ECON 5311 - Final Exam

[Paul Ulrich]

I started this post for the most part to organize our posts about the
final under the proper heading, so feel free to add any information,
and correct me if I'm wrong.

So far, here is what we know about the final:

Place: UTA Santa Fe Station Room 120-121
Time: Saturday, February 16, 2008 8:30 AM - 10:30 AM

Allowed: Just about anything, books, notes, laptops, unrestricted
bathroom breaks, drinks

Not allowed:
No cell phones or instant communication devices (as per class policy),
food

Exam Format:

5 weighted essay questions
1 question will cover "The World is Flat" - 25% of grade
The rest of the questions will cover the lectures up to February 11th,
2008 (Lecture: Agency Costs)

Bring your own paper or something to write on. Electronic files can
be emailed to the professor, and for good measure I suggest also
saving them to his flash drive (USB interface).

Professor Taylor will be proctoring and providing the questions.

[@ddie]

Will questions come from all the chapters covered till Feb 11th OR
only from chapters covered after Mid Term. That is from Chapter 10
Lecture: Productions Costs to Agency Costs. I think it is the later
one.

[uta...@gmail.com]

The professor said that the final will just cover the lectures between
the midterm and up to the final. However, I've noticed some of the
topics he covered both before and after the midterm.

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[Dionte]

I have attached a "The World Is Flat" study guide that I found online.
Click on "files" to download the doc. The doc is likely overkill for
the purpose of the one question covered on the final. However, I found
it useful for gaining an overall understanding of the main points.
Perhaps one of the questions on the guide is "the one" that will be on
the final.

I'll try this direct link:
http://utamba.googlegroups.com/web/Study%20Guide%20The%20World%20is%20Flat.doc?gda=OjnWZ1IAAACjZNWpd1odSg3av1uDM2s3iDhxnOmqsylnI21d6ul1UGG1qiJ7UbTIup-M2XPURDQtQErfhCDZdCyukIxXieh7NvcxfNEhK6k1o_It1e1L4adpnO-78xnqcoCOrNOOlk0&hl=en

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[Tamara]

What did everyone think of the test? There were a couple that I
thought the answer seemed way too easy, so I'm sure I was missing
something. Like the restaurant question-there was probably more to it
than if price exceeds variable costs, accept the deal...especially for
25 points.

On Feb 12, 1:36 pm, Paul Ulrich <paululr...@gmail.com> wrote:

[Ana Ortega]

For the restaurant question I said to not accept the deal because I
calculated that MC of $250 is less than the MR of $230. Following the
rule of MR = MC Later in the day I thought: was the labor considered
fixed? because the question says that it costs $150 per table per day
to serve the table and that the staff is there everyday - so is that
fixed? I answered as if it was variable or MC.

I'm hoping that as long as we understand the concepts than we can get
some credit.

[bsm0551]

I believe the correct answer was to accept the offer because you
already have fixed costs of $250 and viariable



costs of only $150 if you add a table. Net would be positive...just my
thoughts.

> > > Exam Format:
>
> > > 5 weighted essay questions
> > > 1 question will cover "The World is Flat"  - 25% of grade
> > > The rest of the questions will cover the lectures up to February 11th,
> > > 2008 (Lecture: Agency Costs)
>
> > > Bring your own paper or something to write on.  Electronic files can
> > > be emailed to the professor, and for good measure

[Loretta]

For the restaurant question, I said to accept because as long as
variable costs are covered, it's a good deal. I also assumed the labor
was fixed in this case because the question stated they (the laborers)
were there every day as if they were a daily necessity to run the
business. In most cases labor is variable, but I think in this
question he meant for it to be fixed. Maybe he wanted to trick us a
little and the labor was variable - I'm not quite sure. Like Ana said,
I'm hoping that he'll give some credit if we at least proved we knew
the material/terminology.

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[Mike Morgan]

I believe the answer is to accept since the variable cost is covered.
I think the "trick" was to recognize the labor as a fixed cost since
it was incurred regardless of how many tables were seated.

Good luck!!