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Basic principles that comprise good management include
Correct answer(s):
- All of the statements associated with this question are correct
Managerial economics
Correct answer(s):
- Is valuable to the coordinator of a shelter for the homeless
Economics
Correct answer(s):
- Has nothing to do with the allocation of resources
Other things equal, the greater the interest rate:
Correct answer(s):
- The lower the NPV
In the Wealth of Nations, Adam Smith argues that:
Correct answer(s):
- Self-interest leads to the efficient allocation of resources
Under producer-producer rivalry, individual firms want to sell the product at the maximum price consumers will pay, but are unable to do this because of:
Correct answer(s):
- Competition among sellers
The behavior of bidders in an auction is an example of:
Correct answer(s):
- Consumer-consumer rivalry
Negotiations between the buyer and seller of a new house is an example of:
Correct answer(s):
- Consumer-producer rivalry
If a producer offers a price that is in excess of a consumer’s valuation of the good, the consumer:
Correct answer(s):
- Will refuse to purchase the good
Suppose total benefits and total costs are given by B(Y) = 100Y – 8Y2 and C(Y) = 10Y2. What is the maximum level of net benefits?
Correct answer(s):
- 139
Suppose total benefits and total costs are given by B(Y) = 100Y – 8Y2 and C(Y) = 10Y2. What level of Y will yield the maximum net benefits?
Correct answer(s):
- 100/36
Suppose total benefits and total costs are given by B(Y) = 100Y – 8Y2 and C(Y) = 10Y2. Then marginal costs are:
Correct answer(s):
- 20Y
Suppose total benefits and total costs are given by B(Y) = 100Y – 8Y2 and C(Y) = 10Y2. Then marginal benefits are:
Correct answer(s):
- 100 - 16Y
Given the benefit function B(Y) = 400Y – 2Y2, the marginal benefit is:
Correct answer(s):
- 400 - 4Y
Given the cost function C(Y) = 6Y2, what is the marginal cost?
Correct answer(s):
- 12Y
In order to maximize net benefits, firms should produce where:
Correct answer(s):
- Marginal benefits equal marginal costs
The difference between marginal benefits and marginal costs are the:
Correct answer(s):
- Marginal net benefits
The change in net benefits that arise from a one unit change in quantity is the:
Correct answer(s):
- Marginal net benefits
The difference between marginal benefits and marginal costs are the:
Correct answer(s):
- Marginal net benefits
The change in net benefits that arise from a one unit change in quantity is the:
Correct answer(s):
- Marginal net benefits