ECON 528_Midterm_Exam 2018 | ECON 528_Midterm_Exam_100% CORRECT ANSWERS

ECON 528_Midterm_Exam 2018 ECON 528-850 - ECON 528-010- Started on Sunday, 23 September 2018, 8:02 PM State Finished Completed on Sunday, 23 September 2018, 8:37 PM Time taken 34 mins 51 secs Marks 20.00/20.00 Grade 10.00 out of 10.00 (100%) Question 1 Correct Mark 1.00 out of 1.00 Managerial economics Select one: a. helps managers make decisions in the face of scarcity. b. ensures managers always make good decisions. c. describes how pay for managers is set. d. explains which products consumers will buy. The correct answer is: helps managers make decisions in the face of scarcity. How many pounds of apples should Margie sell to maximize her profit? Refer to Table 12-2. Table 12-2 lists the various pounds (lbs.) of apples that Margie Stattler can sell. Assume that Margie operates in a perfectly competitive market. Select one: a. 400 pounds b. This cannot be determined without knowing Margie's total or marginal production costs. c. 300 pounds d. This can be determined only when all of the values for market price, total revenue, average revenue and marginal revenue are given. Figure 12-9 shows cost and demand curves facing a profit-maximizing, perfectly competitive firm. Identify the short-run shut down point for the firm. - - - -- Continued