Economics Exam Practice - 3498 Words

1. (TCO A) Suppose you are hired to manage a small manufacturing facility that produces Widgets. (a.) You know from data collected on the Widget Market that market demand has recently decreased and market supply has recently increased. As manager of the facility, what decisions should you make regarding production levels and pricing for your Widget facility? Remember that supply and demand are about the market supply and market demand, which is bigger than your own company. You are being given data on supply and demand for the whole market, and are being asked what effect that has on you as a small part of that market. (b.) Now, suppose that following the supply and demand changes in (a), a substitute good goes down in price,†¦show more content†¦Show all work. (Be careful here!) (TCO C) You have been hired to manage a small manufacturing facility which has cost and production data given in the table below. Total Total Workers Labor Cost Output Revenue 1 $500 100 $700 2 1000 280 1150 3 1500 440 1440 4 2000 540 1570 5 2500 600 1670 6 3000 630 1710 7 3500 640 1730 (a.) What is the marginal product of the second worker? (b.) What is the marginal revenue product of the fourth worker? (c.) What is the marginal cost of the first worker? (d.) Based on your knowledge of marginal analysis, how many workers should you hire? Explain you answer. 3. (TCO C) You have been hired to manage a small manufacturing facility which has cost and production data given in the table below. Total Total Workers Labor Cost Output Revenue 1 $500 100 $700 2 1000 280 1150 3 1500 440 1440 4Show MoreRelatedMacro Economics Practice Exam2085 Words   |  9 PagesQuestion 1 (Essay Worth 15 points) Exchange Rates | Year | U.S. Dollar | South Korean Won | Malaysian Ringgits | Indonesian Rupiahs | 2008 | 1 | 9,046 | 3.49 | 9,022 | 2009 | 1 | 9,046 | 3.78 | 9,087 | 2010 | 1 | 8,995 | 3.65 | 9,144 | a. Given the change in the value of the dollar between 2008 and 2009, as indicated in the table above, describe the effects this will have on United States tourism in each of these countries. b. Explain what impact the change in the valueRead MoreEcon 2301 Study Guide1079 Words   |  5 Pageswill make students more informed citizens and allow them to follow the debates over national economic policy reported in the media. This course is also a foundation course that will prepare students to be successful in upper division finance, marketing, business administration, economics, government and social work courses. Common Course Objectives / Student Outcomes As established by the Department of Economics, students who complete this course will be able to understand: - the meaning of unemploymentRead MoreTEXAS UNIFORM CPA EXAM PAPER1634 Words   |  7 PagesUNIFORM CPA EXAM PAPER For many accounting students, become Certified Public Accountants (CPA) is an important objective for their career. 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