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Questions -
Please respond to all of the following questions in your own words:
Q1. What is economics for management? What is micro- and macro economics? Please give a micro and macro application for business management decision-making.
Q2. Please describe a demand curve and demand function. Please write an equation for a sample demand function and describe it (don't forget to include forecast error). How would you forecast sales of your product with the demand equation you wrote above? What is price and income elasticity of demand and show the equation for these? How would you measure these from the above demand equation? How are revenues affected from an increase in price with elastic and inelastic demand?
Q3. Please describe the method of least squares regression. Please show two graphs that represent relationships between Y and X that has uncertainty or forecast error and one that does not. Please show an example model from economics or finance that could be estimated with least squares. Please discuss and diagnose the following regression results of the estimated demand function for whole powdered milk. Can you get the price and elasticity from these results? Please explain.
NB: PB is price variable of powder milk
RB variable is GDP
Table 1a: Estimation Results for WMP market demand in Brazil
Dependent Variable: QB
Sample: 1990-2004
Variable
Coefficient
Std. Error
t-Statistic
Prob.
Intercept
267.4043
44.8179
5.9664
0.0000*
PB
-0.0689
0.0277
-2.4833
0.0288**
RB
0.1444
0.0139
10.3425
R2
0.8999
F-statistic
53.9549
Adjusted R2
0.8832
Prob (F-statistic)
0.0000
Durbin-Watson stat
1.5632
Q4. & 5. Please discuss perfect and imperfect competition and the impact of competition on the shape of the demand curve. What are the attributes of a "perfectly" competitive and imperfectly competitive firm? Please give an example of a highly competitive and a highly imperfectly competitive product / industry. Please show graphically the relationship between the demand, total revenue and marginal revenue curves for a monopoly and perfectly competitive firms. Show graphically the price and sales level for economic profit maximization and no economic profit for a perfectly competitive and imperfectly competitive firm using the demand, marginal revenue, and costs curves. Please discuss pricing above marginal cost for an imperfectly competitive firm and price equals marginal cost for a "perfectly" competitive firm.
Please complete all section with at least 2 pages minimum. Please use PPT material cover in class only and be detailed as much as possible. Use as less references as possible. Everything has to be in your own words.
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