CHAPTER 6 QUIZ
The marginal product of the variable input:
is always positive.
typically falls then rises.
is equal to the total product divided by the total amount of the
variable input employed.
none of the above.
QUIZ 2 CH 3
How long is the "short-run" time period in the economic analysis of the market?
total amount of time it takes original sellers to leave the market
total amount of time it takes new sellers to enter the market
three months or one bus
Estimation of Production
The production function
Short-run analysis of total, average and
Long-run production function
Estimation of the production function
Importance of product
Know how to interpret regression
implications of regression model
Data for studies pertaining to countries,
regions, or industries are readily avai
The Firm and its Goals
The firm and resource allocation
Profit maximization- the economic goal of
Goals other than profit
Do companies maximize profits?
Maximizing the wealth of stockholders
Define managerial economics and discuss briefly
its relationship to microeconomics and other
related fields of study such as finance, marketing,
Cite and compare the important types of
Answer keys to Chapter 5 problems 1-4 (page 162-164)
Price: Average price of the furniture. If the demand for different models or types (e.g., dining room,
bedroom, living room furniture) is estimated, then the average price of each t
Refer to Figure 5-1. Between point A and point B, the slope is equal to
a -3/2, and the price elasticity of demand is
. equal to 1/4.
b -1/4, and the price elasticity of demand is
. equal to 3/2.
c -2/3, and the price elasticity of d