Managerial Economics
Workshop#4
Question 1
1.a
1.b MRP=MP*P
of column 4.
P=$5* MP= The values in column three which will equal the MPR which is the values
1.c The number will be 10 laborers
2. Graphs
a.
b.
c.
3.Optimal use of Input
Comparison MPs/Ps to MP
03/10/2017
Managerial Economics
Group Economic Project Number One
Question 1: Write the theoretical demand equation using the appropriate variable
names you created when you prepared data for analysis.
QTY= a+B1*PR Pizza+B2*Tuition+B3*PRSDRK
Question 2: A
This page consists of three multiple choice questions
In each case, circle the correct answer.
4. If, at the current level of output, a rms average cost is greater than its marginal cost, then:
A. An increase in output must raise its average cost still fu
3.
The following is a list of various types of economies of scale:
l (i) The rm can benet from the specialisation and division of labour.
E (ii) It can overcome the problem of indivisibilities.
9011) It can obtain inputs at a lower price.
(iv) Large conta
Workshop#3
Question#1
1A. Write the Regression Equation with estimated Coefficients
Yhat=2.7333+0.667X1
1B. Below the regression equation, list in parenthesis the t values of coefficient estimates
(0.827)-For the intercept
(0.1333)-x1
1C. To the right of
Chapter 1 Practice Quiz
1
Economic theory is a valuable tool for business decision making because it
*a. identifies for managers the essential information for making a decision.
b. assumes away the problem.
c. creates a realistic, complex model of the bus
Chapter 6: Practice questions
1.
Use the figure below, which shows a linear demand curve and the associated total revenue curve, to answer the question.
The price for which 100 units can be sold is $_.
2
a.
b.
10
15
c.
25
*d.
45
e.
50
Use the figure below
Chapter 9:
Practice questions
1
A producer is hiring 20 units of labor and 6 units of capital (bundle A). The price of labor is $10,
the price of capital is $2, and at A, the marginal products of labor and capital are both equal to 20.
Beginning at A, if
Chapter 2 Practice quiz
1
If the price of a complement for tires decreases, all else equal,
a.
quantity demanded for tires will decrease.
b.
quantity supplied for tires will decrease.
*c.
demand for tires will increase.
d.
demand for tires will decrease.
Chapter 8:
1
Practice questions
Fill out the table and answer the question below.
Units of
Labor
Total
Product
Average
Product
Marginal
Product
1
2
3
4
5
6
7
_
_
66
_
_
78
_
20
_
_
_
16
_
10
_
30
_
10
_
_
_
The average product of labor when 4 units of lab
Chapter 3 Practice questions
1
A firm will maximize profit by producing that level of output at which
a.
the additional revenue from the last unit sold exceeds the additional cost of the last unit
by the largest amount.
b.
the additional revenue from the
Chapter 4 Practice Quiz
1
For the equation Y = a + bX, the objective of regression analysis is to
a.
estimate the parameters a and b.
b.
estimate the variables Y and X.
c.
fit a straight line through the data scatter in such a way that the sum of the squa
Chapter 5 Practice Quiz
1
If Mary prefers bananas to plums plums to peaches, but is indifferent between bananas and
oranges, she
*a. prefers oranges to peaches.
a.
prefers plums to oranges.
b.
is indifferent between oranges and plums.
c.
is indifferent be
Chapter 7: Practice questions
1
Demand equations derived from actual market data are
a.
empirical demand functions.
b.
never estimated using consumer interviews.
c.
generally estimated using regression analysis.
*d.
both a and c
e.
all of the above
2
One
Chapter 12:
Practice questions
1
Which of the following is a characteristic of a monopoly market?
a.
one firm is the only supplier of a product for which there are no close substitutes
b.
entry into the market is blocked
c.
the firm can influence market p
Chapter 11:
Practice questions
1
Which of the following is NOT a condition of a perfect competition:
a.
products produced by rival firms are perfect substitutes
b.
a single firm cannot affect market supply
c.
unrestricted entry and exit
*d.
industry sales
Chapter 10:
Practice questions
2
A linear specification, Q = aK + bL, is not appropriate for estimating a production function
because
*a.
the marginal products of the inputs are assumed constant.
b.
it does not allow the firm to substitute capital for lab
Assignment2
The dataset below contains information on the input of production data and on the output (in natural
logarithms) for 30 hypothetical companies. Your textbook uses logarithm of base 10 which is
different from natural logarithm which has base e.
Micro ECO 2302' ONLINE Extra Points Max: 15
Instructions: Please try your best to pick out the best answers by yourself with your own utmost academic effort.
Remember to send your answers to my Ul-lD email: [email protected] before 2:00PM on Friday 331.
CHAPTER 3
ANSWERS TO QUESTIONS FOR DISCUSSION AND PROBLEMS
QUESTIONS FOR DISCUSSION
1.
What does the supply and demand for human kidneys look like? If a market in
kidneys were legal, who would get them? How does a law prohibiting kidney sales
affect the q
ANSWERS TO QUESTIONS FOR DISCUSSION AND PROBLEMS
QUESTIONS FOR DISCUSSION
1. If you owned the only bookstore on or near campus, what would you charge for
this textbook? How much would you pay students for their used books?
LO: 3
AACSB: Analytic
BT: Create
ANSWERS TO QUESTIONS FOR DISCUSSION AND PROBLEMS
QUESTIONS FOR DISCUSSION
l.
Is your school currently producing at capacity (i.e., teaching as many students as
possible)? What considerations might inhibit full capacity utilization?
LO: 1
AACSB: Analytic
B
ANSWERS TO QUESTIONS FOR DISCUSSION AND PROBLEMS
QUESTIONS FOR DISCUSSION
1. Americans already enjoy living standards that far exceed world averages. Do we
have enough? Should we even try to produce more? (LO 2-2)
Answer: The reality of human nature is th
ANSWERS TO QUESTIONS FOR DISCUSSION AND PROBLEMS
QUESTIONS FOR DISCUSSION
1. What industries do you regard as being highly competitive? Can you identify any
barriers to entry in those industries?
LO: 1
AACSB: Analytic
BT: Create
Farming and farm supplies
ANSWERS TO QUESTIONS FOR DISCUSSION AND PROBLEMS
QUESTIONS FOR DISCUSSION
1.
Why do people routinely stuff themselves at all-you-can-eat-buffets? Explain in
terms of both utility and demand theories.
LO: 1
AACSB: Analytic
BT: Analyze
The law of demand sta
ANSWERS TO QUESTIONS FOR DISCUSSION AND PROBLEMS
QUESTIONS FOR DISCUSSION
1. As rich as America is, how can our resources possibly be scarce? (LO 1-1)
Answer: Many believe that America has become rich because of the abundance of
our natural resources. Oth