Statistics and Economics Quiz
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Questions and Answers

What is the Mean Squared Error (MSE) for the first dataset?

  • 3,051 (correct)
  • 5,500
  • 2,000
  • 4,746

    • Which quantity results in the least squared error from the first dataset?

  • 168
  • 110
  • 231 (correct)
  • 347

    • Which equation predicts price for the second dataset?

  • Predicted Price = 1406 - 2.69 x Quantity (correct)
  • Predicted Price = 940 - 2.34 x Quantity
  • Predicted Price = 600 + 1.50 x Quantity
  • Predicted Price = 500 + 3.00 x Quantity

    • What is the squared error for a quantity of 247 in the first dataset?

    <p>555</p> Signup and view all the answers

    What is the price error for quantity 304 in the first dataset?

    <p>-40</p> Signup and view all the answers

    What is the square root of the Mean Squared Error (MSE) for the second dataset?

    <p>69</p> Signup and view all the answers

    In the second dataset, which quantity has the highest squared error?

    <p>298</p> Signup and view all the answers

    To maximize profit, what needs to be set equal to zero according to the content?

    <p>The derivative of profit as a function of quantity</p> Signup and view all the answers

    What has influenced the relevance of social regulation by NGOs?

    <p>Challenges in international business operations</p> Signup and view all the answers

    Which statement best reflects the change in corporate behavior over time?

    <p>Achieving change in corporate behavior often requires international cooperation.</p> Signup and view all the answers

    What factor has contributed to the increasing difficulty of lobbying for change?

    <p>Increasing complexity of issues</p> Signup and view all the answers

    How has public trust in business changed in recent years?

    <p>It has significantly declined.</p> Signup and view all the answers

    What impact has improved technology had on communication?

    <p>It has enabled direct communication with millions more easily.</p> Signup and view all the answers

    What is a consequence of larger and slower government bureaucracies?

    <p>Greater reliance on direct social regulation by NGOs.</p> Signup and view all the answers

    Which factor complicates the achievement of social efficiency?

    <p>The decline of public trust in businesses</p> Signup and view all the answers

    What trend can be inferred regarding business practices and societal expectations?

    <p>There is a growing pressure for businesses to adapt to societal expectations.</p> Signup and view all the answers

    At what point does the slope of the line tangent to profit function (Q) equal zero?

    <p>At the maximum point of (Q)</p> Signup and view all the answers

    What does R’(Q) represent in the profit maximization context?

    <p>Marginal Revenue</p> Signup and view all the answers

    When maximizing profit, which equation must be satisfied?

    <p>R’(Q) = C’(Q)</p> Signup and view all the answers

    Upon regressing C against Q, what is the derivative of the term bQ?

    <p>b</p> Signup and view all the answers

    What is the calculated quantity Q* that maximizes profit derived from the equation m + 2nQ = b?

    <p>(b - m) / 2n</p> Signup and view all the answers

    In the profit formula, what does P* represent?

    <p>Optimal price charged to maximize profit</p> Signup and view all the answers

    How is the economic value added by sustainability calculated?

    <p>Profit from sustainability-oriented product minus profit from established product</p> Signup and view all the answers

    What does C’(Q) equal when C is regressed against Q?

    <p>b</p> Signup and view all the answers

    Which company adopted private regulation after being invited by a social regulator?

    <p>Levi Strauss</p> Signup and view all the answers

    What factor motivated Greenpeace to target Facebook?

    <p>Past corporate interest in NGOs' issues</p> Signup and view all the answers

    Which of the following companies complied with a social regulator?

    <p>Apple</p> Signup and view all the answers

    What was a reason for choosing Prineville as a location for Facebook's new data facility?

    <p>Ability to enable energy efficiency</p> Signup and view all the answers

    Which company rejected private regulation and opted to wait for government regulation?

    <p>Suncor</p> Signup and view all the answers

    What common feature did Facebook exhibit that drove Greenpeace's motivation?

    <p>High market share</p> Signup and view all the answers

    Which of the following best describes Nike's response to social regulation?

    <p>Adopted private regulation after resistance</p> Signup and view all the answers

    What is a characteristic of companies that might attract actions from groups like Greenpeace?

    <p>Being labeled as the 'biggest sinner' in the industry</p> Signup and view all the answers

    What effect does incomplete information have on consumer behavior in the market?

    <p>Consumers pay too much due to overvaluation of products.</p> Signup and view all the answers

    What is a likely outcome of producers having incomplete knowledge of all production costs?

