Study Guide Test 1 Review

Study Guide: Test 1 Review

1.      The value of a firm

2.      The present value*

3.      Implicit and explicit costs*

4.      Economic profit*

5.      Business ethics

6.      Average total cost*

7.      Marginal cost*

8.      Fixed cost

9.      MR=MC to maximize profit*

10.  Arc price elasticity of demand*

11.  Income elasticity*

12.  The diffusion index*

13.  Forecast based on regression analysis*

14.  Economies of scale and scope

15.  Price elasticity and total revenue*

16.  Forecast using exponential smoothing*

17.  Forecast using moving average

*need calculation