Find the Degree of Operating Leverage and the breakeven quantity.

Find the Degree of Operating Leverage and the breakeven quantity.Answer: DOL= Q(P-AVC)/Q(P-AVC)-T...

Distinguish between short-run and long-run production decisions and illustrate their impact on costs and economies of scale.

Distinguish between short-run and long-run production decisions and illustrate their impact on costs and economies of scale.Short Run Production systemPeriod...

Explain the difference between and the economic relevance of fixed costs, sunk costs, variable costs, and marginal costs.

Explain the difference between and the economic relevance of fixed costs, sunk costs, variable costs, and marginal costs.Answer: Sunk Cost: are those...

Explain the difference between and the economic relevance of fixed costs, sunk costs, variable costs, and marginal costs.

Explain the difference between and the economic relevance of fixed costs, sunk costs, variable costs, and marginal costs.Answer: Sunk Cost: are those...

Calculate a cost function from a production function and explain how economic costs differ from accounting costs. For the cost function C(Q) = 629.0 + 22.0Q + 10.0Q2, the marginal cost of producing 4.0 units of output is:

Calculate a cost function from a production function and explain how economic costs differ from accounting costs.For the cost function C(Q) = 629.0 +...

Calculate input demand and the cost-minimizing combination of inputs and use isoquant analysis to illustrate optimal input substitution.

Calculate input demand and the cost-minimizing combination of inputs and use isoquant analysis to illustrate optimal input substitution.Answer: Isoquantscombinations...

Marginal product (MP) - The change in total product (output) attributable to the last unit of an input.

Marginal product (MP) - The change in total product (output) attributable to the last unit of an input.-Marginal product of labor: MPL = ∆ Quantity/ ∆Labor-Marginal...

Average product (AP) - A measure of the output produced per unit of input.

Average product (AP) - A measure of the output produced per unit of input.-Average product of labor: APL = Q/L-Average product of capital: APK = ...

Explain alternative ways of measuring the productivity of inputs and the role of the manager in the production process.

Explain alternative ways of measuring the productivity of inputs and the role of the manager in the production process.Answer: Total product (TP)...

Describe the relationship between Marginal Revenue and the Own Price Elasticity of Demand.

Describe the relationship between Marginal Revenue and the Own Price Elasticity of Demand.Marginal revenue measures the additional revenue due to a change...

Discuss three factors that influence whether the demand for a given product is relatively elastic or inelastic.

Discuss three factors that influence whether the demand for a given product is relatively elastic or inelastic.1. Availability of consumption substitutes, 2....

Describe the relationship between the Elasticity of Demand and Total Revenues.

Describe the relationship between the Elasticity of Demand and Total Revenues.Total Revenue = [ Revenue from product X( 1 + Elasticity of Demand for Product...

Apply various elasticities of demand as a quantitative tool to forecast changes in revenues, prices, and/or units sold.

Apply various elasticities of demand as a quantitative tool to forecast changes in revenues, prices, and/or units sold.X > 1 elastic X < 1 inelastic...

Calculate consumer surplus and producer surplus, and describe what they mean.

Calculate consumer surplus and producer surplus, and describe what they mean.The extra value a consumer gets from a good but does not have to pay for...

Explain the laws of demand and supply, and identify factors that cause demand and supply to shift.

Explain the laws of demand and supply, and identify factors that cause demand and supply to shift.- Income- Price of related goods- Advertising and consumer...

Explain the laws of demand and supply, and identify factors that cause demand and supply to shift.

Explain the laws of demand and supply, and identify factors that cause demand and supply to shift.Law of supplyAs the price of a good rises (falls), the...

Apply marginal analysis to determine the optimal level of a managerial control variable.

Apply marginal analysis to determine the optimal level of a managerial control variable.Optimal managerial decisions involve comparing the marginal (incremental)...

Accounting Profit = Total Revenue - Explicit Costs

Accounting Profit = Total Revenue - Explicit CostsA company's total earnings, calculated according to generally accepted accounting principles (GAA...

