Practice Test Part I - Multiple Choice 1. Suppose that the scatterplot of (log x‚ log y) shows a strong positive correlation Which of the following must be true? I. The variables x and y also have a correlation close to 1. II. A scatterplot of (x‚ y) shows a strong nonlinear pattern. III. The residual plot of the variables x and y shows a random pattern. (a) I only (b) II only (c) III only (d) I and II (e) I‚ II‚ and III 2. What is the purpose of residual plots? (a) To determine
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Production and Cost Analysis Please read this article and answer the questions keeping in mind the information we have covered in the textbook: Fundamentals of Managerial Economics by Mark Hirschey (at least a good paragraph for each question) Article #1: Supersizing Hits Freight World By JENNIFER LEVITZ AUGUST 15‚ 2010‚ The Wall Street Journal When Kraft Foods Inc. packs trucks with weighty items such as jars of Miracle Whip and pouches of Capri Sun juice‚ 40% of the rigs must leave the loading
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Mass Movement Essay: Action Plan Questions for consideration Where and when did the Mudslide occur? The Southern Leyte Mudslide occurred on February 17th‚ in the year of 2006. The Mudslide occurred in the philippines province of Southern Leyte. Why are Mudslides so dangerous and destructive Mudslides can be very dangerous‚ mainly because they are very unpredictable and occur at any moment‚ hence; people are not prepared for the disaster which can be caused by the mudslides. They are more than
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Assignment: Fixed Costs‚ Variable Costs‚ and Break-Even Point Exercise 10.1 During the sixth month of the fiscal year‚ the program director of the Westchester Home-Delivered Meals (WHDM) program decides to again recompute fixed costs‚ variable costs‚ and the BEP using the high–low method. Here are the number of meals served and the total costs of the program for each of the first six months: Month Meals Served Total Costs July 3‚500 $20‚500. August 4‚000 $22‚600. September 4‚200 $23
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Running head: VARIABLE COSTS Variable Costs ACC/561 June 12‚ 2012 Variable Costs Any cost which is not fixed and will change in same amount when there is change in production volume is accounted as variable costs. This also means that they change in total rather than per unit whenever there is production or activity change. In production- labor‚ material or overhead could be the variable costs involved in the business. In Fitness center‚ there are different variable costs involved and each
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“A Project on Business proposal on Dairy” ( Milk production unit) A report submitted to IIMT‚ Greater Noida as a part fulfillment of full time postgraduate diploma in management SUBMITTED TO: SUBMITTED BY: Dr. D. K. GARG LAVKUSH SHUKLA CHAIRMAN ENR. – 15073 IIMT‚ GREATER NOIDA NIRAJ KUMAR ENR. – 15083 ISHAN INSTITUTE OF MANAGEMENT & TECHNOLOGY 2‚ KNOWLEDGE PARK 1‚ GREATER NOIDA GAUTAM
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The average variable cost (AVC) in the short run and long run is ‘U’ shaped. Average variable cost is the total variable cost per unit of output‚ found by dividing total variable cost by the quantity of output. Thus if a firm produces X2 units of a commodity at a total variable cost of TVx2 the AVC of producing these two units of output is given as Average variable cost decreases with additional production at relatively small quantities of output and then eventually increases with relatively
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The Battle of the Somme When and where did the battle occur? The Battle of the Somme lasted for over 4 months‚ between 1 July and 16 November 1916. It was fought on both sides of the Somme river in Northern country France near the current border of France and Germany. It was fought at a part of the Western front at the time. Why was the battle fought? In 1916‚ the Allied forces of Russia‚ Italy‚ France and Great Britain had a joint strategy of attack against Germany and its allies. The Russians
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described by: Q = 5000 - 200P Firm 1 has a unit cost of production c1 equal to 6 whereas firm 2 has a higher unit cost of production c2 equal to 10. a. What is the Bertrand-Nash equilibrium outcome? b. What are the profits for each firm? c. Is this outcome efficient? Answer: (a) At equilibrium‚ assuming that if both firms charge the same price‚ then the firms split the market evenly. (b) The higher cost firm makes zero profit‚ whereas the lower cost firm’s profit is (c) No‚
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harmful substances should be used and stored. There are a number of requirements about the minimum temperature at work‚ and other aspects of working conditions. Employees are expected to receive the terms and conditions of their work setting out when their work commences‚ what their main duties are‚ who they are accountable to‚ rates of pay‚ and other entitlements. Equal Opportunities legislation sets out that all employees should receive the same pay and conditions for carrying out the same
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