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ECO 550 Final Guide (All Possible Questions)
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Chapter 9—Applications of Cost Theory
MULTIPLE CHOICE
1. Evidence from empirical studies of short-run costoutput relationships lends support to the:
2. The short-run cost function is:
3. Theoretically, in a long-run cost function.
ECO 550 Midterm Part 1 and 2 (All Possible Questions)
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Chapter 1—Introduction and Goals of the Firm
MULTIPLE CHOICE
1.
The form of economics most relevant to managerial d
ecision-making within the firm.
2.
If one defines incremental cost as the change in total
cost resulting from a decision, and incremental reven
ue as the change in total revenue resulting from a dec
ision, any business decision is profitable.
ECO 550 Midterm Part 1
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Question 1
Possible goals of Not-ForProfit (NFP) enterprises include all of the following E
XCEPT:
Question 2
In the shareholder wealth maximization model, the v
alue of a firm's stock is equal to the present
value of all expected future ____ discounted at the st
ockholders' required rate of return.
ECO 550 Midterm Part 2
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Question 1
The forecasting technique which attempts to forecast
short-run changes and makes use of economic
indicators known as leading, coincident or lagging indi
cators is known as:
Question 2
Consumer expenditure plans is an example of a foreca
sting method.
ECO 550 Week 1 DQ 1 Fundamental Economic
Concepts
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"Fundamental Economic Concepts" Please respond t
o the following:
Answer the following DQs based on the Katrina’s Ca
ndies scenario:
From the scenario for Katrina’s Candies, examine the
key factors affecting the demand for and the supply o
f a good in general and Katrina’s Candies specifically.
Distinguish between a change in demand and a change
in the quantity demanded (movement along the dem
and curve).
From the above, indicate the factors that are respons
ible for a shift in demand;
ECO 550 Week 1 DQ 2 Supply and Demand
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From the eActivity, examine the key factors that influence the s
upply and demand of the selected good in general and
Katrina’s Candies specifically.
Propose two (2) methods in which organizations that
provide the good may utilize this information.
ECO 550 Week 1-11 All DQs
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ECO
ECO
ECO
ECO
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550
550
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Week
Week
Week
Week
1
1
2
2
DQ 1
DQ 2
DQ 1
DQ 2
Fundamental Economic Concepts
Supply and Demand
Estimating Demand
Estimating Elasticity of Demand
ECO 550 Week 2 DQ 1 Estimating Demand
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"Estimating Demand" Please respond to the followin
g:
From the scenario for Katrina’s Candies, examine the
procedure Herb will use to estimate the demand mod
el developed in the scenario for Week 1.
Determine the meaning, relevance, and importance fo
r a manager interpreting the regression results.
ECO 550 Week 2 DQ 2 Estimating Elasticity of Demand
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From the eActivity, analyze the elasticity of demand for product
s within the selected industry relevant to Katrina’s Ca
ndies.
Determine the factors involved in making decisions ab
out pricing these products that you believe to be the
most influential.
Provide a rationale for your response.
ECO 550 Week 3 Assignment 1 Demand Estimation (2
Sets)
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Option 1: Demand equation:
QD = - 5200 - 42P + 20PX + 5.2I + .20A + .25M
(2.002) (17.5) (6.2) (2.5) (0.09) (0.21)
R2 = 0.55
n = 26
F = 4.88
Independent variables:
Q = Quantity demanded of 3-pack units
P (in cents) = Price of the product = 500 cents per 3pack unit.
ECO 550 Week 3 DQ 1 Managing in the Global
Economy
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"Managing in the Global Economy" Please respond t
o the following:
·
*Answer the following DQs based on the Katri
na’s Candies scenario:
o From the scenario for Katrina’s Candies, assuming
the absence of quantitative data, determine the quali
tative forecasting techniques that could be used withi
n this scenario.
o Now, assume you have acquired some time series d
ata that would enable you to make short, medium, an
d long term forecasts. Ascertain the quantitative .
ECO 550 Week 3 DQ 2 Outsourcing Offshore
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"Outsourcing Offshore" Please respond to the follow
ing:
·
Answer the following DQs on the decision to o
utsource offshore:
o Aside from maximizing profits, list the key factors
that managers should consider when deciding whether
or not to outsource offshore. Determine the key fact
ors that you believe to be the most influential. Provid
e a rationale for your response.
o Examine the manner in which the firm’s decision t
o outsource .
