BUSI 620 STUDY GUIDE: TEST 1 REVIEW

Study Guide: Test 1 Review

Provide examples of each of the listed areas :

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