What is the dominant strategy for Player 2?

1)Player 2 does not have a dominant strategy.

2) B

3) X

4) Y

5) A

Which of the following is a problem typically seen with a monopoly? There is more than one answer to this question. You must mark all of the correct answers to receive full credit for this question.

more than one choice

1) A monopoly produces less output than is found in a perfectly competitive industry.

2) A monopoly is not efficient from the firm perspective.

3) A monopoly is not efficient from the society perspective.

4) A monopoly charges a higher price than is found in a perfectly competitive industry.

In all market structures, if the average total cost curve dips below the demand curve then the firm has an economic profit.

True

False

Where will the following game end? (Assume a one-shot, simultaneous game.)   

1) X, B

2) Y, B

3) X, A

4) Y, A

The price elasticity of demand for jewelry is estimated to be 2.29 (in absolute value). If a jewelry store raises its prices, you would expect its total revenue to _______.

remain the same

decrease

increase

A graph contains three costs curves that are all U-shaped. One of the curves passes through the minimum points of the other two. Which three cost curves are shown the graph?

1) total fixed cost, average variable cost, average total cost

2) marginal cost, average fixed cost, average total cost

3) marginal cost, average total cost, average variable cost

4) marginal cost, average fixed cost, average variable cost

5) total fixed cost, total variable cost, total cost

Which characteristics make it so that perfectly competitive firms and monopolistically competitive firms have zero economic profit in the long run?

1) heterogeneous product and easy entry/exit

2) easy entry/exit and perfect information

3) homogeneous product and perfect information

4) many buyers/sellers and easy entry/exit

Assume that a traffic accident occurs and the person whose car was hit sues the other party for an amount far above the losses actually incurred. This behavior is an example of which market failure?

an externality

a public good

rent seeking

moral hazard

Assume a perfectly competitive firm has an economic profit. When the transition to the long run is complete, will the price it charges be higher or lower?

The selling price will be the same.

There is no way to answer this question without more information.

The selling price will be higher.

In the kinked demand curve model, a firm faces less elastic demand when it _______ its price than when it _______ its price.

increases, decreases

This question makes no sense since the price elasticity of demand is the same regardless of any price change.

decreases, increases

The selling price will be lower.

The supply curve of a perfectly competitive firm is the entire marginal cost curve of that firm.

True

False

In the kinked demand curve model, if the firm raises its price its total revenue _______. If the firm lowers its price its total revenue _______.

decreases, decreases

decreases, increases

increases, decreases

If you look at the graph of a perfectly competitive firm and see that it has an economic profit, you know the graph is of the short run. However, when you look at the graph of a monopoly and see that it has an economic profit, you are unable to tell if the graph is of the short run or the long run.

True

False

When a firm has increasing returns to scale its average total cost _______.

remains constant

decreases

increases

increases, increases

Assume you see the graph of a monopolistically competitive firm. In the graph, at the output where MR = MC, the average total cost curve is above the demand curve. Which of the following statements is not correct?

The firm’s total cost is greater than its total revenue.

The firm’s opportunity cost is larger than its accounting profit.

The firm is definitely in the long run.

The firm has an economic loss.

A store decreased its prices by 5% and the quantity demanded increased by 7.5%. The price elasticity of demand is _______ (in absolute value) and the demand is _______.  

0.67, elastic

0.67, inelastic

1.50, inelastic

1.50, elastic

Question 1:
Why a pure colony isolation on the plate is necessary?
Question 2:
Briefly define the use of the following media in combination with primary culture media for
isolation of organisms from clinical specimens. Support your answer by quoting examples for
each category: (1.5 x 4 = 6 Marks)
1. An enrichment broth
2. Nutritional agar
3. Selective agar
4. Differential media
Question 3:
What are the limitations associated with placing too much organism on the slide prior to staining
and placing too little organism on the slide prior to staining?
Question 4:
Define the term antibody titer. What is significance of antibody titer determination in "paired
sera" while addressing the etiology of an infectious disease?
Question 5:
While performing antimicrobial sensitivity testing by Kirby Baeur Disc diffusion method, If you
mistakenly adjusted the organism inoculum suspension to be equal to a number 1 McFarland
turbidity standard, would the results be falsely resistant, sensitive, or not altered. Give reason.
(1.5 marks)
Question 6:
Small colonies are observed at the inner edge of the zone of inhibition around the oxacillin disk
when S. aureus is tested. The outer zone size corresponds to an interpretation of susceptible, and
the small colonies are growing in the resistant range. How will you interpret the results—S
(sensitive), I (intermediate), or R (resistant)? Give reason. (1.5 Marks)

