BUSI 620 STUDY GUIDE: TEST 1 REVIEW

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Study Guide: Test 1 Review

Provide examples of each of the listed areas :

The value of a firm

The present value*

Implicit and explicit costs*

Economic profit*

Business ethics

Average total cost*

Marginal cost*

Fixed cost

MR=MC to maximize profit*

Arc price elasticity of demand*

Income elasticity*

The diffusion index*

Forecast based on regression analysis*

Economies of scale and scope

Price elasticity and total revenue*

Forecast using exponential smoothing*

Forecast using moving average

*need calculation

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