Shopping Cart
Your shopping cart is empty!
Categories
ECO 550 Final Guide (All Possible Questions)
$25.00

ECO 550 Final Guide (All Possible Questions)

This Tutorial was purchased 11 times & rated A by student like you.

 

This Tutorial contains following Attachments

  • ECO 550 Final Guide (All Possible Question).docx

Chapter 9—Applications of Cost Theory

 

MULTIPLE CHOICE

 

1. Evidence from empirical studies of short-run cost-output relationships lends support to the:

 

2. The short-run cost function is:

 

3. Theoretically, in a long-run cost function:

 

4. Break-even analysis usually assumes all of the following except:

 

5. What is another term meaning the degree of operating leverage?

 

6. In a study of banking by asset size over time, we can find which asset sizes are tending to become more prominent.  The size that is becoming more predominant is presumed to be least cost. This is called:

 

7. George Webb Restaurant collects on the average $5 per customer at its breakfast & lunch diner. Its variable cost per customer averages $3, and its annual fixed cost is $40,000.  If George Webb wants to make a profit of $20,000 per year at the diner, it will have to serve__________ customers per year.

 

8. In determining the shape of the cost-output relationship only ____ depreciation is relevant.

 

9. Which of the following is not a limitation of the survivor technique for measuring the optimum size of firms within an industry?

 

10. The primary disadvantage of engineering methods for measuring cost functions is that they deal with the managerial and entrepreneurial aspects of the production process or plant.

 

 

11. A linear total cost function implies that:

 

12. A ____ total cost function implies that marginal costs ____ as output is increased.

 

13. A ____ total cost function implies that marginal costs ____ as output is increased.

 

 14. A ____ total cost function yields a U-shaped average total cost function.

 

15. In the linear breakeven model, the difference between selling price per unit and variable cost per unit is referred to as:

 

16. Which of the following is not an assumption of the linear breakeven model:

 

17. In the linear breakeven model, the breakeven sales volume (in dollars) is equal to fixed costs divided by:

 

18. The degree of operating leverage is equal to the ____ change in ____ divided by the ____ change in ____.

 

19. The linear breakeven model excludes ____ from the analysis.

 

20. In the linear breakeven model, the relevant range of output is that range where the linearity assumptions of the model are assumed to hold.

 

  21. In the linear breakeven model, the breakeven sales volume (in dollars) can be found by multiplying the breakeven sales volume (in units) by:

 

 22. In the linear breakeven model, a firm incurs operating losses whenever output is less than the breakeven level.

 

PROBLEMS

 

1. For each of the following cost-output relationships, describe the shape (U-shape, decreasing, increasing, constant) of the average total cost and marginal cost functions (C = total cost, Q = output):

 

2. Offshore Petroleum's fixed costs are $2,500,000 and its debt repayment requirements are $1,000,000. Selling price per barrel of oil is $18 and variable costs per barrel are $10.

 

Chapter 10—Prices, Output, and Strategy: Pure and Monopolistic Competition

 

MULTIPLE CHOICE

 

1. The main difference between perfect competition and monopolistic competition is:

 

2. Long distance telephone service has become a competitive market. The average cost per call is $0.05 a minute, and it’s declining.  The likely reason for the declining price for long distance service is:

 

3. What is the profit maximization point for a firm in a purely competitive environment?

 

4. All of the following are true for both competition and monopolistic competition in the long run, except one of them.  Which is it? 

 

5. Which of the following statements is (are) true concerning a pure competition situation?

 

6. In pure competition:

 

7. In the short-run for a purely competitive market, a manufacturer will stop production when:

 

8. In the purely competitive case, marginal revenue (MR) is equal to:

 

9. In long-run equilibrium, all firms in a pure competition market situation operating under a condition of certainty will have identical costs even though they may use different production and operation techniques.

 

10. If price exceeds average costs under pure competition, ____ firms will enter the industry, supply will ____, and price will be driven ____.

