3390 Managerial Economics Practice Questions
1. If a decision is to be sensible, what must be incorporated?
a. A listing of the alternative courses of action.
b. Determining how varying the assumption
KEY CONCEPTS I (ECON 3390)
MANAGERIAL ECONOMICS (Fall 2013)
.
Chapter 1. Introduction
(1) Economics: is the study of the way in which scarce resources
are allocated
among alternative uses to satisfy u
MISY 3395
Review for Exam Two
Chapters: 8, 9, 10, and 11
STUDY WITH EXAMPLES
Total Points: 50
50 Multiple Choice Questions and 60 minutes allowed to answer the questions. Each
question is worth one po
Instructor's Manual to Accompany
MANAGERIAL
ECONOMICS
IN A GLOBAL
ECONOMY
EIGHTH EDITION
DOMINICK SALVATORE
Professor of Economics and Business
Fordham University, New York
Oxford University Press
PRE
Question 1
3 out of 3 points
Use the following to answer the next question
Refer to the competitive market graph. If market price is equal to $60,
Question 2
3 out of 3 points
In a two-player game, w
Question 1
3 out of 3 points
FairweatherConstruction,Inc.,hasthefollowingshortruntotalcostschedule:
Fairweathers marginal cost of the 8th unit is:
Question 2
3 out of 3 points
The point of inflection
Question 1
3.75 out of 3.75 points
Which of the following is not a determinant of the demand for a good?
Question 2
3.75 out of 3.75 points
The price of a firm's product increases from $5 to $6. As a
Question 1
3 out of 3 points
The contemporary theory of the firm is based on the assumption that firms make decisions
that are intended to
Question 2
3 out of 3 points
Monica quit her $50,000 per yea
Part B. Solve the following problems.
1. The price elasticity of demand for Magic personal computers is estimated to be -3.0.
If the price of the computers declines by 20%, what would be the expected
ECONOMICS 3390
EXCECISE QUESTIONS I and ANSWERS
Professor Dr. Choi
Part A. TECHNIQUES OF OPTIMIZATION: Differential Calculus
1) Solve the following equations by factoring, and find the roots.
a) P2 +
EXERCISE QUESTIONS I (Chapter 1, 2, 3, 4)
ECONOMICS OF THE FIRM (ECONOMICS 3390)
Professor: Dr. Choi
Part A. True-False Questions: Answer : True: T, False: F
1. Globalization increases trade and inves
EXERCISE QUESTIONS
ECONOMICS OF THE FIRM (ECONOMICS 3390)
1. Where the demand is price elastic, marginal revenue is positive
Answer: T.
2. If a price floor above the equilibrium price is imposed by th
ECONOMICS 3390
EXCECISE QUESTIONS I and ANSWERS
Professor Dr. Choi
Part A. TECHNIQUES OF OPTIMIZATION: Differential Calculus
1) Solve the following equations by factoring, and find the roots.
a) P2 +
Chapter 4. Demand Theory
This chapter is about consumer behavior.
(1) The Law of Demand: P and Qd for a good are inversely related,
ceteris
paribus.
Price effect (PE) on Qd consists of Substitution Ef
Chapter 3: Optimization techniques and new Management Tools
OPTIMIZATION AND BASIC DIFFERENTIAL CALCULUS (in
Chapter 3
Appendix)
Decision making processes involve optimization, and the
optimization
re
Chapter 2.
Demand and Supply, and Equilibrium Analysis
We will briefly cover this chapter because it was a major subject of
the principles
course (Econ 2302).
(1) Market
(A) Market: A mechanism or an