Image of page 2
Image of page 3

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern