# Econ 545 Final Exam Solution 100% Correct Answers Essay examples

1231 Words Feb 3rd, 2016 5 Pages
ECON 545 Final Exam Solution 100% Correct Answers
Question :
(TCO A) Suppose you are hired to manage a small manufacturing facility that produces Widgets.
(a.) (15 points) You know from data collected on the Widget Market that market demand and market supply have both increased recently. As manager of the facility, what decisions should you make regarding production levels and pricing for your Widget facility?

Remember that supply and demand are about the market supply and market demand, which is bigger than your own company. You are being given data on supply and demand for the whole
(c.) (6 points) What is the marginal cost of the first worker?
(d.) (12 points) Based on your knowledge of marginal analysis, how many workers should you hire? Explain you answer.
4.
Question :
(TCO C) Answer the next questions on the basis of the following cost data for a firm in pure competition:
OUTPUT —— TFC ———- TVC
0 \$100.00 0.00
1 100.00 70.00
2 100.00 120.00
3 100.00 150.00
4 100.00 200.00
5 100.00 270.00
6 100.00 360.00
(a.) (15 points) Refer to the above data. If the product price is \$45 at its optimal output, will the firm realize an economic profit, break even, or incur an economic loss? How much will the profit or loss be? Show all calculations.
(b.) (15 points) Refer to the above data. If the product price is \$75 at its optimal output, will the firm realize an economic profit, break even, or incur an economic loss? How much will the profit or loss be? Show all calculations.
5.
Question :
(TCO D) A software producer has fixed costs of \$18,000 per month and her Total Variable Costs (TVC) as a function of output Q are given below:
Q TVC Price
1,000 \$15,000 \$25
2,000 20,000 24
3,000 30,000 23
4,000 50,000 22
5,000 80,000 20
(a.) (15 points) If software can only be produced in the quantities above, what should be the production level if the producer operates in a monopolistic competitive market where the price of software at each possible quantity is also listed above? Why? (Show all work).
(b.) (15 points) What

## Related Documents

• ###### Essay Stat 200 Final Exam 100% Correct Answers

STAT 200 Final Exam 100% Correct Answers https://homeworklance.com/downloads/stat-200-final-exam-100-correct-answers/ To Get this Tutorial Copy & Paste above URL Into Your Browser Hit Us Email for Any Inquiry at: Lancehomework@gmail.com Visit our Site for More Tutorials: ( http://homeworklance.com/ ) STAT 200 Final Exam 100% Correct Answers 1. True or False. Justify for full credit. (25 pts) (a) The normal distribution curve is always symmetric to its mean. (b) If the variance…

Words: 21388 - Pages: 86
• ###### Busn 115 Final Exam Solutions 100% Correct Answers Essay

BUSN 115 Final Exam Solutions 100% Correct Answers Follow Link Below To Get Tutorial https://homeworklance.com/downloads/busn-115-final-exam-solutions-100-correct-answers/ Description: (TCO 7) Some of the characteristics of lean systems include which of the following? (TCO 7) Mass customization means (TCO 1) The foundation of the U.S. economic system is: (TCO1) In the United States, the control of the money supply is the responsibility of the: (TCO 1) The total value of…

Words: 685 - Pages: 3
• ###### Busn 115 Final Exam Solutions 100% Correct Answers Essay

BUSN 115 Final Exam Solutions 100% Correct Answers http://hwguiders.com/downloads/busn-115-final-exam-solutions-100-correct-answers/ (TCO 7) Some of the characteristics of lean systems include which of the following? (TCO 7) Mass customization means (TCO 1) The foundation of the U.S. economic system is: (TCO1) In the United States, the control of the money supply is the responsibility of the: (TCO 1) The total value of final goods and services produced within a nation’s borders…

Words: 6024 - Pages: 25
• ###### Essay on Acct 504 Final Exam Solutions 100% Correct Answers