Find economic and accounting profits and costs

Find economic and accounting profits and costsEconomic Profit = Total Revenue - (Explicit Costs + Opportunity Costs)are a signal to resource holders where...

Summarize how goals, constraints, incentives and market rivalry affect economic decisions

Summarize how goals, constraints, incentives and market rivalry affect economic decisions1. The first step in making sound decisions is to have well-defined...

Describe Fiscal Policy

Describe Fiscal PolicyAnswer: The tools used to influence monetary policy, i.e. government expense, taxat...

Describe Monetary Policy

Describe Monetary PolicyAnswer: process how the government controls the money i.e. discount rate, reserve ra...

List and identify some of the measures of Inflation

List and identify some of the measures of InflationAnswer: Consumer Price Index (CPI), Producer Price Index (PPI), GDP Price Deflator, Employment,...

Define an Employed and Unemployed person according to the Bureau of Labor Statistics.

Define an Employed and Unemployed person according to the Bureau of Labor Statistics.Employed: did any work as paid employees, worked in their own business...

Identify the phases of a Business Cycle

Identify the phases of a Business CycleAnswer: Peak, Recession, Trough, B...

Identify the components of GDP released by the Bureau of Economic Analysis

Identify the components of GDP released by the Bureau of Economic AnalysisAnswer: Consumption, Investment, Government Purchase, Net Expo...

Describe the current local economic condition

Describe the current local economic conditionAnswer: FRE...

Explain the use of the AIDA approach in designing a persuasive message.

Explain the use of the AIDA approach in designing a persuasive message.Answer: attention, interest, desire, act...

Describe the structure and purpose of an internal proposal and explain how it is a form of persuasive writing.

Describe the structure and purpose of an internal proposal and explain how it is a form of persuasive writing.Answer: A proposal is a document written...

Describe the characteristics of an effective persuasive essay.

Describe the characteristics of an effective persuasive essay.Answer: It attempts to convince an audience to adopt the writers point of view or take a...

Describe the structure and purpose of a feasibility report and compare it to a proposal.

Describe the structure and purpose of a feasibility report and compare it to a proposal.Answer: the author of a feasibility report has less at stake...

Explain the relationship between correlation and causation.

Explain the relationship between correlation and causation.Answer: correlation can suggest causation but does not imply...

Define the coefficient of determination or r-squared; explain its meaning for regression and its relationship with the correlation coefficient.

Define the coefficient of determination or r-squared; explain its meaning for regression and its relationship with the correlation coefficient.-coefficient...

Define the correlation coefficient and the range of values possible for the correlation coefficient.

Define the correlation coefficient and the range of values possible for the correlation coefficient.-it is the square of the correlation coefficient between...

Compare positive, negative, and lack of correlation.

Compare positive, negative, and lack of correlation.Answer: correlation can be expressed on a range from +1 to...

Define residual and the use of residual in measuring the accuracy of a regression line.

Define residual and the use of residual in measuring the accuracy of a regression line.Answer: the difference between the actual value & the...

Describe the regressional line and regression coefficients

Describe the regressional line and regression coefficientsRegressional coefficients -the general name given to the slope and the intercept; often refers...

Describe the relationship between a regression line and a scatter plot graph.

Describe the relationship between a regression line and a scatter plot graph.Answer: it minimizes the sum of squared distances between the data points...

Describe the purpose and process of linear and multiple regression.

Describe the purpose and process of linear and multiple regression.Answer: linear - the use of data from an independent variable to predict the data...

Explain the calculation and use of a moving average.

Explain the calculation and use of a moving average.Answer: when tracking data over time, you want to find the average of the last three valu...

Explain the use of percentiles and quartiles to describe data.

Explain the use of percentiles and quartiles to describe data.percentiles -you can find the value where half the data set is above the value & half...

Define standard deviation and compare it to variance.

Define standard deviation and compare it to variance.Answer: The square root of the average squared deviation from the mean OR the distance a number is...

Define and explain the calculation of variance and the difference between population and sample variance.

