Mba 851 - Study guides, Class notes & Summaries
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MBA 851 MANAGERIAL ECONOMICS Exam Bundle (Graded A) Updated 2023
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MBA 851 MANAGERIAL ECONOMICS EXAM
(Solved) MBA 851 Managerial Economics - Exam 2 
MBA 851 Managerial Economics Exam 1
MBA 851 New Managerial Economics Final 
MBA 851 Managerial Economics Final Exam 
MBA 851 Managerial Economics Exam 2
MBA 851 Managerial Economics Final Exam SG
MBA 851 Managerial Economics Final 
MBA 851 Managerial Economics (Chapt

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MBA 851 MANAGERIAL ECONOMICS EXAM ANSWERED 100% CORRECT
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Acid-Test Ratio (Quick Ratio) - ANSWER-The ratio of current assets and current liabilities. 
 
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MBA 851 Managerial Economics Final Exam SG Questions with 100% correct Answers
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Irene's Dairy is deciding whether or not to enter the market for ice cream, currently monopolized by Mattie's Ice Cream. If it enters the market, Mattie's can either accommodate him and share his 10 million in profits equally with Irene or fight him and cause a 5 million loss for each in a price war. 
 
If Mattie wants to discourage Irene from entering the market, what strategy should she follow? 
 
a. Threaten to always accommodate 
b. Always accommodate 
c. Threaten to always fight 
d. All ...
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MBA 851 Managerial Economics Final Exam QA (Graded A)
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Strategy (definition) - A game plan for getting a corporation where it wants to be. Strategy is about being different and distinctive. 
 
Examples of Corporate Strategies - 1. Southwest - low cost, no seat assignment, 2 free checked bags, no cancellation fees, no booking agents, no meals 
2. Enterprise Rent-a-car - focuses on people who need cars for everyday use, picks up customers 
 
External Factors Influencing a Company's Strategy - 1. Industry and competitive conditions 
2. Buyer preferenc...
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MBA 851 New Managerial Economics Final Exam -Questions with correct Answers
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Oligopoly - ANSWER-a market dominated by a small number of firms, whose actions, directly affect one another's profits, making the fates of the firms interdependent 
 
The four-firm concentration ratio - ANSWER-the percentage of sales accounted for by the top four firms in a market or industry 
 
The higher the concentration ratio - ANSWER-the greater is the degree of market dominance by a small number of firms 
 
An effective monopoly is said to exist when - ANSWER-the single-firm concentratio...
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MBA 851 Managerial Economics Exam 2-Questions and Answers 2023
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production function - ANSWER-function that defines maximum output produced in given set of inputs 
 
production function formula - ANSWER-Q = F (K,L) 
 
K - ANSWER-Capital 
 
L - ANSWER-Labor 
 
short run - ANSWER-time frame, some factors of production fixed, really for labor 
 
long run - ANSWER-time frame, all factors of production are variable 
 
total product - ANSWER-max level of output that can produced with inputs 
 
average product - ANSWER-measure of output per unit of input 
 
average ...
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MBA 851 Managerial Economics Exam 1: Chapter 1-4 Questions with correct Answers
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economics - ANSWER-the study of decision-making in the presence of scarcity 
 
managerial economics - ANSWER-the application of economic analysis to managerial decision making 
 
marginal reasoning - ANSWER-considering the effect of a small change 
 
Examples of tradeoffs - ANSWER-how to produce 
what prices to charge 
whether to innovate 
 
Younger individuals invest in _________ assets, while older individuals invest in ______ assets, like bonds. - ANSWER-riskier ; safer 
 
Examples of other d...
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MBA 851 Managerial Economics Exam #1(Solved)
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Managerial economics - ANSWER-study of how to direct scare resources in the way that most efficiently achieves a managerial goal 
 
MICROECONOMICS tends to be more _______, while MANAGERIAL ECONOMICS is largely ________. - ANSWER-descriptive, prescriptive ("should") 
 
How has managerial economics been able to apply theory to the real world? (3 ways) - ANSWER-1. creating measurable objectives for the firm 
2. minimizing unnecessary assumptions 
3. enabling measurement with analysis 
 
What is ...
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MBA 851 Managerial Economics Final Exam (solved)
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game theory - ANSWER-aid to decision making when agents' payoffs, depends on the actions taken by other players 
 
simultaneous-move game - ANSWER-makes decision without the knowledge of the other players decisions 
 
sequential-move game - ANSWER-makes moves after observing the other player's move 
 
one-shot game - ANSWER-make decisions only one 
 
repeated game - ANSWER-make decisions more than once 
 
dominant strategy - ANSWER-strategy that result in the highest payoff to a player regardl...
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MBA 851 Managerial Economics Exam 1 Questions with correct Answers
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Manager - ANSWER-person who directs resources to achieve a stated goal 
 
Economics - ANSWER-the science of making decisions in the presence of scarce resources 
 
Resources - ANSWER-anything used to produce a good or service 
 
Managerial Economics - ANSWER-study of how direct scarce resources in the way that most efficiently achieves a managerial goal 
 
Effective Management - ANSWER-identify goals and constraints, understand incentives 
 
Nature and Importance of Profits - ANSWER-typical firm...
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