Mid-Term Exam, Managerial Economics, Spring 2014, Dr. Soon Paik, Name( )
1. O or X (True or False)
( ) (1) The present value of future profit is not related to financial market.
( ) (2) The relation between managers and team members is a principal-agent problem.
( ) (3) The optimum output is related to the production function.
( ) (4) The derivative is the average slope of function.
( ) (5) The optimum inputs are related to cost equation.
( ) (6) The optimum inputs are related to revenue function.
( ) (7) Reengineering is following other firm’s better processes.
( ) (8) The unemployment data is to be obtained from www.census.gov.
( ) (9) The monopolist’s demand function is the market demand function.
( ) (10) The perfect competitive firm’s demand function is the market demand function.
( ) (11) The long-run price elasticity of demand is inelastic.
( ) (12) The elastic cross-price of demand indicates the substitute goods.
( ) (13) The utility function is composed of quantities and prices.
( ) (14) The indifference curves can not cross each other.
( ) (15) The price line is nothing to do with the income level.
( ) (16) The optimum consumption is related to marginal utilities.
( ) (17) The chicken is a normal good related to beef.
( ) (18) The chicken is a normal good related to potatoes.
( ) (19) The substitute goods are related to own price changes.
( ) (20) The slope of indifference curve is the price ratio.
( ) (21) Watching customers’ behaviors is the custom clinics.
( ) (22) The -3.07 price elasticity of orange means inelastic.
( ) (23) The +1.56 cross-price elasticity of orange means substitute goods.
( ) (24) The +0.01 cross-price elasticity of orange means complement goods.
( ) (25) The regression line is the scatter diagram.
( ) (26) The regression line is the model.
( ) (27) The t > 2 means that estimated coefficients are zero.
( ) (28) Delphi method is a survey.
( ) (29) Optimum inputs are related to the input prices.
( ) (30) Returns to scale are related to iso-cost lines.
2. Summarize
(1) Managerial economics:
(2) Business ethics:
(3) Optimum rules for consumption:
(4) GDP components:
(5) Price/income/cross-price elasticity of demand:
(6) Managerial decision-making on elasticity:
(7) Consumption-price path and demand curve:
(8) Substitute goods and complement goods:
(9) Least-squared estimation:
(10) Model and scatter diagram:
(11) Estimated coefficients:
(12) R-square and t:
(13) Components of time series:
(14) Optimum rules for inputs and output:
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