Firm Only for this spring quarter 2013‚ quiz purposes MULTIPLE CHOICE 1. The form of economics most relevant to managerial decision-making within the firm is: a.|macroeconomics| b.|welfare economics| c.|free-enterprise economics| d.|microeconomics| e.|none of the above| 2. If one defines incremental cost as the change in total cost resulting from a decision‚ and incremental revenue as the change in total revenue resulting from a decision‚ any business decision is profitable if:
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John Hogan: PHI‚ 5th Ed. 201 Reference Text: 1. The Theory of Industrial Organisation: Jean Tirole‚ MIT Press‚ 2. Industrial Organisation : Markets and Strategies Paul Belleflame and Martin Petiz‚ Cambridge University Press 3. Microeconomic Theory: A Mathematical Approach: James Handerson and Richard Quandt‚
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Microeconomics Essay The supermarket industry in the UK could be described as an Oligopoly Market. Based on your research into supermarkets in the UK‚ discuss whether this market structure creates a situation that is more or less to the benefit of consumers. For many students studying abroad‚ they will go to supermarkets every week. The Supermarkets in the United Kingdom sell many different kinds of products and it is easy to find a large supermarket everywhere. There are four big and
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THE UNIVERSITY OF NEW SOUTH WALES SCHOOL OF ECONOMICS SESSION 1‚ 2008 ECONllOl MICROECONOMICS I FINAL EXAMINATION TIME ALLOWED - 2HOURS THIS PAPER IS WORTH 60% OF THE TOTAL SUBJECT MARK This examination paper consists of two parts - Part A and Part B Part A consists of 20 multiple choice questions each worth one (1) mark. Answer all the questions in Part A on the answer sheet provided‚ using pencil only: (a) Print your student number‚ name and initials in the space provided and mark the appropriate
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Economies of scale are the cost advantages that a business can exploit by expanding their scale of production. The effect of economies of scale is to reduce the average (unit) costs of production. Economies of scale‚ in microeconomics‚ refers to the cost advantages that an enterprise obtains due to expansion. There are factors that cause a producer’s average cost per unit to fall as the scale of output is increased. "Economies of scale" is a long run concept and refers to reductions in unit cost
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CHAPTER 8 ECONOMICS OF STRATEGY: CREATING AND CAPTURING VALUE CHAPTER SUMMARY This chapter is the first of two chapters on strategy. It concentrates on the basic ways firms can create and capture value. Chapter 9 uses game theory to study strategic interactions among a small number of identifiable rival firms. Chapter 8 presents a framework for discussing how firms create value. It also discusses the conditions under which a firm can capture value (either by having market power or‚ in certain
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References: eHow.com‚ (2013). How to Calculate the Profit-Maximizing Quantity. Retrieved from: http://www.ehow.com/how_6713701_calculateprofit_maximizing_quantity.html#ixzz2LBfAZwYM. McConnell‚ C.‚ Brue‚ S.‚ & Flynn‚ S. (2009). Microeconomics of Product Markets. In Economics: Principles‚ Problems‚ and Policies (18th ed.). New York: McGraw Hill/Irwin. McDonald’s.com‚ (2012). Quarterly and Annual Reports. Retrieved from: http://www.mcdonalds.com/quarterly_annual_reports.
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Discuss the main factors affecting product pricing in the UK Two surveys on the price-setting behaviour of UK firms published by the Bank of England in 1996 and 2008 concluded that the price‚ the amount of money expected‚ required or given for a certain level of output‚ was most often set as a result of market conditions1. The same report however found that the second largest price differential was the objective of the specific firm surveyed1‚ and thus product pricing in the UK can be seen to
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NAME OF STUDENT ANSHUL MANGAL DRIVE FALL 2014 PROGRAM MBA/ MBADS/ MBAFLEX/ MBAHCSN3/ PGDBAN2 SEMESTER 1 SUBJECT CODE & NAME MB0042- MANAGERIAL ECONOMICS BK ID B1625 CREDIT & MARKS 4 Credits‚ 60 marks Ques. 1. Inflation is a global
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ANSWER KEY: MIDTERM #1 BUSN / SOCS 215 Principles of Economics (Macro) NUMERIC VALUES MAY BE CHANGED. ORDERING OF ANSWERS MAY CHANGE. NAME: _______________________________________________________ 1. The overriding reason why households and societies face many decisions is that |a. |resources are scarce. | |b. |goods and services are not scarce.
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