 

11. A firm in pure competition would shut down when:

 

12. In the long-run, firms in a monopolistically competitive industry will

 

13. Uncertainty includes all of the following except ____.

 

14. Experience goods are products or services

 

15. Buyers anticipate that the temporary warehouse seller of unbranded computer equipment will

 

16. All of the following are mechanisms which reduce the adverse selection problem except ____.

 

17. Asset specificity is largest when

 

18. Under asymmetric information,

 

19. To escape adverse selection and elicit high quality experience goods buyers can

 

20. The problems of asymmetric information exchange arise ultimately because

 

21. The market for "lemons" is one in which

 

22. The fraudulent delivery of low quality experience goods at high prices is more likely if

 

23. An "experience good" is one that:

 

24. A "search good" is:

 

25. The price for used cars is well below the price of new cars of the same general quality.  This is an example of:

 

PROBLEMS

 

1. Sunrise Juice Company sells its output in a perfectly competitive market. The firm's total cost function is given in the following schedule:

 

2. Superior Metals Company has seen its sales volume decline over the last few years as the result of rising foreign imports. In order to increase sales (and hopefully, profits), the firm is considering a price reduction on luranium--a metal that it produces and sells. The firm currently sells 60,000 pounds of luranium a year at an average price of $10 per pound. Fixed costs of producing luranium are $250,000. Current variable costs per pound are $5. The firm has determined that the variable cost per pound could be reduced by $.50 if production volume could be increased by 10 percent (fixed costs would remain constant). The firm's marketing department has estimated the arc elasticity of demand for luranium to be −1.5.

 

Chapter 11—Price and Output Determination: Monopoly and Dominant Firms

Write a review

Order Id


Order Id will be kept Confidential
Your Name:


Your Review:
Rating:   A   B   C   D   F  

Enter the code in the box below:



Related Tutorials
$2.00

This Tutorial was purchased 2 times & rated A+ by student like you.

ECO 550 Week 9 Discussion 2   "Government Regulation" Please respond to the following:   ·        From the e-Activity, take a position on whe..
$2.00

This Tutorial was purchased 2 times & rated No rating by student like you.

ECO 550 Week 9 Discussion 1   "Impact of Government Regulation" Please respond to the following:   ·        * From the scenario for Katrina’s..
$12.00

This Tutorial was purchased 2 times & rated B+ by student like you.

This Tutorial contains 2 Different Papers   Assume that the low-calorie microwavable food company from Assignments 1 and 2 wants to expand and has to make some ..
$2.00

This Tutorial was purchased 1 times & rated No rating by student like you.

ECO 550 Week 8 Discussion 2   "Organizational Form" Please respond to the following:   ·        Examine two (2) organizational forms of business&n..
$2.00

This Tutorial was purchased 2 times & rated A by student like you.

ECO 550 Week 8 Discussion 1   "Entering a Merger" Please respond to the following:   ·        * From the scenario for Katrina’s Candies, ..
$2.00

This Tutorial was purchased 0 times & rated No rating by student like you.

ECO 550 Week 7 Discussion 2   "Price-Setting Strategies" Please respond to the following:   ·        Examine the common price setting strategies o..
$2.00

This Tutorial was purchased 2 times & rated B+ by student like you.

ECO 550 Week 7 Discussion 1   "Predicting Price-Setting Strategies" Please respond to the following:   ·        * From the scenario for Katrina’s&..
$2.00

This Tutorial was purchased 3 times & rated A+ by student like you.

ECO 550 Week 6 Discussion 2   "Maximizing Revenue" Please respond to the following:   ·        * From the scenario, assuming Katrina’s Candies&nbs..
$2.00

This Tutorial was purchased 0 times & rated No rating by student like you.

ECO 550 Week 6 Discussion 1   "Market Structures" Please respond to the following:   ·        * From the scenario, assuming Katrina’s Candies ..
$12.00

This Tutorial was purchased 3 times & rated B+ by student like you.

This Tutorial contains 2 Different Papers   Using the regression results and the other computations from Assignment 1, determine the market structure in which the low-ca..
$2.00

This Tutorial was purchased 1 times & rated No rating by student like you.

ECO 550 Week 5 DQ 2   "Cost Management" Please respond to the following:   ·        Imagine that you are a manager of a chemical co..
$2.00

This Tutorial was purchased 2 times & rated A+ by student like you.

