Study Guide: Test 1 Review1. The value of a firm2. The present value*3. Implicit

Study Guide: Test 1 Review1. The value of a firm2. The present value*3. Implicit and explicit costs*4. Economic profit*5. Business ethics6. Average total cost*7. Marginal cost*8. Fixed cost9. MR=MC to maximize profit*10. Arc price elasticity of demand*11. Income elasticity*12. The diffusion index*13. Forecast based on regression analysis*14. Economies of scale and scope15. Price elasticity and total revenue*16. Forecast using exponential smoothing*17. Forecast using moving average*need calculation