    <p>Producers generate too much output, leading to inefficiencies.</p> Signup and view all the answers

    What represents a socially inefficient outcome in the market due to incomplete information?

    <p>Overproduction from Q0 to Q1.</p> Signup and view all the answers

    How does regulation impact asymmetric information in markets?

    <p>It closes information gaps to improve market efficiency.</p> Signup and view all the answers

    Which of the following statements is true about market price in the presence of incomplete information?

    <p>The market price may clear at a higher price than expected.</p> Signup and view all the answers

    What does the shaded triangle area in the production graph typically represent?

    <p>Loss in social welfare.</p> Signup and view all the answers

    What is a characteristic of 'uninformed supply' as portrayed in the content?

    <p>It represents a lower production cost than true supply.</p> Signup and view all the answers

    Which statement about true demand is correct in the context of information completeness?

    <p>True demand reflects maximum willingness to pay with complete information.</p> Signup and view all the answers

    What was a key feature of BP's 'Beyond Petroleum' campaign?

    <p>Acquisition of Solarex for solar production</p> Signup and view all the answers

    What was the significance of BP changing its logo to the sunflower design called Helios?

    <p>To reflect a shift towards renewable energy</p> Signup and view all the answers

    Which stakeholder engagement action did BP NOT undertake as part of its strategy?

    <p>Launching a new product line of fossil fuels</p> Signup and view all the answers

    How did BP's acquisition of Arco affect its market status?

    <p>Made BP the largest producer of oil and gas</p> Signup and view all the answers

    What was one anticipated consequence of climate change on BP's business strategy?

    <p>Limitation in ability to scale and sell profitably</p> Signup and view all the answers

    Which of the following best describes BP's target audience for its 'Beyond Petroleum' campaign?

    <p>Government regulators and policymakers</p> Signup and view all the answers

    What was one primary goal of BP's engagement with community needs?

    <p>To achieve a social or community goal</p> Signup and view all the answers

    In relation to employee attraction, what strategy did BP adopt as part of its corporate change?

    <p>Attracting top scientists and engineers focused on renewables</p> Signup and view all the answers

    Study Notes

    Course Information

    • Course Title: Business, Government, and Society
    • Course Code: BUS-G202
    • Professor: Phil Powell
    • Topic 9: Business Analytics
    • Exam 3 Date: Thursday, December 5th
    • Exam 3 Accommodation Deadline: Wednesday, November 20th, 5:00pm
    • Other important dates and deadlines are listed on page 2.

    Topic 9 - Business Analytics

    • Business Analytics is a topic covered in BUS-G202.
    • The profitability of sustainable strategies is explored via regression analysis and profit maximization equations.
    • Cost functions and revenue functions are used to determine optimal production levels.
    • The data in the case study demonstrates that sustainable products' predicted profitability is higher over time than existing products.
    • The case studies focus on the interplay between cost functions, demand functions, profit maximization, and business strategy.

    Other Topics

    • Stakeholder Engagement (Topic 9)
    • Asymmetric Information (Topic 11)
    • Social Regulation (Topic 12)
    • Social Innovation (Topic 12)

    Case Debrief 10 - BlackRock

    • The case study focused on BlackRock and their strategy on linking purpose to profit.

    Case Debrief 12 - Greenpeace's Unfriend Coal Campaign and Facebook

    • Greenpeace launched a campaign on Facebook's own platform, "Unfriend Coal", in the hopes of empowering users to pressure Facebook regarding the use of non-renewable energy.
    • Facebook pushed back against Greenpeace's initiative by emphasizing that companies do not have a say on the energy sources used through central power grids.
    • Case examines whether and how Greenpeace's activity resulted in Facebook's policy adjustment.

    Additional Information

    • Several case studies are covered and examined for business strategy and stakeholder engagement.
    • Key figures and dates are mentioned related to specific case studies.
    • The material discussed the importance of considering the economic aspects of environmental factors in business decisions.
    • Up-to-date information and current events were referenced during the course.
    • Various strategies for engaging with NGOs were discussed.
    • Critical analysis of social issues and their impact on businesses was performed in the classes.

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    Related Documents

    BUS-G202 Business, Government, and Society Lecture Notes - Topic 9 - Business Analytics

    Description

    Test your knowledge on Mean Squared Error (MSE) and its applications in datasets, as well as the influence of social regulation by NGOs on corporate behavior and public trust in business. This quiz covers essential concepts in statistics and economic theory.

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