Econ 528 - Study guides, Class notes & Summaries

Manager correct answers a decision maker: Labor and capital (inputs of production), Inventory (Supply) Economics correct answers a social science that examines conditions of scarcity and how individuals respond to scarcity. (Shortages; time and other resources) Managerial economics correct answers the study of how managers make decisions based off preferences shaped by scarce resources. The goal of managerial economics is to correct answers maximize profit Accounting profits correct ...

ECON 528 Midterm Exam With 100% Correct Answers 2024

Microeconomics studies the allocation of correct answers scarce resources Managerial Economics correct answers helps managers make decisions in the face of scarcity Microeconomics models are used to correct answers make predictions explain real-life phenomena evaluate production alternatives Managerial economics as a specialized branch of economics correct answers provide logic and methodology to find solutions to business problems Managerial Economics is best defined as the econom...

ECON 528 Final Exam With Complete Solutions 2024

ECON 528 - Exam One With 100% Correct Answers 2024

If a producer is not able to expand its plant capacity immediately, it is Select one: a. bankrupt. b. losing money. c. operating in the short run. d. operating in the long run. Assume the market for organically-grown produce is perfectly competitive. All else equal, as farmers find it less profitable to produce and sell organic produce in this market Select one: a. the demand curve will shift to the left and the equilibrium price will decrease. b. the supply curve will shift to the lef...

Economies of scale exist as a firm increases its size in the long run because of all the following except: correct answers As a firm expands its production, its profit margin per-unit of output increases Over the past twenty years, the number of small family farms has fallen significantly and in their place there are fewer, but larger, farms owned by corporations. Which of the following best explains this trend? correct answers Economies of scale in farming The president of Toyota's Geor...

d. As the size of the firm increases it becomes more difficult to coordinate the operations of its manufacturing plants. correct answers Which of the following is a reason why a firm would experience diseconomies of scale? a. As the size of the firm increases, it becomes more difficult to find markets where it doesn't already have operations. b. As the size of the firm increases, it must operate in other countries where differences in language, customs and laws increase its average costs. c....

Average variable cost and the cumulative number of units produced correct answers Learning curves represent the relationship between Select one: a. average variable cost and the cumulative number of units produced b. total cost and technology c. average variable cost and the rate of increase in technology d. average variable cost and the number of units produced per time period None of the above is correct correct answers If the marginal product of labor is 2, the marginal product of ...

The law of diminishing marginal returns states that increases in the variable input reduce the total product. a. True b. False correct answers b. False We should use relatively more labor if we learn that the marginal product per dollar of labor expenditures is less than a marginal product per dollar of capital expenditures. a. True b. False correct answers b. False If a firm has increasing returns to scale, then increasing all inputs by 1% will increase output by more than 1% a...