able to: • define the derivative of basic functions; • use derivatives to calculate marginal revenue and marginal cost; and • use derivatives to calculate a competitive firm's supply function. Assigned reading/viewing/listening Microeconomics, Eighth Edition textbook and study guide – Chapters 8. How to proceed 1. Read the PowerPoint slides of Chapter 8 to get a brief idea about the chapter. 2. Read chapter 8 carefully. 3. Solve the provided problems on the textbook's
Words: 1694 - Pages: 7
ECON 301 Practice Final Exam NAME: . Fall 2014 FINAL EXAM PRACTICE QUESTIONS 1. Suppose Demand and Supply for a competitive industry in the short run can be described the following equations: QD=100 – 2P, and QS=40+2P. Suppose further that the total cost curve for a representative firm in the industry is given by TC = 100+4q+q2, with MC=4+2q. a. Sketch a double graph that depicts the market supply and demand in equilibrium in conjunction with individual firm costs and output choice. Does
Words: 847 - Pages: 4
1. Economic Value Added (EVA) is used to measure the performance of a business. It measures economic profit and tells how successful the business is while Market Value Added (MVA) is the difference between the actual market value of the firm and the amount that investors are willing to invest in the firm. 2. QD=25-P QS=10+2P a. When P=$20 QD=25-20 QS=10+2(20) QD=5 QS=10+40=50 Difference=5-50=-45 QS is greater than QD b. When P=$3 QD=25-3 QS=10+2(3) QD=22 QS=10+6=16
Words: 629 - Pages: 3
DeVry GSCM 530 All Quizzes - Latest IF You Want To Purchase A+ Work Then Click The Link Below , Instant Download http://www.hwspeed.com/DeVry-GSCM-530-All-Quizzes-Latest-545409504.htm?categoryId=-1 If You Face Any Problem E- Mail Us At JOHNMATE1122@Gmail.Com Question 1.1.(TCO 1) Different levels of planning in supply chain operations management include(Points : 5) general and detailed planning. strategic, tactical, and operational planning. long-term and short-term planning.
Words: 2394 - Pages: 10
the Australian housing market. This paper will place a major focus on how macro and microeconomics impact the housing market in Australia. The paper starts off with the Australian economy and the housing market at the moment. The next section is the major part of this essay as it focuses on the macroeconomics factors, which have formed the housing market. The following section briefly explores the microeconomics factors, which have formed the housing market. And finally the last section of this
Words: 902 - Pages: 4
Market Demand Carlos Lopez Grantham University Market Demand The market demand at the beginning is D1, and its corresponding marginal revenue is MR1. The initial ATC is ATC1, and the original supply is MC1. Therefore, the monopolist sells (10) units at $ (about 27) per unit. The monopolist will sell at a quantity where MR=MC, but since demand is actually higher at that point, they can sell for a higher price. The price is found
Words: 367 - Pages: 2
The Principles of Economics How Consumers Make Decisions It is often said that consumers don’t really have an idea of what they want. Purchaser decision making is fundamentally a problem solving process. More often than not the most challenging concept in marketing is to understand the buyer’s behavior. To gain customers a company must understand how the consumer will respond to various product features such as price and advertising. Gregory Mankiw clarified it
Words: 781 - Pages: 4
Expected Value and Consumer Choices Name Institution Mental accounting and how it impact on consumer decision making Mental accounting can be described to be, a combination of cognitive operations that various individuals as well as households use in evaluating, and organizing their financial activities (Okada, 2001). Mental accounting can also be explained to be, some form of accounting mind set which people form psychologically so as to benefit from the costs, which are associated with
Words: 973 - Pages: 4
Analyzing Competitive Market Conditions and Formulating Strategies ECO/365 Reflection on Fundamentals of Microeconomics The study of macroeconomics and microeconomics provides the fundamental tools to assists business owners and finance managers in the decision making process. These tools also assist us in understanding how organizations and the economy operate as a whole. Many factors affect supply and demand. Price is the main factor that affects the supply and demand levels, this
Words: 824 - Pages: 4
Econ 140, Sample Midterm I, Spring 2014 1. A firm has a total cost function of C(Q) = 50 + 10Q1/2. The firm experiences A. Economies of scale B. Constant returns to scale C. Diseconomies of scale D. All of the statements associated with this question are correct depending on the quantity Take derivative of Cost function with respect to Q to get marginal cost of Q. C’(Q) = 5 / Sqrt(q) Cost per unit decreasing as Q increases Thus the firm experiences economies of scale. If derivative
Words: 2979 - Pages: 12
