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Econ 545 Quiz 1 Guidllines

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ECON545 Quiz 1 Guidelines

Recall that Keller courses are built around Terminal Course Objectives (TCOs). At the conclusion of the course, you will even be asked to rate the extent to which the TCOs have been covered. There are 9 TCOs specified for GM545. Review the TCOs by clicking on Course Syllabus at the top of the course home page, and then clicking on the Terminal Course Objectives link. Also, please note that the TCO(s) to be covered during any given week are specified in the Objective section for that course week.

Quiz 1 addresses material covered in Weeks 1 and 2 of the course. The TCOs at issue are:

Course Objective Description

A Given a demand function and a supply function, illustrate how the price mechanism, in response to changes in other demand or supply factors, leads to a new market equilibrium price and level of output.

B Given appropriate marketing data, including price elasticity coefficients, demonstrate how to use this information in product pricing in order to maximize revenues. C Given knowledge of key cost and marginal revenue relationships, use marginal analysis to demonstrate shutdown, break-even and optimal output points, as well as the optimal amount of a resource to utilize.

You will note that the problems that have been assigned from the book focus on these TCOs. The problems address the basics while Discussion topics focus on broad applications. The quizzes (and the final exam) emphasize the basics. So, make sure you completely understand the assigned homework problems before attempting the quiz.

The 2 hour quiz will consist of 10 short answer questions worth 10 points each (100 points total). Each question has several parts. These are “short answer” questions that require you to work through an issue and report your conclusion. You will have to make calculations, so be prepared for that. In all…...

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