ECO 550 Week 5 DQ 1   "Applications of Cost Theory" Please respond to the following:   ·        * Answer the following DQs based on ..
$2.00

This Tutorial was purchased 0 times & rated No rating by student like you.

ECO 550 Week 4 DQ 2   "Production Decisions" Please respond to the following:   ·        From the e-Activity, recommend whether the company i..
$2.00

This Tutorial was purchased 5 times & rated B+ by student like you.

ECO 550 Week 4 DQ 1   "Production Economics" Please respond to the following:   ·        * From the scenario for Katrina’s Candies, determine..
$2.00

This Tutorial was purchased 1 times & rated B+ by student like you.

"Outsourcing Offshore" Please respond to the following:   ·        Answer the following DQs on the decision to outsource offshore:   o   Asid..
$2.00

This Tutorial was purchased 0 times & rated No rating by student like you.

"Managing in the Global Economy" Please respond to the following:   ·        *Answer the following DQs based on the Katrina’s Candies scenario:  ..
$12.00

This Tutorial was purchased 3 times & rated A+ by student like you.

This Tutorial contains 2 Sets   Option 1: Demand equation:  QD = - 5200 - 42P + 20PX + 5.2I + .20A + .25M (2.002)  (17.5) (6.2)    (2.5)..
$2.00

This Tutorial was purchased 3 times & rated B+ by student like you.

From the e-Activity, analyze the elasticity of demand for products within the selected industry relevant to Katrina’s Candies.  Determine the factors involved in making deci..
$2.00

This Tutorial was purchased 1 times & rated A+ by student like you.

"Estimating Demand" Please respond to the following:   From the scenario for Katrina’s Candies, examine the procedure Herb will use to estimate the demand model develope..
$2.00

This Tutorial was purchased 2 times & rated No rating by student like you.

ECO 550 Week 11 Discussion 2   "Best Practices" Please respond to the following:   ·        Create a list of three (3) best practices to..
$2.00

This Tutorial was purchased 2 times & rated A+ by student like you.

ECO 550 Week 11 Discussion 1   "Transfer It" Please respond to the following:   ·        Propose two (2) applications of the knowledge that&n..
$2.00

This Tutorial was purchased 2 times & rated A by student like you.

ECO 550 Week 10 Discussion 2   "Cost-Benefit Analysis" Please respond to the following:   ·        Assess both the short-term and the long-term&nb..
$2.00

This Tutorial was purchased 1 times & rated No rating by student like you.

ECO 550 Week 10 Discussion 1   "Long-Term Investment" Please respond to the following:   ·        * From the scenario for Katrina’s Candies, ..
$20.00

This Tutorial was purchased 4 times & rated A+ by student like you.

ECO 550 Week 1 DQ 1 Fundamental Economic Concepts ECO 550 Week 1 DQ 2 Supply and Demand ECO 550 Week 2 DQ 1 Estimating Demand ECO 550 Week 2 DQ 2..
$2.00

This Tutorial was purchased 2 times & rated No rating by student like you.

From the e-Activity, examine the key factors that influence the supply and demand of the selected good in general and Katrina’s Candies specifically.  Propose two (2)&n..
$2.00

This Tutorial was purchased 3 times & rated B+ by student like you.

"Fundamental Economic Concepts" Please respond to the following: Answer the following DQs based on the Katrina’s Candies scenario: From the scenario for Katrina’s Candies, examine&..
$10.00

This Tutorial was purchased 2 times & rated A by student like you.

Question 1    The forecasting technique which attempts to forecast short-run changes and makes use of economic  indicators known as leading, coincident or lagging in..
$25.00

This Tutorial was purchased 3 times & rated No rating by student like you.

Chapter 1—Introduction and Goals of the Firm   MULTIPLE CHOICE   1. The form of economics most relevant to managerial decision-making within the firm is:   2. If&n..
$10.00

This Tutorial was purchased 2 times & rated B+ by student like you.

Question 1    Possible goals of Not-For-Profit (NFP) enterprises include all of the following EXCEPT:        Question 2    In the shareholder w..
Eco550Rank © 2017 All Rights Reserved.Powered by:Webzindagi.