# Project #58579 - economics for 180\$

Essays should be about 350 words in length and should address all parts of the

you will be asked to respond to one of the potential essay questions for that exam.  questions.

Each essay must be an original work reflective of your own thoughts and expression. The essays

will be run through plagiarism detection software to identify excessive similarity between your

answers and those of others in the class, people at other universities, and publicly available

sources. A list of the essay questions for both exams is below.

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Managerial Economics (ECO 607)

Potential Essay Questions

1. Explain the six decision-making steps discussed in chapter one of the text. Discuss the role and importance of each step in the overall decision-making process. State the problems that might arise from eliminating one of the steps.

2. Describe the advantages of marginal analysis for making decisions. Explain how the marginal cost equals marginal revenue application of this process leads to firm profit maximization. Give examples of three different types of situations that would make marginal analysis ineffective.

3. Describe (in words not equations) how a firm might use regression analysis to estimate its demand curve. Tell what data it would need to have. Tell what the constant and independent variable coefficients mean. State the meaning of the t-tests for the coefficients, the meaning of the f-test for the equation, and the meaning of the R2 for the equation.

4. If a firm knew from studies of its demand curve the price elasticity, income elasticity, substitute product elasticities, and complement product elasticiites, how should it use each of these in its near-term and strategic planning processes?

5. Briefly explain what time series analysis is and how it differs from the uses of regression to identify causal relationships between variables. Explain the value of time series forecasting a firmâ€™s productsâ€™ sales, profitability, and market share. Describe the use of time series forecasts for alerts or warnings.

6. Define returns to scale. Describe how an industryâ€™s market structure is affected by the returns to scale of its major product lines.

7. Explain why having marginal revenue equals marginal cost equals minimum average total cost (MR = MC = min ATC) is an important factor in the argument for the goodness of market economies. Include both equity (fairness between individuals) and efficiency considerations.

8. Explain the arguments for and against trade barriers in terms of a trade-off between consumer surplus gains and job and income losses. How do the methods of blocking, quotas, and tariffs affect the outcome?

9. Explain comparative advantage and how it determines the items traded and the direction of trade (who sells what to whom.)

10. Discuss the losses to society as a result of monopoly versus perfect competition using the ideas of the cost curves, relative prices and quantities, and consumer surplus.

11. Explain why a continually down sloping long run average cost curve results in natural monopolies. State the public policy issues created by natural monopolies when the product is essential for consumers. Explain the difference in outcomes between regulated and unregulated pricing. Explain how regulators should set pricing targets for natural monopolies.

and this is the e-book . you have to take look at it before write the essay http://dhar.weebly.com/uploads/4/3/6/9/4369749/managerial_economics_7e_william_f_semulson.pdf

 Subject Business Due By (Pacific Time) 02/25/2015 12:00 am
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