Questions and Answers of Business Economics And Finance

Look at an introduction to social enterprise?
Identify issues relating to non-financial objectives such as environmental and social objectives?
Consider definitions of shareholder value?
Consider tactics and strategies for maximizing market share?
Consider the role of productivity?
Look at an alternative approach to the point of cost minimization?
Identify the point of revenue maximization?
Consider the break-even point?
Identify the point at which a firm maximizes profit?
Look at the distinction between financial and nonfinancial goals of business?
Show, by using isoquant curves and isocost lines how firms can arrive at the least-cost input combination.?
Explain why, as a firm expands its scale of operation, it tends to first exhibit economies of scale, then constant returns to scale, then diseconomies of scale?
Explain why a production function might exhibit increasing marginal product at low levels of output and decreasing marginal product at high levels of output?
Explain why the marginal cost curve must intersect the average total cost curve at the minimum point of the average total cost curve?
Utilize a production function to derive a total cost curve?
Explain the difference between economic profit and accounting profit?
Examine the relationship between short-run and longrun costs?
Consider the shape of a typical firm’s cost curves?
what is the meaning of average total cost and marginal cost and how they are related?
Analyze the link between a firm’s production process and its total costs?
Examine what items are included in a firm’s costs of production?
Use diagrams to explain the short- and long-run equilibrium position for a firm in a highly competitive market?
Explain why a firm will continue in production even if it makes zero profit?
Explain the difference between normal and abnormal profit?
Show, using diagrams and basic maths, the conditions under which a firm will shut down temporarily and exit the market in the long run?
Calculate and draw cost and revenue curves and show the profit-maximizing output?
State the assumptions of the model of a highly competitive firm?
Cover the difference in the equilibrium position of a competitive firm in the short run and the long run?
See how the supply curve for a competitive firm is derived in the short run and the long run?
Cover the difference between normal and abnormal profit and how making normal or zero profit still means it is worth continuing in production?
See why sunk costs can be ignored in production decisions?
Examine the conditions under which a firm will choose to exit a market?
Look at the conditions under which a competitive firm will shut down temporarily?
Revisit the meaning of competition and a competitive market?
Discuss the issues facing firms in making pricing decisions covering a range of pricing strategies?
Explain the concept of the margin?
Analyze the processes and challenges of implementing strategy?
Explain the main features of market-based strategies including value chain analysis, cost leadership, differentiation and niche marketing?
Outline the idea of logical incrementalism?
Explain the idea of emergent strategy?
Outline the main features of the resource-based model?
Outline some benefits and limitations of strategic planning?
Outline at least two frameworks for strategic analysis?
Give a clear definition of strategy?
Demonstrate the surprising result that price discrimination by a monopolist can raise economic welfare above that generated by standard monopoly pricing?
Show why forcing a natural monopoly to set its selling price equal to its marginal cost of production creates losses for the monopolist?
Show the deadweight loss from a monopolist’s production decision?
Use a monopolist’s cost curves and the demand curve it faces to show the profit earned by a monopolist?
List three reasons why a monopoly can remain the sole seller of a product in a market?
See why monopolies try to charge different prices to different customers?
Consider the various public policies aimed at solving the problem of monopoly?
See how the monopoly’s decisions affect economic well-being?
Analyze how a monopoly determines the quantity to produce and the price to charge?
Show why some business practices that appear to reduce competition may have a legitimate business purpose?
Show why the outcome of the prisoners’ dilemma may change if the game is repeated?
Describe the conditions under which an oligopolistic market generates the same outcome as amonopolistic market?
Describe the characteristics of oligopoly and monopolistic competition?
Discuss the inefficiencies of monopolistically competitive markets?
Show why monopolistically competitive firms produce at less-than-efficient scale in the long run?
Show the long-run adjustment that takes place in a monopolistically competitive market when a firm generates economic profits?
Consider how competition laws try to foster competition in oligopolistic markets?
Examine what outcomes are possible when a market is an oligopoly?
Consider the desirability of outcomes in monopolistically competitive markets?
Explain why the change in the supply of one factor alters the value of the marginal product of the other factors?
Demonstrate the similarity between the labour market and the market for other factors of production?
Explain why a competitive firm maximizes profit when it hires labour to the point where the wage equals the value of the marginal product of labour?
Explain why the labour supply curve is usually upward sloping?
Explain why the labour demand curve is the value of the marginal product curve for labour?
Examine how a change in the supply of one factor alters the earnings of all the factors?
Consider how the other factors of production – land and capital – are compensated?
Consider the household decisions that lie behind labour supply?
Shift supply and demand curves in a model of the loanable funds market in response to a change in the government’s budget deficit?
Shift supply and demand curves in a model of the loanable funds market in response to a change in taxes on interest or investment?
Explain the slope of the supply and demand for loanable funds?
Describe the relationship between saving, government deficits and investment?
List and describe four important types of financial institutions?
Consider how government budget deficits affect the economy?
Explain the relationship between the real interest rate, the nominal interest rate, and the inflation rate?
Describe two differences between the CPI and GDP deflator?
Discuss three reasons why the CPI may be biased?
List the five steps necessary to calculate the inflation rate?
Calculate real and nominal GDP using base year and current year prices?
Define consumption, investment, government purchases and net exports?
Explain the key words and phrases in the definition of GDP?
Demonstrate why income equals expenditure equals output?
what the data used to measure the amount of unemployment?
Compare the CPI and the GDP deflator as measures of the overall price level?
Consider why the CPI is an imperfect measure of the cost of living?
Learn how the consumer prices index (CPI) is constructed?
what is the distinction between real GDP and nominal GDP?
See the breakdown of GDP into its four major components?
Learn how gross domestic product (GDP) is defined and calculated?
Consider why an economy’s total income equals its total expenditure?
Assess the effect of shifts in both the aggregate demand and aggregate supply curve?
Assess the effect of a shift in either the aggregate demand curve or the aggregate supply curve?
Analyse at least three reasons why the aggregate demand and aggregate supply curve can shift?
Explain the difference between the short run and the long run?
Outline three key facts about economic fluctuations
Examine why the aggregate supply curve is vertical in the long run and upward sloping in the short run?
See how shifts in either aggregate demand or aggregate supply can cause changes in economic activity?

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