Questions for Critical Thinking
QUESTIONS FOR CRITICAL THINKING 1
From the end-of-chapter discussion questions (DQ) and problems (P)<\/p>\n
Salvatore Chapter 1:<\/p>\n
a. Discussion Questions: 9.
b. Problems: 6, 15, and spreadsheet problem (p. 39)<\/p>\n
Note:
1. P15(d): Compare the present value of economic profit in each of the next three years and the loss of $50,000 in the third year using 15% as the discount rate.
2. The spreadsheet problem (b): Calculate a mean, \u2026. to statistically describe the data of both variables, Time and Age.
Froeb et al. Chapter 3:<\/p>\n
a. Individual problems: 3-1 and 3-3.<\/p>\n
Salvatore Chapter 3:<\/p>\n
a. Discussion Questions: 9.
b. Problems: 1(a), 7, and 9.<\/p>\n
Note:
1. DQ9: Does maximum sales (revenue) equal maximum profit (see figure 3-4)?
2. Revised P1(a): Derive the total-revenue, average-revenue, and marginal-revenue schedules from Q = 0 to Q = 4 by 1s.
Average revenue (AR) = total revenue (TR)\/Q
Marginal revenue (MR) = change in total revenue\/change in Q<\/p>\n
For example:<\/p>\n
Q TR AR MR
2 14 7 (=14\/2)
3 18 6 (=18\/3) 4 (=(18-14)\/(3-2)<\/p>\n
3. Revised P9: With the total-revenue schedule of Problem 1 and the total-cost schedule of Problem 7, show the profit-maximizing level of output (profit=TR-TC).<\/p>\n
Froeb et al. Chapter 4:<\/p>\n
a. Individual problems: 4-5 and 4-6.
Salvatore Chapter 1 Spreadsheet Problem
Number Time Age
1 8.2 14
2 7.5 16
3 9.6 12
4 12.1 12
5 10.2 13
6 8.3 14
7 7.4 18
8 8.1 17
9 9.6 14
10 11.2 13<\/p>\n
mean 9.2
median 9.0
mode 9.6
variance 2.5
s.d. 1.6
coefficient of variance 0.2
covariance -2.4<\/p>\n","protected":false},"excerpt":{"rendered":"
Questions for Critical Thinking QUESTIONS FOR CRITICAL THINKING 1 From the end-of-chapter discussion questions (DQ) and problems (P) Salvatore Chapter 1: a. Discussion Questions: 9. b. Problems: 6, 15, and spreadsheet problem (p. 39) Note: 1. P15(d): Compare the present Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-183949","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/183949","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=183949"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/183949\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=183949"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=183949"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=183949"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}