Econ 550 Study guides, Class notes & Summaries

ECON 705 Mod. 6 Self-Assessment Test with Solutions 1. The ability of a firm to raise its price while still maintaining a certain amount of sales means that the firm Select one: a. produces a complementary good. b. faces perfectly elastic demand for its product. c. produces a perfect substitute for the other products in the industry. 2. All of the following could be a barrier to entry except Select one: a. large economies of scale. b. occupational licenses (e.g., teac...

ECON 550 Final Exam Part 2 • Question 1 4 out of 4 points To trust a potential cooperator until the first defection and then never cooperate thereafter is Answer • Question 2 4 out of 4 points The Prisoner’s Dilemma involves two spies who are held in separate soundproof rooms. But even if the two spies could communicate, what makes it difficult for them to achieve the cooperative solution (both not confessing)? Answer • Question 3 4 out of 4...

Econ 550 Final Part 1 • Question 1 4 out of 4 points Evidence from empirical studies of long-run cost-output relationships lends support to the: • Question 2 4 out of 4 points Which of the following is not an assumption of the linear breakeven model: • Question 3 4 out of 4 points George Webb Restaurant collects on the average $5 per customer at its breakfast & lunch diner. Its variable cost per customer averages $3, and its annual fixed c...

1) Select all the college and/or schools that require students to complete the University requirements. (partial answers will be considered incorrect): - answers-a) School of the Arts and Architecture b) School of Theater, Film and Television e) Samueli School of Engineering f) UCLA College (Letters & Science) g) School of Nursing h) The Herb Alpert School of Music 2) What types of courses give grade credit? What is grade credit? - answers-Courses from UC, UCAPPP, UCLA Extension XLC, UCE...

ECON 104 HOMEWORK 2 QUESTIONS AND ANSWERS Question 1 3 / 3 pts Use the information below to answer questions 1-6 Consider an economy that produces only two goods: fresh apricots and dried apricots. In this economy, the technology of producing dried apricots is to place fresh apricots on special racks and allow them to dry in the sun. Fannie’s Farms is the only company that grows fresh apricots, while Darryl’s Dried Victuals is the only producer of dried apricots. Fannie’s ...

Econ 550 Final Part 1 • Question 1 Evidence from empirical studies of long-run cost-output relationships lends support to the: • Question 2 Which of the following is not an assumption of the linear breakeven model: • Question 3 George Webb Restaurant collects on the average $5 per customer at its breakfast & lunch diner. Its variable cost per customer averages $3, and its annual fixed cost is $40,000. If George Webb wants to make a profit of $2...