Principles of Miroeconomics - Final Exam
Instructions
Please put your name and the course information on the scantron (ECON 2302 Professor J. Bikis)
Please put your DBU ID number on the scantron in the area market "ID NUMBER"
Please write your webadvisonr id on the back of the scantron in the area marked "WEBADVISOR ID". (This ID is the same ID that you use to get into your DBU email or into BlackBoard)
Please select the best answer for each question given and fill in the respective answer option on the scantron for questions 1-40. Good luck!
1. Which of the following is not a positive economics statement? a. Prices of essential goods and services should be set by the government. b. Interest rates
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What quantity of output will the company produce in order to maximize profit? a. 2 units b. 3 units c. 4 units d. 5 units
11. Take a look at the exhibit above. At what price will firm sell its ' output to maximize profit? a. $2 b. $4 c. $8 d. Any price
12. Take a look at the exhibit above. If the firm maximizes profit, what will be the firm 's total profit? a. $24 b. $12 c. $8 d. $4
13. The process of negotiation between union and management to arrive at a labor contract is called a. arbitration b. mediation c. reconciliation d. collective bargaining e. impasse
14. You are stranded on an island and can either catch four fish in one hour or pick eight bananas in one hour. From this information, the opportunity cost of one fish is: a. 2 bananas. b. 1/2 bananas. c. 5 bananas. d. 2 1/2 bananas. e. zero, since you can 't compare bananas and fish.
15. Whatever else you learned about profit-maximization, you should have learned this: Maximum profit is obtained at the production level where a. P = AC b. TR = TC c. MR =
First, head on over to the North Eugene website. It should look something like this
z. P2) High profits are the signal that consumers want more of the output of the industry.
b. Assume the company's monthly target profit is $40,150. Determine the dollar sales to attain that target profit. Show your work!
TC_06. Verify OptumRx Mail Service Pharmacy image has been removed from the external pharmacy search page.
Unfortunately, is going to be impossible for us to complete AE2 Betos PC monitor at this time due to he is currently deployed with DET-1. I will suggest to get in touch with the detachment personnel regarding to this matter.
I just want to let you know that I have not been granted access to you computer system yet. According to STEP 5, I am supposed to receive an email from your MCIT department trough an umich.edu account. However, I don’t have an umich.edu account. Also, I have not received a signed ID Request Form for a MCard ID badge.
3. Earning a profit probably should be one of the objectives of a firm, but it should not be the only one.
(Key Question) In each of the following four cases, MRPL and MRPC refer to the marginal revenue products of labor and capital, respectively, and PL and PC refer to their prices. Indicate in each case whether the conditions are consistent with maximum profits for the firm. If not, state which resource(s) should be used in larger amounts and which resource(s) should be used in smaller amounts.
By modulating the problem, we found out that the highest profit is obtained with 615.000
Complete application by typing the information requested. A checkmark will appear after data is entered correctly in a section.
2- The per unit profit for 1 Kg of "complete meal" = Price to DM - Total unit cost= 4.40 - 4.92 = (0.52).
23. A ______ firm earns economic profit in the long run. Fill out the blank and explain the statement.
Does a reduction in trade barriers cause a country to move closer to its production possibilities curve or does it cause the production possibilities curve to shift outward?
Setting marginal revenue equal to marginal cost (the marginal cost of Firm 1, since it is lower than that of Firm 2) to determine the profit-maximizing quantity, Q:
A profit maximising perfectly competitive firm should select the output level at which the difference between the marginal revenue and marginal cost is greatest. This is equivalent to selecting the output where the spread between total revenue and total cost is greatest.