answer on Answer Sheet provided Question 1 If Output Average Total Cost Total Fixed Cost Marginal Cost = 400 units = $70 = $12000 = $90 then (a) $20 (b) $40 (c) $50 Average Variable Cost equals: (d) $160 Question 2 In an imperfectly competitive market‚ in which a firm has some market power: (a) The demand curve faced by a typical firm is perfectly elastic at the current market price (b) Marginal revenue is greater than average revenue at all levels of production. (c) The demand curve
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| a. Use a 2-period moving average to forecast the population of the United States in 2003. [pic] b. Use a 3-period moving average to forecast the population of the United States in 2003 c. Which averaging period provides a better historical fit based on the MAD criterion? [pic] 2. Refer to the data provided in problem 1. Use a 3-period weighted moving average to forecast the population of the United States in 2003. Use
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We already know that following are the important cost concepts related to the production process of a firm: • Fixed Cost • Varibale Cost • Average Cost • Marginal Cost please refer to following page Introduction to Cost Concepts to understand various cost concepts in detail. Here we will briefly state again the meaning of above stated cost concepts for better understanding of the module on short run cost analysis. Fixed Cost is that cost which does not change (that is either goes up or
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Sheet “Population of Arizona” in HW 2 perform the following functions in Excel and answer the following questions. a. Use a 2 period moving average to forecast the Population of Arizona for the year 2010 – do the calculations from 1929-2010. (5 Points) b. Calculate the Mean Absolute Deviation for this Data Set (5 Points) c. Use a 3 period weighted moving average (previous Year 60%‚ 2 years Previous 30% and 3 years previous 10%) to forecast the Population of Arizona for the year 2010 – do the calculations
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| Chapter 14 Questions | | 3. Many companies take customer orders via Web sites. Put yourself in the place of the person at Ford Motor Company considering this approach to taking customer orders for the Ford Explorer sport utility vehicle. | What information would you need to collect from the customer? | I would collect information on the exact specifications of the Ford Explorer such as Model Year‚ engine capacity‚ interior finishing‚ power windows‚ power steering‚ and any luxury
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extra worker makes more units than the employees were making on average before he or she joined‚ the average output per worker will rise‚ e.g. if three workers make 9 units in total and the fourth adds another 7‚ the average will rise from 3 units each to 4 units each. If the extra worker makes fewer extra units the average will fall‚ e.g. three workers make 9 units in total(on average 3 each) and the fourth add only 1 unit‚ the average 10 divided by 4‚i.e. 2.5 units each. Marginal cost (MC) is
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“I Just Wanna Be Average” by Mike Rose is an excerpt from his book Lives on the Boundary about his time in Our Lady Mercy High School’s education system. He went into Vocational education because of a mix-up in his tests with another student. With this mix-up and teachers who would not put in the effort to help him succeed occurring‚ Rose lost all motivation in studying in his classes. Rose finally found a teacher who cared about his success in school and helped Rose get back into regular college-prep
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A.1.a. Average materials cost per unit Probability distribution of material cost per unit Material Cost Probability Cumulative Probability Material cost per probability 33 0.04 0.00-0.04 1.32 35 0.05 0.04-0.09 1.75 38 0.12 0.09-0.21 4.56 39 0.79 0.21-1.00 30.81 Total 1.00 38.44 Average material cost per unit = (33*0.04) + (35*0.05) + (38*0.12) + (39*0.79) = $38.44 Simulation results A.1.b. Average labor cost per unit
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Chapter 04 Demand 10. The long-run price elasticity of demand for a product is generally _________ the short-run elasticity for the same product. A. lower than B. equal to C. higher than D. not comparable to 11. Assume the demand function for skin care products is given by Q = 1‚000 – 20 P + 5I. If P=$25 and I=$1‚000 currently‚ then: A. skin care products are a normal good. B. the elasticity of demand is equal to 11. C. skin care products are inferior. D. The price is too high
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refrigerator or television set. Question 3. Analyse the method by which a firm can allocate the given advertising budget between different media of advertisement. Question 4. What kind of relationship would you postulate between short-run and long-run average cost curves when these are not Ushaped as suggested by the modern theories? Question 5. How do demand forecasting methods for new products vary from those for established products? Assignment - B Question 1. What are the different methods of
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