Identify the phases of a Business Cycle
Answer: Peak, Recession, Trough, Boom
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Managerial Economics
- Find the Degree of Operating Leverage and the breakeven quantity.
- Distinguish between short-run and long-run production decisions and illustrate their impact on costs and economies of scale.
- 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.
- 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 input demand and the cost-minimizing combination of inputs and use isoquant analysis to illustrate optimal input substitution.
- Marginal product (MP) - The change in total product (output) attributable to the last unit of an input.
- Average product (AP) - A measure of the output produced per unit of input.
- Explain alternative ways of measuring the productivity of inputs and the role of the manager in the production process.
- Describe the relationship between Marginal Revenue and the Own Price Elasticity of Demand.
- Discuss three factors that influence whether the demand for a given product is relatively elastic or inelastic.
- Describe the relationship between the Elasticity of Demand and Total Revenues.
- Apply various elasticities of demand as a quantitative tool to forecast changes in revenues, prices, and/or units sold.
- Calculate consumer surplus and producer surplus, and describe what they mean.
- 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.
- Apply marginal analysis to determine the optimal level of a managerial control variable.
- Accounting Profit = Total Revenue - Explicit Costs
- Find economic and accounting profits and costs
- Summarize how goals, constraints, incentives and market rivalry affect economic decisions
- Describe Fiscal Policy
- Describe Monetary Policy
- List and identify some of the measures of Inflation
- Define an Employed and Unemployed person according to the Bureau of Labor Statistics.
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