# Managerial Economics Midterm Exam

**Paper, Order, or Assignment Requirements**

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This is a midterm exam so please help me find all answers and I will upload the questions to my account. I do not need a cover page and any references. Thank you very much.

**Mid-Term Exam, Managerial Economics, Spring 2014, Dr. Soon Paik, Name( )**

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**O or X (True or False)**

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**( ) (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.**

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**( ) (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.**

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**( ) (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.**

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**( ) (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.**

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**( ) (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.**

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**( ) (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**

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**Summarize**

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**Managerial economics:**

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**Business ethics:**

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**Optimum rules for consumption:**

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**GDP components:**

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**Price/income/cross-price elasticity of demand:**

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**Managerial decision-making on elasticity:**

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**Consumption-price path and demand curve:**

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**Substitute goods and complement goods:****Least-squared estimation:**

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**Model and scatter diagram:**

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**Estimated coefficients:**

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**R-square and t:**

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**Components of time series:**

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**Optimum rules for inputs and output:**