2. Let Y = X^2+ X+1. (a) Evaluate the mean and variance of Y, if X is an exponential random variable. (b) Evaluate the mean and variance of Y, if X is a Gaussian random variable

Comprehensive Problem 2

Part 1 and Part 2:

Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 20Y7 (unless otherwise indicated), are as follows:

Part 1: Using the attached spreadsheet, journalize the transactions for May, the last month of the fiscal year, below.

Part 2: Post the journal to the general ledger you created in Part 1, extending the month-end balances to the appropriate balance columns after all posting is completed. In this problem, you are not required to update or post to the accounts receivable and accounts payable subsidiary ledgers.

If an amount box does not require an entry, leave it blank.

May 1: Paid rent for May, $5,000.

May 3: Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB shipping point, $36,000.

May 4: Paid freight on purchase of May 3, $600.

May 6: Sold merchandise on account to Korman Co., terms 2/10, n/30, FOB shipping point, $68,500. The cost of the merchandise sold was $41,000.

May 7: Received $22,300 cash from Halstad Co. on account.

May 10: Sold merchandise for cash, $54,000. The cost of the merchandise sold was $32,000.

May 13: Paid for merchandise purchased on May 3.

May 15: Paid advertising expense for last half of May, $11,000.

May 16: Received cash from sale of May 6.

May 19: Purchased merchandise for cash, $18,700.

May 19: Paid $33,450 to Buttons Co. on account.

May 20: Paid Korman Co. a cash refund of $5,000 for damaged merchandise from sale of May 6. Korman Co. kept the merchandise.

May 20: Sold merchandise on account to Crescent Co., terms 1/10, n/30, FOB shipping point, $110,000. The cost of the merchandise sold was $70,000.

May 21: For the convenience of Crescent Co., paid freight on sale of May 20, $2,300.

May 21: Received $42,900 cash from Gee Co. on account.

May 21: Purchased merchandise on account from Osterman Co., terms 1/10, n/30, FOB destination, $88,000.

May 24: Returned damaged merchandise purchased on May 21, receiving a credit memo from the seller for $5,000.

May 26: Refunded cash on sales made for cash, $800. The defective merchandise was not returned by the customer.

May 28: Paid sales salaries of $56,000 and office salaries of $29,000.

May 29: Purchased store supplies for cash, $2,400.

May 30: Sold merchandise on account to Turner Co., terms 2/10, n/30, FOB shipping point, $78,750. The cost of the merchandise sold was $47,000.

May 30: Received cash from sale of May 20 plus freight paid on May 21.

May 31: Paid for purchase of May 21, less return of May 24.

Healthcare Finance

1. Explain the two (2) criteria for true comparability

2. How important is the understanding of comparative data as a healthcare manager to the finances of the facility?

3. Briefly discuss the two (2) sources of operating budget information

4. Explain how a flexible budget is useful in healthcare

5. Briefly relate Diagnostic-Related Groups (DRGs) to financial management in healthcare.

1. Explain what is meant by asymmetric information.

2. Explain whether each of the following situation involves adverse selection and moral hazard or not:

i) I am financing a new car. In applying for a loan, I withhold information about my student loan, and the loan does not show up on my credit report. (2.5 marks)

ii) Just before quitting my job, I take out all the credit cards I can. I plan to run them up to the5 limit and declare bankruptcy. (2.5 marks)

iii) I take out a loan to manufacture a product. My costs end up being higher than expected, and there seems to be little market for my product. I am unable to repay the loan on time.

1. Define what an "Intergovernmental Revenue" is. Provide at least 2 examples.

2. Assume a local government has determined they will increase taxes in order to raise revenue to support their capital improvements plan. Contrast and compare the merits of increasing property taxes versus sales taxes. Consider the various forces which effect public budgeting in your response.

1. Describe the difference between a unilateral and multilateral trade agreement.

2. Give 2 examples of a multilateral trade approach.

3. How is NAFTA classified ?