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ECO500 week 2 Review Quiz Answer

# ECO500 week 2 Review Quiz Answer - Course Managerial...

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Course: Managerial Economics and Globalization (ECO 550), WINTER 2010. SECTION 003016 Week 2 : Review Quiz Answer 1) Solve: x + 79 = 194 Solution: x+79-79=194-79               x=115 2) Solve: x - 56 = 604 Solution: x-56+56=604+56               x=660 3) Solve: 6x = 36 Solution: (6x)/6=36/6               x=6 4) Solve: x / 5 = 10 Solution: 5(x/5)=5(10)               x=50 5) Solve the Problem: 6/1  ÷  2/3 Solution: 6/1  ÷  2/3 = (6/1)/(2/3)=18/2=9 6) Problem: 3/4 * 6/7 Solution:  3/4 * 6/7 = 18/28 = 9/14 1

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7) Graph: y = 2x + 1 (use values of X= 0,1,2,-1) X Y 0 1 1 3 2 5 -1 -1 8) Simplify: (-5)^3 Solution: (-5)^3 = (-5)(-5)(-5)= -125 9) Simplify: -3 3  - (-3) 2  + (-2) 2 2
Solution:  - 3 3  - (-3) 2  + (-2) 2  = -(3)(3)(3)-(-3)(-3)+(-2)(-2)=-27-9+4= -32 10)  Opportunity cost is best defined as: Answer: A A) The amount given up when choosing one activity over the next best alternative. B) The opportunity to earn a profit that is greater than the one currently being made. C) The amount that is given up when choosing an activity that is not as good as the next  best alternative. D) The amount given up when choosing one activity over all other alternatives.

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