Project #42597 - eco 7

first homework i already downloaded second homework : Managerial Economics (ECO 607) Exam Instructions The exams will consist of three parts. You must take the exam within a 4 day period (Thursday at 9 a.m. to Sunday at 11:59 p.m.) All parts will be taken inside the Moodle testing system. Parts Two and Three will be essay questions worth 40 points each. A list of the potential essay questions is below. Each question will be presented in Moodle as a separate exam.You will be given 15 minutes to submit your response to each question. The purpose of presenting the questions in advance is to have you prepare in advance at least outlines, and perhaps complete essays, for all the questions. Grading will presume your advance access to the questions. You are welcome to work with other students to determine the appropriateness of an answer or to edit each other’s essays. Each essay, however, must be an original work reflective of your own thoughts and expression. The questions you receive may not be the same as the ones other students are asked. As stated in the syllabus, the essays will be run through plagiarism identification software to avoid excess overlap between your papers and those of others in the class, people at other universities, and publicly available sources.The essay topics for the mid-term exam are in black. Managerial Economics (ECO 607) Potential Essay Questions 1. Explain the six decision making steps discussed in chapter one of the text. Discuss the role and importance of each step in the overall decision making process. Give an example of the disadvantage of eliminating one of the steps. 2. Describe the advantages of marginal analysis for making some decisions. Explain how the marginal cost equals marginal revenue application of this process leads to at least a theoretical method for firm profit maximization. Suggest a limitation of this method for some problem types and give an example when marginal analysis might not be effective. 3. Describe (in words not equations) how a firm might use regression analysis to estimate its demand curve. Tell what data it would need to have, what the constant and coefficients would mean, and how the statistical tests (t, f, and R2) would increase confidence in the results. 4. If a firm knew from studies of its demand curve the responsiveness of its sales to the product price, related products’ prices, and consumer incomes, explain how the firm might use each of these in its near-term and strategic planning processes. 5. Briefly explain what time series analysis is and how it differs from other uses of regression that attempt to find causal relationships between variables.Explain the value of time series forecasting for learning about your product/market. Describe the planning and alert uses of time series forecasts. 6. Describe how returns to scale affects the structure of a market or industry. 7. Explain why having marginal revenue equal marginal cost at the output quantity that minimizes average total cost (MR = MC = min ATC) is an important factor in the argument for the goodness of market economies. 8. Discuss the factors affecting economic boundaries and how their recent changes are re-defining trade and political alignments. 9. Explain the arguments for and against trade barriers in terms of a trade-off between consumer surplus gains and job and income losses. How do the methods of blocking, quotas, and tariffs affect the outcome? 10. Explain comparative advantage and how it determines the items traded and the direction of trade (who sells what to whom.) 11. Discuss the losses to society as a result of monopoly versus perfect competition using the ideas ofthe cost curves, relative prices and quantities, and consumer surplus. 12. Explain why a continually down sloping long run average cost curve results in natural monopolies. Explain the pricing and public policy issues that are created by natural monopolies if their product is essential for consumers.

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Due By (Pacific Time) 10/11/2014 10:00 pm
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