Define and explain the calculation of variance and the difference between population and sample variance.1) subtract the mean from each score (result...

Define and explain the proper use of three measures of central tendency.

Define and explain the proper use of three measures of central tendency.mean - center set of numbers, median- when you have a outlier, it won't throw...

Contrast three ways of obtaining/retaining high quality data.

Contrast three ways of obtaining/retaining high quality data.1) keep bad data out of the database/ list2) proactively look for bad data already entered3)...

Explain data completeness.

Explain data completeness.Answer: No records are missing and that no records have missing data elemen...

Explain data comparability.

Explain data comparability.Answer: Is it appropriate to combine several databases into a data warehouse to facilitate the data's use in 1) exploratory...

Explain data timeliness.

Explain data timeliness.Answer: how current does this information need to be to predict...? how do delays effect the use of da...

Explain data accuracy.

Explain data accuracy.Answer: what are likely to be the main variables of interest? how accurate does our data have to be to predict outcom...

Explain data relevance.

Explain data relevance.Answer: does the data meet the basic needs for which they were used? can the data be used for additional purpos...

Define "high quality data" from the perspective of the employee and the client.

Define "high quality data" from the perspective of the employee and the client.Answer: role of the employee doing the work (conformance to standards)...

Describe steps that can address data limitations.

Describe steps that can address data limitations.Answer: Clearly articulate the assumptions you're making., identify gaps in the data or questions...

Describe six questions that should be asked when evaluating external data.

Describe six questions that should be asked when evaluating external data.The data provider's purposeWho is the the data collectorWhen the data was collectedHow...

Describe 4 problems with the 5 whys approach.

Describe 4 problems with the 5 whys approach.Answer: Not data driven so its not repeating, biasing the results, effectiveness if limited to personal...

Describe 4 benefits of the 5 whys approach.

Describe 4 benefits of the 5 whys approach.Answer: Easy to teach, easy to use, introduces people to problem solving methods, prevents band-aid s...

Explain how a thought map is used in root cause analysis and how it differs from the 5 whys.

Explain how a thought map is used in root cause analysis and how it differs from the 5 whys.Answer: A thought map doesn't make the assumption that...

Explain the 5 whys approach to root cause analysis.

Explain the 5 whys approach to root cause analysis.Answer: Asking why 5 times will usually get you to the root cause of the problem/sympt...

Describe the 6 P's sometimes used in a fishbone diagram and assign a cause to the appropriate P.

Describe the 6 P's sometimes used in a fishbone diagram and assign a cause to the appropriate P.Answer: people, process, policy, plant, program,...

Describe the 6 M's sometimes used in a fishbone diagram and assign a cause to the appropriate M.

Describe the 6 M's sometimes used in a fishbone diagram and assign a cause to the appropriate M.Machine (equipment, technology)Method (process)Material...

Describe the structure of the typical fishbone diagram.

Describe the structure of the typical fishbone diagram.Answer: The defect is shown as the fish's head, facing to the right, with the causes extending...

Identify the other names for the fishbone diagram.

Identify the other names for the fishbone diagram.Answer: Ishikawa diagram, herringbone diagrams, cause-and-effect diagrams, or Fishik...

Compare the use of different types of charts (column, line, pie, area, and scatter) and the types of data that are best displayed by each.

Compare the use of different types of charts (column, line, pie, area, and scatter) and the types of data that are best displayed by each.Answer: Column...

Explain how to create and name a table in Excel and why having tables is useful in creating equations or using functions.

Explain how to create and name a table in Excel and why having tables is useful in creating equations or using functions.Answer: Highlight all the...

Explain how independent and dependent variables are usually graphed on an x-y chart.

Explain how independent and dependent variables are usually graphed on an x-y chart.Answer: an independent variable goes on the horizontal, or x-axis,...

Differentiate between a dependent and independent variable in estimation.

Differentiate between a dependent and independent variable in estimation.Answer: An independent variable doesn't depend on anything else, on any...

Define, recognize examples of, and differentiate between four types of data: nominal or categorical, ordinal, interval scale, and ratio scale.

