PM2 Business Economics And Marketing at Universität Zu Köln | Flashcards & Summaries

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Lernmaterialien für PM2 Business Economics and Marketing an der Universität zu Köln

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TESTE DEIN WISSEN
Which of the following factors best explains the problem of increased pollution in countries?
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TESTE DEIN WISSEN
Incomes per head have risen too fast in developed countries
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TESTE DEIN WISSEN
Which of the following is a correct definition of an externality?
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TESTE DEIN WISSEN
An externality refers to the cost of buying a component or part required in the manufacture of a good from an independent supplier rather than making the product itself
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TESTE DEIN WISSEN
How do you calculate total revenue?
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TESTE DEIN WISSEN
price of the good x quantity of the good sold
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TESTE DEIN WISSEN
What are the two types of economies of scale?
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TESTE DEIN WISSEN
External: factors that lower cost like transportation technology, skilled labour or close training facilities.

Internal: effect that occurs when a company grows and thereby can produce more, buy resources in bulk, access more capital etc.
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TESTE DEIN WISSEN
Before the outbreak of the corona virus, the equilibrium market price of one medical mask was 10€, after the outbreak the price went up to 200€. What happened in the market?
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TESTE DEIN WISSEN
Supply of masks decreased sharply.
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TESTE DEIN WISSEN
How are fixed cost and variable cost affected in the short run and long run?
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TESTE DEIN WISSEN
fixed costs cannot be changed in the short run 
variable cost can be altered in the long run
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TESTE DEIN WISSEN
Which of the following is a definition of a total fixed costs?
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TESTE DEIN WISSEN
The cost of producing one extra unit of output
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TESTE DEIN WISSEN
Economic growth is measured by…
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TESTE DEIN WISSEN
The level of government spending
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TESTE DEIN WISSEN
Goods with close substitutes (e.g. butter and spread) tend to have a more…
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TESTE DEIN WISSEN
elastic demand
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TESTE DEIN WISSEN
How do you calculate the total cost?
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TESTE DEIN WISSEN
add up all input cost
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TESTE DEIN WISSEN
What determines cost and revenue?
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TESTE DEIN WISSEN
land: crops, animal maintenance
labour: employees
capital: tools and equipment
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TESTE DEIN WISSEN
What are economies of scale?
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TESTE DEIN WISSEN
advantages reaped by companies when production becomes more efficient (increasing production lowers cost because cost is spread over a larger number of goods)
Lösung ausblenden
  • 268270 Karteikarten
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Beispielhafte Karteikarten für deinen PM2 Business Economics and Marketing Kurs an der Universität zu Köln - von Kommilitonen auf StudySmarter erstellt!

Q:
Which of the following factors best explains the problem of increased pollution in countries?
A:
Incomes per head have risen too fast in developed countries
Q:
Which of the following is a correct definition of an externality?
A:
An externality refers to the cost of buying a component or part required in the manufacture of a good from an independent supplier rather than making the product itself
Q:
How do you calculate total revenue?
A:
price of the good x quantity of the good sold
Q:
What are the two types of economies of scale?
A:
External: factors that lower cost like transportation technology, skilled labour or close training facilities.

Internal: effect that occurs when a company grows and thereby can produce more, buy resources in bulk, access more capital etc.
Q:
Before the outbreak of the corona virus, the equilibrium market price of one medical mask was 10€, after the outbreak the price went up to 200€. What happened in the market?
A:
Supply of masks decreased sharply.
Mehr Karteikarten anzeigen
Q:
How are fixed cost and variable cost affected in the short run and long run?
A:
fixed costs cannot be changed in the short run 
variable cost can be altered in the long run
Q:
Which of the following is a definition of a total fixed costs?
A:
The cost of producing one extra unit of output
Q:
Economic growth is measured by…
A:
The level of government spending
Q:
Goods with close substitutes (e.g. butter and spread) tend to have a more…
A:
elastic demand
Q:
How do you calculate the total cost?
A:
add up all input cost
Q:
What determines cost and revenue?
A:
land: crops, animal maintenance
labour: employees
capital: tools and equipment
Q:
What are economies of scale?
A:
advantages reaped by companies when production becomes more efficient (increasing production lowers cost because cost is spread over a larger number of goods)
PM2 Business Economics and Marketing

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