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LSUS MBA-703 FINAL STUDY GUIDE 2026 COMPLETE QUESTIONS AND ANSWERS.

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LSUS MBA-703 FINAL STUDY GUIDE 2026 COMPLETE QUESTIONS AND ANSWERS.

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LSUS MBA-703 FINAL STUDY GUIDE 2026
COMPLETE QUESTIONS AND ANSWERS.


◉ If Elasticity = 1. Answer: Unitary elastic


◉ Cross Price Elasticity. Answer: If negative, shows that the two goods
are complements.


◉ Changes in Supply. Answer: Represented by a shift of the supply
curve to the left or right


◉ Marginal Cost. Answer: Represented as MC(Q)


◉ When Demand is Elastic. Answer: Total revenue falls when the price
rises


◉ Ay in Demand Function. Answer: If greater than 0, Good Y is a
substitute for Good X


◉ Normal Good. Answer: Demand increases when consumer income
increases

, ◉ Supply Shifter. Answer: Number of firms along with entry and exit
barriers


◉ Price Floor. Answer: Above Equilibrium price


◉ Total Revenue. Answer: Maximized when elasticity = 1


◉ Role of a Manager. Answer: Construct incentives to induce maximum
effort from employees.


◉ Marginal Principle. Answer: Increasing the managerial control
variable to the point where marginal benefits equal marginal costs.


◉ Changes in Quantity Demanded. Answer: Represented by a
movement along the demand curve


◉ Profit Maximization. Answer: Maximizing the value of the firm.


◉ Cross Price Elasticity. Answer: If positive, shows that the two goods
are substitutes.


◉ Price Ceiling. Answer: Maximum legal price a good can be set at

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