BMA5001 Managerial Economics Sem I‚ 2012/2013 ANSWER KEYS TO MIDTERM EXAM QUESTION I (4x10 = 40 marks) Choose the most correct answer for each of the following ten multiple choice questions. Note: No explanation is required. Please answer in the order of the questions. 1. Ceteris paribus‚ which of the followings would shift the demand curve for new textbook to the right? a. b. c. d. e. f. An increase in the price of the textbook; An increase in the supply of equivalent used textbooks;
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.....…...............................................................................................3 Key issues........................................................................................................................................4 Identification of one key problem and the opportunity……………………..................................5 Alternative solutions to the one key problem………………………………………..……...….....6 Selected solution and why it was chosen…..……………………………………………...……....7 Recommendation(s)
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CHAPTER 2 AN INTRODUCTION TO COST TERMS AND PURPOSES 2-20 (15–20 min.) Classification of costs‚ manufacturing sector. Cost object: Type of car assembled (Corolla or Geo Prism) Cost variability: With respect to changes in the number of cars assembled There may be some debate over classifications of individual items‚ especially with regard to cost variability. |Cost Item |D or I |V or F | |A
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Marketing Management‚ 14e (Kotler/Keller) Chapter 2 Developing Marketing Strategies and Plans 1) The task of any business is to ________. A) create customer needs B) differentiate in terms of cost of production C) deliver customer value at a profit D) reduce competition E) communicate similar value as provided by competitors Answer: C Page Ref: 33 Objective: 1 Difficulty: Easy 2) What is the traditional view of marketing? A) Firms should just focus on production because if the
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Chapter 2 Progress Questions: 1. Explain the term business ethics. The application of ethical standards to business behavior. 2. Explain the difference between a descriptive and prescriptive approach to business ethics. The descriptive you are merely observing what is going on; where as with prescriptive‚ you are giving advice on what should be happening. 3. Identify six stakeholders of an organization. Stockholders‚ Employees‚ Customers‚ Suppliers‚ Retailers‚ Federal Government 4. Give
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Peter Quarelli Cisco Chapter 1 1. B. Companies can use a WAN connect remote locations‚ and a LAN can make a local connection in a building. D. Only WANs require a CSU/DSU to be used on the ends of the cable. 2. A. IEFT‚ C. ISO‚ D.EAI‚ F.ITU 3. A. Routers enable different IP networks or IP subnets to communicate with each other C. Path selection is one of the main functions of a router. E. Routers have a central processing unit and memory. 4. A.ROM‚ B Flash Memory
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Chapter Two and Three Problems Please complete the following 7 exercises below in either Excel or a word document (but must be single document). You must show your work where appropriate (leaving the calculations within Excel cells is acceptable). Save the document‚ and submit it in the appropriate week using the Assignment Submission button. Chapter 2 Exercise 1 1. Issuance of stock Prepare journal entries to record the issuance of 100‚000 shares of common stock at $20 per share for each
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CHAPTER 2 REVIEW OF RELATED LITERATURE Presented in this chapter is a synthesis of facts that supports the following topic: Correlation of Popularity among 3rd Year Students and Their Relationship with Other Students. Background of the topic or what is it about including the advantages‚ disadvantages‚ etc. FRIENDSHIP PARADOX The friendship paradox is the phenomenon first observed by the sociologist Scott L. Feld in 1991 that most people have fewer friends than their friends have‚ on average.
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#6 1. The two types of shopping products are: * -heterogeneous and homogeneous * -unsought and convenience * -generic and family * -consumer and business * -exclusive and intensive 2. Lands’ End clothing catalogue retailer offers a satisfaction guarantee on all merchandise it sells. In other words‚ Lands’ End gives its customers a(n) _____ warranty. * -implied * -descriptive * -full *
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Chapter 13: Determining Optimal Level of Product Availability Exercise Solutions 1. 0.2941 Optimal lot-size == NORMINV(0.2941‚100‚40) = 78.34 Given that p = $200‚ s = $30‚ c = $150: Expected profits = (p – s) NORMDIST((O – )/‚ 0‚ 1‚ 1) – (p – s) NORMDIST((O – )/‚ 0‚ 1‚ 0) – O (c – s) NORMDIST(O‚ ‚ ‚ 1) + O (p – c) [1 – NORMDIST(O‚ ‚ ‚ 1)] = $2‚657 Expected overstock = (O – )NORMDIST((O – )/‚ 0‚ 1‚ 1) + NORMDIST((O – )/‚ 0‚ 1‚ 0) = 7.41 Expected understock = ( – O)[1 –
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