ACCT 504 Final Exam Solutions 100% Correct Answers Follow Link Below To Get Tutorial https://homeworklance.com/downloads/acct-504-final-exam-solutions-100-correct-answers/ Description: (TCO A) Which one of the following is an advantage of corporations relative to partnerships and sole proprietorships? (Points : 5) Reduced legal liability for investors Harder to transfer ownership Lower taxes Most common form of organization (TCO A) When a corporation distributes a dividend, _____…

Words: 8925 - Pages: 36
• ###### Busn 115 Final Exam Solutions 100% Correct Answers Essay

BUSN 115 Final Exam Solutions 100% Correct Answers Follow Link Below To Get Tutorial https://homeworklance.com/downloads/busn-115-final-exam-solutions-100-correct-answers/ Description: (TCO 7) Some of the characteristics of lean systems include which of the following? (TCO 7) Mass customization means (TCO 1) The foundation of the U.S. economic system is: (TCO1) In the United States, the control of the money supply is the responsibility of the: (TCO 1) The total value of…

Words: 2702 - Pages: 11
• ###### Econ 545 Final Exam Answers Essay

ECON 545 Final Exam Answers To Buy this Class Copy & paste below link in your Brower http://homeworkregency.com/downloads/econ-545-final-exam-answers/ ECON 545 Final Exam Answers 1. Question : (TCO A) Suppose you are hired to manage a small manufacturing facility that produces Widgets. (a.) (15 points) You know from data collected on the Widget Market that market demand and market supply have both increased recently. As manager of the facility, what decisions should you make regarding production…

Words: 1218 - Pages: 5
• ###### Acct 212 Midterm Exam Solution 100% Correct Answers Essay

ACCT 212 Midterm Exam Solution 100% Correct Answers Get Tutorial by Clicking on the link below or Copy Paste Link in Your Browser http://hwguiders.com/downloads/acct-212-midterm-exam-solution-100-correct-answers/ For More Courses and Exams use this form ( http://hwguiders.com/contact-us/ ) Feel Free to Search your Class through Our Product Categories or From Our Search Bar (http://hwguiders.com/ ) (TCO 1) The Accounting Equation is used to develop the organizations financial reports…

Words: 5614 - Pages: 23
• ###### Phi 210 Final Exam Solutions 100% Correct Answers Essay

PHI 210 Final Exam Solutions 100% Correct Answers http://hwguiders.com/downloads/phi-210-final-exam-solutions-100-correct-answers/ 1, Which statement best describes why using an innuendo in communication can be misleading? 2. A top official of the government is presenting a case for the continued use of drone airplanes in military conflicts. The official states “Using drones during military surveillance missions is the right course of action because it saves soldiers’ lives.” What is the…

Words: 6290 - Pages: 26
• ###### Acct 567 Final Exam Solutions 100% Correct Answers Essay

ACCT 567 Final Exam Solutions 100% Correct Answers http://hwguiders.com/downloads/acct-567-final-exam-solutions-100-correct-answers/ 1. (TCO A) On what should the government-wide financial statements report? 2. (TCO B) According to GASB standards, when should transfers be recognized? 3. (TCO C) Comparisons of budgeted versus actual revenues and expenditures are a requirement of which of the following situations? 4. (TCO D) The revenues account of a government entity is debited when…

Words: 31208 - Pages: 125
• ###### Essay on Econ 214 Exam 1 Complete Solutions Correct Answers Key

ECON 214 exam 1 complete solutions correct answers key Click Link Below To Buy: http://hwcampus.com/shop/econ-214-exam-1-complete-solutions-correct-answers-key/ Or Visit www.hwcampus.com Two different versions Version A Quiz Question 1 Structural unemployment is: Question 2 Which of the following equations represents the labor force participation rate? Question 3 The concept of a price index is that: Question 4 Use the following table to answer the questions that follow: According…

Words: 1883 - Pages: 8