University of Lethbridge Econ 3030Y – Managerial Economics PRACTICE MIDTERM EXAMINATION Fall 2012 Marks: 80 Time: 2 hours The examination is out of 80 marks. You have 2 hours to complete it – please note the value of each section and plan your work accordingly. This is your opportunity to demonstrate your knowledge and understanding of the material. A premium will be placed on the clarity of the exposition. Question 1 (10 marks) Copy the following table in your examination booklet‚ complete
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Chapter 1 1 Introduction Economics and managerial decision making 2 Economics: The study of the behavior of human beings in producing‚ distributing and consuming material goods and services in a world of scarce resources Management: The science of organizing and allocating a firm’s scarce resources to achieve its desired objectives Managerial economics: The use of economic analysis to make business decisions involving the best use (allocation) of an organization’s scarce
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Discipline The Code of Conduct Apart from developing an intellectual curiosity among its students‚ Trident aims at enriching character of all its members in order to equip them encounter all the challenges on and off the campus.Therfore‚ all the students shall conform to a high standard of discipline and conduct within the campus in a manner Parallel to that of the students of institutions of National repute. He must inculcate in him/her the seriousness of career objective and shall‚ in every
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Introduction Managerial Economics and Business economics are the two terms‚ which‚ at times have been used interchangeably. Of late‚ however‚ the term Managerial Economics has become more popular and seems to displace progressively the term Business Economics. The discovery of managerial economics as a separate course in management studies has been attributed to three major factors: i) The growing complexity of business decision-making processes‚ because of changing market conditions and the globalization
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INTRODUCTION Authority and discpline are very important concepts of life. A related concept to the two which is also important is freedom. These concept are part of our culture. Authority and discipline are required to regulate the way individuals should behave in relation to others. For example‚ idividuals as against the larger the society‚ individuals in the family‚ the school or church etc. Again the two concept are needed to enhance the use of freedom. AUTHORITY The word authority
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B.F. Skinner’s theories on discipline in the classroom have helped to mold the way teachers instill discipline in their students for decades. His theories were not directed at classroom behavior‚ but his findings have influenced and led the way in many classroom discipline methods since the 1960s (Charles & Senter‚ 2004). This essay will discuss the impact of B.F. Skinner’s theories on discipline in the classroom. Behavior Modification Skinner wrote many articles and essays on "how our voluntary
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Discipline Discipline is the process of teaching the child what type of behavior is acceptable and what type is not acceptable‚ it teaches a child to follow rules. Discipline may involve both punishment‚ such as a time out‚ and‚ more importantly‚ rewards. It sounds so straightforward‚ yet every parent becomes frustrated at one time or another with issues surrounding children and discipline. Every parent wants their children to be happy‚ respectful‚ respected by others‚ and able to find their place
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Students of science disciplines are more meritorious than others Science is the subject where talent‚ handwork and knowledge of high level is required. Every modern technology‚ all new innovations are mainly due to science. So science is a very long brunch of studies. Science requires lots of efforts and hard work. Science students have to give not only efforts and hard work‚ science student have to be talented with a huge reserve of knowledge. While others subjects besides science usually do
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Managerial Economics & Business Strategy Chapter 4 The Theory of Individual Behavior Michael R. Baye‚ Managerial Economics and Business Strategy‚ 6e. ©The McGraw-Hill Companies‚ Inc.‚ 2008 Overview I. Consumer Behavior Indifference Curve Analysis Consumer Preference Ordering II. Constraints The Budget Constraint Changes in Income Changes in Prices III. Consumer Equilibrium IV. Indifference Curve Analysis & Demand Curves Individual Demand Market Demand Michael R. Baye‚ Managerial
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the company is competing with other consumers. Question 2) The present value of $150‚000 to be received at the end of five years is: PV = (150000/(1.09^1)) + (150000/(1.09^2)) + (150000/(1.09^3)) + (150000/(1.09^4)) + (150000/(1.09^5)) = $583‚447.69 Thus‚ the maximum amount I would pay for an asset is $583‚447.69 Question 8) a) Accounting profit = (Total amount taken in from sales) – (Dollar cost of producing goods) = $200‚000 - $20‚000 = $180‚000 b) Economic profit = (Total revenue) – (Total
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