Eco 550 Final Exams

1582 WordsJan 26, 20137 Pages
1. Which of the following statements concerning the long-run average cost curve of economic theory is true? Answer It is L-shaped It is ∩-shaped It is ∪-shaped It is ∧-shaped It is M-shaped 2.Economies of scale exist whenever long-run average costs: Answer Increase as output is increased Remain constant as output is increased Decrease as output is increased Decline and then rise as output is increased 3.For a short-run cost function which of the following statements is (are) not true? Answer The average fixed cost function is monotonically decreasing. The marginal cost function intersects the average fixed cost function where the average variable cost function is a minimum. The marginal…show more content…
Answer ordinary least squares regression on historical data market experiments, where the price is set differently in two markets consumer surveys, where potential customers hear about the product and are asked their opinions double log functional form regression model 19.An example of a time series data set is one for which the: Answer data would be collected for a given firm for several consecutive periods (e.g., months). data would be collected for several different firms at a single point in time. regression analysis comes from data randomly taken from different points in time. data is created from a random number generation program. 20.Smoothing techniques are a form of ____ techniques which assume that there is an underlying pattern to be found in the historical values of a variable that is being forecast. Answer opinion polling barometric forecasting econometric forecasting time-series forecasting 21.Generally, investors expect that projects with high expected net present values also will be projects with Answer low risk high risk certain cash flows short lives 22.The net present value of an investment represents Answer an index of the desirability of the investment the expected contribution of that

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