ECO 550 Week 4 DQ 1 Production Economics
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ECO 550 Week 4 DQ 1
"Production Economics" Please respond to the follo
wing:
·
* From the scenario for Katrina’s Candies, deter
mine the relevant costs for the expansion decision, an
d distinguish between the short run and the long run
costs. Recommend the key decisionmaking criteria that Katrina’s Candies should use for
expansion decisions in the short run and in the long ru
n.
ECO 550 Week 4 DQ 2 Production Decisions
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ECO 550 Week 4 DQ 2
"Production Decisions" Please respond to the follow
ing:
·
From the eActivity, recommend whether the company in questio
n should or should not continue to produce.
ECO 550 Week 5 DQ 1 Applications of Cost Theory
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ECO 550 Week 5 DQ 1
"Applications of Cost Theory" Please respond to the
following:
·
* Answer the following DQs based on the Katr
ina’s Candies scenario:
o From the scenario for Katrina’s Candies, determin
e the appropriate type of market .
ECO 550 Week 5 DQ 2 Cost Management
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ECO 550 Week 5 DQ 2
"Cost Management" Please respond to the following
:
·
Imagine that you are a manager of a chemical c
ompany. An accident has occurred in which chemicals
leaked into the ground water nearby.
The community is unaware of the accident. Compare t
he primary costs involved in cleaning up the water im
mediately (and thus confessing) versus
hiding your culpability now and possibly paying more i
n the future.
ECO 550 Week 6 Assignment 2 Operations Decisions (2
Papers)
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Using the regression results and the other computatio
ns from Assignment 1, determine the market structur
e in which the low-calorie food company operates.
Use the Internet to research two (2) of the leading co
mpetitors in the lowcalorie microwavable food industry, and take note of
their pricing strategies, profitability, and their relati
onships within the industry (worldwide).
Write a six to eight (6-8) page paper.
ECO 550 Week 6 DQ 1 Market Structures
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ECO 550 Week 6 Discussion 1
"Market Structures" Please respond to the following
·
* From the scenario, assuming Katrina’s Candies
is operating in the monopolistically competitive mark
et structure and faces the following weekly demand a
nd short-run cost functions:
VC = 20Q+0.006665 Q2 with MC=20 + 0.01333Q and FC
= $5,000
P = 50-0.01Q and MR = 50-0.02Q.
ECO 550 Week 6 DQ 2 Maximizing Revenue
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ECO 550 Week 6 Discussion 2
"Maximizing Revenue" Please respond to the followi
ng:
·
* From the scenario, assuming Katrina’s Candies
is operating in the monopolistically competitive mark
et structure and faces the following weekly
demand and short-run cost functions:
VC = 20Q+0.006665 Q2 with MC=20 + 0.01333Q and FC
= $5,000.
ECO 550 Week 7 DQ 1 Predicting Price-Setting
Strategies
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ECO 550 Week 7 Discussion 1
"Predicting PriceSetting Strategies" Please respond to the following:
·
* From the scenario for Katrina’s Candies, deter
mine the importance of predicting the pricing strategi
es of rival firms in an industry
characterized by mutual interdependence.
ECO 550 Week 7 DQ 2 Price-Setting Strategies
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ECO 550 Week 7 Discussion 2
"PriceSetting Strategies" Please respond to the following:
·
Examine the common price setting strategies of
airlines that use game theory. Predict the potential e
ffects of such pricing strategies on the demand for se
ats,
and conclude the resulting impact on the profitability
of the airlines.
ECO 550 Week 10 DQ 1 Long-Term Investment
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ECO 550 Week 10 Discussion 1
"LongTerm Investment" Please respond to the following:
·
* From the scenario for Katrina’s Candies, sugge
st one (1) method in which Herb could use a costbenefit analysis to argue for or against an expansion.
Create three (3) optimal decision rules for Katrina’s C
andies.
ECO 550 Week 10 DQ 2 Cost-Benefit Analysis
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ECO 550 Week 10 Discussion 2
"CostBenefit Analysis" Please respond to the following:
·
Assess both the short-term and the longterm costs and benefits of obtaining a graduate degre
e.
Support your decision to obtain a graduate degree wit
h a cost-benefit analysis of your particular situation.
ECO 550 Week 11 DQ 1 Transfer It
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ECO 550 Week 11 Discussion 1
"Transfer It" Please respond to the following:
·
Propose two (2) applications of the knowledge t
hat you have learned in this course to your current or
a future.
ECO 550 Week 11 DQ 2 Best Practices
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ECO 550 Week 11 Discussion 2
"Best Practices" Please respond to the following:
·
Create a list of three (3) best practices to follo
w in the field of managerial economics.
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