Please briefly respond to all of the following questions on each page. There are 3 pages of questions. This exam is a “take-home, open book” exam and posted no later than 8 AM and due back to me by 11:59 PM today. You can use whatever sources that you want to learn more about the material but the exam responses must be in your own words and all calculations your own. You may not work with anyone. All paraphrases, quotes, graphs, …, that are not developed by you must be cited with a source. Please keep to a severe minimum as this is a test of your learning. Please respond to the exam in WORD and do not convert to a pdf file so that I can make comments directly into the document as well as your grade. Please submit the exam to the email email@example.com.
Please describe micro- and macroeconomics and discuss how it is used in managing a business.
2. 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?
Please discuss perfect and imperfect competition and the impact of competition on the shape of the demand curve.
Please give an example of a highly competitive and a highly imperfectly competitive product / industry.
Please show graphically the relationship between the demand and the total revenue curves for a monopoly and perfectly competitive firms.
Please show two graphs that represent relationships between Y and X, one 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 two sets of regression results of the estimated demand functions for gasoline on Table 2 of the gas demand paper for the basic model: linear.
Can you get the price and elasticity from these results? Please explain.
IGNORE ALL REGRESSIONS EXCEPT THE RESULTS FOR THE TWO REGRESSIONS ON THE LEFT OF THE TABLE: BASIC MODEL LINEAR: 1975 – 1980 and 2001 – 2006.
The data used in the analysis are U.S. aggregate monthly data reported by several U.S. government agencies for the period from January 1975 to March 2006.Gasoline consumption is approximated as monthly “product supplied” reported by the U.S. Energy Information Administration (2006), which is calculated as domestic production plus imports, less exports and changes to stocks. Real gasoline prices are U.S. city average prices for unleaded regular fuel from the U.S. Bureau of Labor Statistics (2006), CPI-Average Price Data. Personal disposable income is from the U.S. Bureau of Economic Analysis (2006), National Economic Accounts. Prices and income are converted to constant 2000 dollars using GDP implicit price deflators from the Bureau of Economic Analysis (2006). ß0 is the intercept and the values below the estimated slopes are the standard errors of each slope. Also ignore ln(Y) and ln(P) as they are ot used in the first two regressions.
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