BEA111 Online Quizzes 1-6 Quiz 1 1. Economics is best defined as the study of how A. prices and quantities of goods and services are determined in markets B. private firms and households respond to taxes and subsidies C. people make choices in the presence of scarcity and the results of those choices. D. interest rates and exchange rates are determined 2. The scarcity principle implies that A. people will never be satisfied with what they have B. as wealth increases
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Question no: 01:- Accounting profit and Economic profit. Economic Profit Implicit cost Accounting profit Explicit cost Total opportunity cost Revenue Revenue How an economist views a firm How an accountant views a firm Accounting profit equals sales revenue minus ( - ) all costs except the cost of equity capital‚ while Economic profit is sales revenue minus ( - ) all costs including the opportunity cost of equity capital. Thus economic profit may be lower than the accounting profit
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Pricing Strategy Group Coursework Pricing Simulation: Universal Car MBA Students | * | Date | 26 May 2013 | 1. Situation Analysis (Pre- game) Before starting the simulation game we have analysed the available data based on the metrics below: * Market Conditions * Prices * Costs 1.1 Market Overview Market Size & Fleet Allocation Comparing the 3 cities‚ we have identified Orlando as the biggest market followed by Miami with Tampa being the smallest
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Average Product” as “Average output per employee.” MP has to do with the extra output produced by the last person that was hired. Q (L‚K) = a + bL + cL2 +dL3 only labor is in the SR production formula. Q (L‚K) = a + bKL + cK2L2 +dK3L3 (Both labor and capital are in LR formula.) TFC =Total Capital Costs = rK Here “r” represents the “capital costs over the specified time period for 1-unit of capital K.” TC = wL + rK‚ w = wage rate paid to each laborer (per time period)‚L = number of units of labor
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External factors that affect pricing decisions * External Factors - There are a number of influencing factors which are not controlled by the company but will impact pricing decisions. Understanding these factors requires the marketer conduct research to monitor what is happening in each market the company serves since the effect of these factors can vary by market. i) The nature of the market and demand ii) Elasticity of demand iii) Competitor’s cost‚ price and offers
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ECO 561 Week 2 Quiz ECO561 Week 2 …FREE…Quiz with Answers… One Phoenix helping another… 1. Purely competitive firms increase total revenue by Hint : Total revenue equals price times quantity sold. A purely competitive firm has control over one of these two variables. A. increasing production B. decreasing production C. increasing price D. decreasing price To increase revenue‚ firms look to increase price or quantity‚ as price multiplied by quantity equals total revenue. Purely competitive
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Section 1 Study Questions (9.0 points) Answer each question fully. Complete sentences are not necessary. Lesson 1 (3.0 points) 1. Name at least two things financial planning could help you do. (0.5 points) save money‚ make a budget‚ understand taxes 2. What is trade? (0.5 points) the exchange of things of value 3. What is a service? (0.5 points) something of value a person can do of others 4. Name one of the three functions of money. (0.5 points) store of value measure the
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CEMEX is a global building materials company that provides high quality products and reliable service to customers and communities throughout the Americas‚ Europe‚ Africa‚ the Middle East‚ and Asia. They produce‚ distribute‚ and sell cement‚ ready-mix concrete‚ aggregates‚ and related building materials in more than 50 countries‚ maintain trade relationships in approximately 102 nations. Their approach can be best describe as constant evolution‚ flexibility in their operation‚ creative in commercial
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I. BACKGROUND CMI has developed a new technology using curled metal to create pile driving pads. Compared to existing products on the market‚ these pad offer several benefits: • Faster pile driving saves contractors rental fees‚ labor expense ‚ and spreads overhead over more feet driven in a given period of time • Longer life of pads save contractors additional cost in reducing changeover time • Heat resistance further reduces changeover time‚ saving additional expenses • Safety – CMI pads
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California State University –Fullerton Econ 201- Review for Midterm I Dr. El Hag- Spring 2010 Multiple Choice Identify the choice that best completes the statement or answers the question. ____1.The slope of a line that passes through the points (10‚ 15) and (20‚ 7) is a. | -5/4. | b. | -4/5. | c. | 4/5. | d. | 5/4. | ____2.If Shawn can produce more donuts in one day than Sue can produce in one day‚ then a. | Shawn has a comparative advantage
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