Question
Offered Price $15.00

King Graduate College MG 640 Managerial Economics 2015 Final Exam

Question # 00060909
Subject: Economics
Due on: 04/14/2015
Posted On: 04/12/2015 12:53 AM

Rating:
4.1/5
Expert tutors with experiences and qualities
Posted By
Best Tutors for school students, college students
Questions:
15718
Tutorials:
15379
Feedback Score:

Purchase it
Report this Question as Inappropriate
Question

.jpg">

MG 640 Managerial Economics April 7, 2015

Final Exam

Name: …………………………………… ………………………………………..

PART I : Problem/Discussion

1. Why would you expect unemployment to fall during an economy’s expansionary phrase and to rise during a contractionary phrase? Discuss and make reference to the business cycle.

2. Why does GDP measure only final goods and services produced rather than all goods and services produced?

3. Why is the aggregate demand curve downward sloping? Discuss and use graphs where necessary.

4. Complete Table below for

a) Total Cost (TC)

b) Average variable cost (AVC)

Q

FC

VC

TC (FC+VC)

AVC (VC/Q)

0

1000

20

1000

50

1000

90

1000

125

1000

145

1000

160

1000

5. Use Table above and answer the following questions

A. What is the total cost of producing 125 units of output

a. 1000 c. 1400

b. 2050 d. 2400

B. What is the average variable cost of producing 50 units of output?

a. 21 c. 14

b. 34 d. 20

C. What is the average total cost of producing 160 units of output?

a. 12.98 c. 22.04

b. 16.31 d. 19.38

6. The following table summarizes the short-run production function for your firm. Your product sells for $5 per unit, labor costs $5 per unit, and rental price of capital is $20 per unit.

Complete the following table, and then answer the accompanying questions.

K

L

Q

MPK

APK

APL

VMPK

0

5

0

1

5

10

2

5

30

  1. Which inputs are fixed inputs? …… ……………………………….
  2. Which are the variable inputs? … ……………………………….
  3. How much are your fixed costs? ………………………………………
  4. What is the variable cost of producing 10 units of output?

………………………………………………………………

  1. To open a new business, a manager must obtain a license from the city for $20,000. The license is transferable, but only $3,000 is refundable in the event the firm does not use the license.

a. What ate the firm’s fixed costs? ……………………………

b. What is firm’s sunk costs? …………………………………………………….

c. Suppose the manager obtains a license but then decides against the business. If another firm offers the manager $2,000 for the license, should the manager accept the offer? Explain

…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….

Tutorials for this Question
Available for
$17.00

King Graduate College MG 640 Managerial Economics 2015 Final Exam

Tutorial # 00056829
Posted On: 04/12/2015 12:54 AM
Posted By:
Best Tutors for school students, college students expertden
Expert tutors with experiences and qualities
Questions:
15718
Tutorials:
15379
Feedback Score:
Report this Tutorial as Inappropriate
Tutorial Preview …Managerial xxxxxxxxx…
Attachments
King_Graduate_College_MG_640_Managerial_Economics_2015_Final_Exam.docx (40.01 KB)
Preview: unit, xxx rental xxxxx of capital xx $20 per xxxx Complete xxx xxxxxxxxx table, xxx then answer xxx accompanying questions xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx inputs xxx xxxxx inputs? xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx Which are xxx variable inputs? xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx How xxxx xxx your xxxxx costs? …5*5=$25……………………………………What xx the variable xxxx of xxxxxxxxx xx units xx output?……………………………………20*10=$30………………………………………………………………Here we xxx not changing xxxxx so xxxx xx the xxxxx factor and xxxxxxx is the xxxxxxxx factor xxx xx produce xx units of xxxxxx we are xxxxx 1unit xx xxxxxxx thus xxx total variable xxxx is 1*$20 xxxxxx open x xxx business, x manager must xxxxxx a license xxxx the xxxx xxx $20,000 xxx license is xxxxxxxxxxxxx.....
Purchase this Tutorial @ $17.00 *
* - Additional Paypal / Transaction Handling Fee (3.9% of Tutorial price + $0.30) applicable
Loading...