Define, recognize examples of, and differentiate between four types of data: nominal or categorical, ordinal, interval scale, and ratio scale.Answer: Nominal...

Explain the use of the $ (dollar sign) in Excel cell references and how this will impact the result when a formula is dragged using the fill bar.

Explain the use of the $ (dollar sign) in Excel cell references and how this will impact the result when a formula is dragged using the fill bar.Answer: $...

Explain the use of Excel functions and the use of cell references as arguments.

Explain the use of Excel functions and the use of cell references as arguments.Answer: =sum(A1:B5) Sum is the function and the cell numbers in parentheses...

How should a balanced scorecard be used?

How should a balanced scorecard be used?Answer: To identify the companies vision, mission and values to set up the framework for goals, objectives,...

Describe common mistakes to avoid when developing/determining an organization's KPIs. The "don'ts".

Describe common mistakes to avoid when developing/determining an organization's KPIs. The "don'ts".Answer: Don't set KPI's that are irrelevant, set...

Describe the characteristics of a good KPI.

Describe the characteristics of a good KPI.Answer: Create effective KPI by making a list of strategic goals/success indicators, choose a period that...

Define a dashboard and compare it to a scorecard.

Define a dashboard and compare it to a scorecard.Answer: All the goals, measures, and targets for your strategic plan are on the scorecard, the visual...

Understand the role of source and frequency in the use of KPIs.

Understand the role of source and frequency in the use of KPIs.Answer: Source (Identify where the data is coming from) and Frequency (How often you...

Differentiate between indicators that are raw numbers, progress related, and directional.

Differentiate between indicators that are raw numbers, progress related, and directional.Answer: Raw #'s is raw data aka # of things, Progress is...

Differentiate between leading and lagging indicators.

Differentiate between leading and lagging indicators.Answer: Leading (driver) indicators that can predict the outcome of a process, Lagging indicators...

Define key performance indicators (KPIs).

Define key performance indicators (KPIs).Answer: KPI is a type of performance measurement that evaluate the success of an organization or of a particular...

Describe the four areas of the balanced scorecard and explain how the parts interact.

Describe the four areas of the balanced scorecard and explain how the parts interact.Answer: Finance (how do we look to our shareholders), Customer...

Describe five common pitfalls in critical thinking.

Describe five common pitfalls in critical thinking.Answer: Jumping to answers too quickly, being unwilling to expand the problem space, focusing...

Describe how to prioritize the use of resources in critical thinking.

Describe how to prioritize the use of resources in critical thinking.Answer: When conducting an analysis focus on tasks that will have the most impact...

Explain and apply the 80/20 rule to choosing what analysis to do and what problems to solve.

Explain and apply the 80/20 rule to choosing what analysis to do and what problems to solve.Answer: 20% of the drivers will drive 80% of the results....

Explain and apply the "7 so whats" approach to solution generation.

Explain and apply the "7 so whats" approach to solution generation.Answer: A thinking tool used to outline the consequences of an acti...

Explain and apply the "5 whys" approach to problem identification.

Explain and apply the "5 whys" approach to problem identification.Answer: The 5 whys allow us to ask why and really understand the cause, the 4th...

Differentiate between business model blow-up, revenue blow-up, and cost blow-up.

Differentiate between business model blow-up, revenue blow-up, and cost blow-up.Answer: On the business model blow-up, fundamentally rethink about...

Differentiate between symptoms and causes, including the role of chronology.

Differentiate between symptoms and causes, including the role of chronology.Answer: A cause is the root of a problem and symptoms are a result of...

Describe three ways to view a problem through a different lens.

Describe three ways to view a problem through a different lens.Answer: Can you change your point of view (different perspectives of the problem),...

Explain what it means to ask the question behind the question.

Explain what it means to ask the question behind the question.Answer: Seek to understand why you're asked to look at something, then ask why again...

Describe the contents and purpose of the problem statement.

Describe the contents and purpose of the problem statement.Answer: It's going to spell out your goals. It will lay out boundaries on the problem...