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Davenport ECON625 midterm exam | StudyDaddy.com

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Question

1
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technology
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points

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***

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or

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maximization

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making
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is

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***

******** *** *** *** **** all ******* risks

All

of ****** 2 ****** Save Answer
******** ** ******

**

accountant an ********* measures costs ** **** ******** ****** ********* ************ *********** ************* 2 ******

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******* ******** **

A

firm’s ************ ************ is

best

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****

average of * ********** ******* **** *** **** five ****** ******

of

******

*********

**

****

the

*****

**

*

firm’s ***** **** changing

******

** ******

a

**** ***** earn ** *** **** **** alternative activity

***

average ****** ** profit ****** ** *** ********** ********* *

******

**** ******* ******** ** ** *** ***** ** * substitute ********* ***** of ***

following

is most ****** to ****** in *** market for the product ***** consideration

**

the ***** ***** ****** **** ********* ***** **** ***** ***

market

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inputs in

***

********** of **** good
***** **** ****** less variable inputs ** *** ********** of **** ***** * ****** **** ******* ******** ** ***** of the ********* **** *******

**

the *********** *******

***

********** ********* and *** ***********

run”?

*** ***** *** ** * ****** ** ************* *** ****** ***** ***

****

*** ** any time ***** ***** ** longer
** the short run

****

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while

in ***

********

firms *** either ***** ** **** *** ******* The ********* ******** ** price ** * ********* **********

*******

*** ******* ******** is * ******** *********** *** ** ***** statements *** ******** * ****** **** ******* ******** 9
* ******

**

** *********** ***** ****** ** ***** ** ******* *** ***** ** ********* ******* *** ******** supplied is equal ** the ********

*********

****** *** ********** ****** constant
* ****** Save Answer
******** *** ** ********** ******* * ***** ceiling

**

a **** **** is ***** ***

******

equilibrium price
a *******

****

******** *

shortage

**** ******** producers will ****** their

*****

****** ********* **** ****** *****

******

*** *** good
* points

****

******* Question 11
** ** item has ******* ****

substitutes

*** ****** curve for that

****

** likely ** ***

relatively

********** **********

elastic

perfectly ********** **** ******** 2 ****** Save ******* Question *** ** * firm ********* *** *****

**

a **** *** *****

*******

********* ***** *** demand

***

this good is ***** ******** ***

******

*** this good is ***** ********** *** *****

elasticity

is ********* *** ******

**********

** ****

than

** * ****** **** Answer
******** 13
**** a ********** *********** ** *********** at *** 05 level

**

means that

*****

** only

*

**** *******

******

**** *****

****

be an ***** **

*

********* *****

**

** ******* ****** **** the ********** *********** ** *** **** ********** coefficient
***** **

*

five percent ****** ** less **** *** estimated

***********

** ***** ***** ** * five ******* ******

or

**** **** *** ********** coefficient

is

not *** **** ********** ************ 2 ******

****

Answer
Question *** *

*****

******* **

projecting

with * ***** **** ** that
**** ************* projections *** ** ************* **

is

valid only ** *** trend ** upward
** **** *** ******** ******* ****** in ********* **

is

a **** ******* ****** of ************ 2 ****** **** Answer
Question 15
**** ***

**

of a regression ******** ** **** **** it ********* that
all the ************ are

*************

************ the ********* term *** ** economic ******** * **** ********** ** *** ********* in the ********* ********

can

be ********* *** **

the

********* **

***

independent variables
***** ** * good chance ** ****** correlation ***

**

*** ******** **** be ********** *

******

**** Answer
******** 16
**** ** ** *** in

***

**** interest ** a ******* ** **** **********

*******

** *** ***** run?
when the average *******

**

***** is decreasing
when

***

**** **

**

Stage ** of *** ********** ******** **** *** ******** revenue product equals *****

****

*** **** rate ** equal **

**

greater **** *********** marginal revenue product
2

points

**** ******* ******** *** *** production ****** ** ***** ** ***** *** ***** ** ***** in ******** ** **** ********** run

****

**** short **** planning ******** * ****** **** ******* ******** *** ****** the ********* based

**

*** ********* ************** marginal

product

** ***

******

****** *** 150 ***** ** ******* ** units ** ******* negative
** ***** ** output
* points **** Answer

********

19
***** ** *** following statements best represents

*

********** ******* ********* *** ******** ****** Less **** *** **** is

considered

*** ***** **** **** **** *** year

***

**** run
***** are ** fixed costs in *** long **** ** the *********

labor

**** ****** be considered

the

******** *****

***

******* the ***** ****** *** ** these *** true
2 ****** **** Answer
******** ***

*****

***** *********

the

point **

*******

economic efficiency?

******

***** **

**

****** ****** point **

***

****** ******

*****

** ** curve
None ** ****** * points **** ******* ******** *** **** * ****

*********

*** ****** ** ***

****

its *** ********* ****

is

an

indication

***** *** *** **

***********

******* *** ***** *******

**

< ****

***

**** **** *** firm ** ********* out *** ***** ***** ***** 2 ****** ****

Answer

******** 22
If ** ******** could be organized ****** ********* ************* or ** ******** * ********

would

******* **** ******* ******* ***** * **** *** charge

******

******* All ** these
* ****** **** Answer
Question *** If a ********* *********** **** ******

**

******** **** ** ******* ****

****

immediately
*** ** *****

its

****** ****

****

** *** **** **** shut **** ** **** loss

*******

***** ***** * ****** ****

*******

******** 24
******** ** *************

***

****** ********* ****** entry and

****

are ********* or

***********

********* competition *** **********

***

** ******

*

****** Save ******* Question *** ** ******* *********** ** ***** ***** the market ** the **** ****

total

supply **** ******** ******* market ***** to *********

total

supply will decrease

*******

****** ***** **

*********

***** ****** **** decrease ******* ****** ***** ** *********

*****

supply **** increase causing

market

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********


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