Managerial Economics - Assignment Essays

question

Managerial Economics:

answer

helps managers identify choice alternatives.

question

Value Maximization involves the optimization of:

answer

the present value of the expected future net cash flows.

question

Compensatory profit theory describes above normal profits due to:

answer

efficient operations.

question

Holding all else equal, economic profits rise with an increase in:

answer

prices.

question

Holding all else equal, the value of the firm rises with an increase in:

answer

prices.

question

Satisfying behavior is most common:

answer

in markets sheltered from competition.

question

Sales revenue divided by total assets is the:

answer

total assets turnover ratio.

question

Unconstrained value maximizing behavior does not include consideration of:

answer

social benefits.

question

Interest payments are an:

answer

explicit cost.

question

Above normal profits that arise following success invention or modernization are called:

answer

innovation profits.

question

The profit maximizing level of output occurs where:

answer

marginal cost equals marginal revenue.

question

Marginal profit is:

answer

the change in profit that results from a unitary change in output.

question

Average cost will fall as output expands as long as:

answer

marginal cost is less than average cost.

question

If total revenue falls as output increases, marginal revenue:

answer

is always negative.

question

If TR=500Q-2Q², MR= :

answer

500-4Q

question

The slope of a total profit curve indicates:

answer

marginal profit at that point.

question

If marginal cost equals average cost:

answer

average cost is minimized.

question

If marginal revenue is less than average revenue, the:

answer

demand curve is downward sloping.

question

Profit-maximizing firms always:

answer

sell less output than revenue-maximizing firms.

question

Holding all else equal, an increase in the minimum wage leads to a decrease in:

answer

employment.

question

If demand decreases while supply increases for a particular good:

answer

its equilibrium price will increase.

question

Surplus is a condition of:

answer

excess supply.

question

The quantity of product X supplied can be expected to fall with a decline in:

answer

worker productivity.

question

Derived demand will fall with a rise in:

answer

variable costs.

question

The supply curve expresses the relation between the quantity supplied and:

answer

output price.

question

In the housing market, a rise in interest rates will:

answer

decrease demand.

question

An increase in employer paid pension costs will decrease the:

answer

quantity demanded of workers.

question

Input demand is:

answer

derived demand.

question

The arc price elasticity of demand shows the percentage change in:

answer

the quantity demanded following change in the price of a product.

question

If P1=$10, Q1=500, P2=$9.50, and Q2=550, then at P1 the point elasticity is:

answer

P=-2

question

If MC=$5 and P=4, the profit maximizing price is:

answer

$6.67

question

When the cross-price elasticity Px=1.5 :

answer

demand rises by 1.5% with a 1% increase in the price of (x).

question

Goods for which 0 < I < 1 are often referred to as:

answer

non-cyclical normal goods.

question

If MR=9000-300Q and MC=5000+100Q, the profit maximizing quantity is:

answer

10.

question

If MR=9000-300Q and MC=5000+100Q, the profit maximizing price is:

answer

$7,500

question

An uncertain relation that is true on average is a:

answer

statistical relation.

question

A multiplicative model implies:

answer

a log-linear relationship.

question

Endogenous determinants of demand include:

answer

price.

question

In a simple regression model, the correlation coefficient:

answer

is the √ of the coefficient of determination.

question

Holding all else equal, the corrected coefficient of determination rises with:

answer

an increase in R².

question

The percentage of variation in the dependent Y explained by all independent X variables as a group, after controlling for sample size and number of estimated coefficients, is given by:

answer

corrected R².

question

A measure of the statistical significance of individual coefficient estimates is the:

answer

t-statistic.

question

Tests of the B<0 hypothesis are:

answer

tests of direction or comparative magnitude.

question

In a linear demand model, the income elasticity of demand can be influenced by:

answer

income.

1 of 44

question

Managerial Economics:

answer

helps managers identify choice alternatives.

question

Value Maximization involves the optimization of:

answer

the present value of the expected future net cash flows.

question

Compensatory profit theory describes above normal profits due to:

answer

efficient operations.

question

Holding all else equal, economic profits rise with an increase in:

answer

prices.

question

Holding all else equal, the value of the firm rises with an increase in:

answer

prices.

question

Satisfying behavior is most common:

answer

in markets sheltered from competition.

question

Sales revenue divided by total assets is the:

answer

total assets turnover ratio.

question

Unconstrained value maximizing behavior does not include consideration of:

answer

social benefits.

question

Interest payments are an:

answer

explicit cost.

question

Above normal profits that arise following success invention or modernization are called:

answer

innovation profits.

question

The profit maximizing level of output occurs where:

answer

marginal cost equals marginal revenue.

question

Marginal profit is:

answer

the change in profit that results from a unitary change in output.

question

Average cost will fall as output expands as long as:

answer

marginal cost is less than average cost.

question

If total revenue falls as output increases, marginal revenue:

answer

is always negative.

question

If TR=500Q-2Q², MR= :

answer

500-4Q

question

The slope of a total profit curve indicates:

answer

marginal profit at that point.

question

If marginal cost equals average cost:

answer

average cost is minimized.

question

If marginal revenue is less than average revenue, the:

answer

demand curve is downward sloping.

question

Profit-maximizing firms always:

answer

sell less output than revenue-maximizing firms.

question

Holding all else equal, an increase in the minimum wage leads to a decrease in:

answer

employment.

question

If demand decreases while supply increases for a particular good:

answer

its equilibrium price will increase.

question

Surplus is a condition of:

answer

excess supply.

question

The quantity of product X supplied can be expected to fall with a decline in:

answer

worker productivity.

question

Derived demand will fall with a rise in:

answer

variable costs.

question

The supply curve expresses the relation between the quantity supplied and:

answer

output price.

question

In the housing market, a rise in interest rates will:

answer

decrease demand.

question

An increase in employer paid pension costs will decrease the:

answer

quantity demanded of workers.

question

Input demand is:

answer

derived demand.

question

The arc price elasticity of demand shows the percentage change in:

answer

the quantity demanded following change in the price of a product.

question

If P1=$10, Q1=500, P2=$9.50, and Q2=550, then at P1 the point elasticity is:

answer

P=-2

question

If MC=$5 and P=4, the profit maximizing price is:

answer

$6.67

question

When the cross-price elasticity Px=1.5 :

answer

demand rises by 1.5% with a 1% increase in the price of (x).

question

Goods for which 0 < I < 1 are often referred to as:

answer

non-cyclical normal goods.

question

If MR=9000-300Q and MC=5000+100Q, the profit maximizing quantity is:

answer

10.

question

If MR=9000-300Q and MC=5000+100Q, the profit maximizing price is:

answer

$7,500

question

An uncertain relation that is true on average is a:

answer

statistical relation.

question

A multiplicative model implies:

answer

a log-linear relationship.

question

Endogenous determinants of demand include:

answer

price.

question

In a simple regression model, the correlation coefficient:

answer

is the √ of the coefficient of determination.

question

Holding all else equal, the corrected coefficient of determination rises with:

answer

an increase in R².

question

The percentage of variation in the dependent Y explained by all independent X variables as a group, after controlling for sample size and number of estimated coefficients, is given by:

answer

corrected R².

question

A measure of the statistical significance of individual coefficient estimates is the:

answer

t-statistic.

question

Tests of the B<0 hypothesis are:

answer

tests of direction or comparative magnitude.

question

In a linear demand model, the income elasticity of demand can be influenced by:

answer

income.

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