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Fall 2009 - Exam I - BLUE

Fall 2009 - Exam I - BLUE - Fall 2009 Exam I 1 Marginal...

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Fall 2009 – Exam I 1. Marginal revenue is positive in the region of the demand curve for which: a) E Q,P < -1 b) E Q,P = -1 c) E Q,P > -1 d) E Q,P > 0 2. Two goods X and Y are complements if a) y x P Q E , < 0 b) y x P Q E , = 0 c) y x P Q E , > 0 d) y x P Q E , 0 Short run cost curves for Chimeric Images are shown below: The company employs two inputs: capital and labor. Capital is fixed during this short run production period. The wage rate w = 300, and the rental rate of capital = 600. 3. Chimeric Images is using _____ units of capital. 4. At the output level Q = 1200, Chimeric Images employs _____units of labor. 5. At output level Q = 1200, the marginal product of labor equals: 6. At Q = 1200, the marginal product of capital equals 6. In the long run, Chimeric images can decrease the cost of producing 1200 units by: a) using more capital and less labor. b) using less capital and less labor. c) using less capital and more labor. d) None of the above: Chimeric is currently minimizing the long run cost of producing Q = 1200. BLUE – Page 1 of 5 ATC AVC MC Q \$ 1200 150 100

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7. Statisticians test the overall significance of a regression equation using the ____ statistic. 8. The percentage of variation in the “left hand side” variable explained by variation in the “right hand side” variables in a regression equation can be determined using the ____ statistic. 9. Ajax, Inc. has current profits of 80 million dollars. Profits for the company are expected to grow at a rate of 4 percent per year into the indefinite future. The current rate of time discount, or rate of interest, is 6 percent. Ajax has already paid dividends to shareholders this year. The market value of Ajax, Inc is _________ billion dollars.
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