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  Econ Week 1 Assignment

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  Week 1 Assignment

  Chapter 1 – 3 & 7

  3. a. What method is used to ration goods in a market economy? How does this rationing method influence the incentive of individuals to supply goods, services, and resources to others?
  4. 3. How are grades rationed in your economics class?  How does this rationing method influence student behavior?  Suppose the highest grades were rationed to those whom the teachers liked best.  How would this method of rationing influence student behavior?
  5. A restaurant offers an “all you can eat” lunch buffet for $10. Shawn has already eaten three servings, and is trying to decide whether to go back for a fourth. Describe how Shawn can use marginal analysis to make his decision.

  Chapter 2 – 6, 7, 13

  6. If you have a private-ownership right to something, what does that mean? Does private ownership give you the right to do anything you want with the things that you own? Explain. How does private ownership influence the incentive of individuals to a) take care of things, b) conserve resources for the future, and c) develop and modify things in ways that are beneficial to others? Explain.
  7. What is the law of comparative advantage? According to the law of comparative advantage, what should be the distinguishing characteristics of the goods a nation produces?  What should be the distinguishing characteristics of the goods the nation imports?  How will international trade influence people’s production levels and living standards?  Explain.

  13. Two centuries ago, there were more buffalo than cattle in the United States. Even though millions of cattle are killed for beef consumption each year, the cattle population continues to grow while the buffalo are virtually extinct.  Why?
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  40. What does it mean if two quantities vary directly?

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  • What does it mean if two quantities vary directly?
  • In your own words, explain how to solve a variation problem.
  • What does it mean if two quantities vary inversely?
  • Explain what is meant by combined variation. Give an example with your explanation.
  • Explain what is meant by joint variation. Give an example with your explanation.
  • We have seen that the daily number of phone calls between two cities varies jointly as their populations and inversely as the square of the distance between them. This model, used by
    telecommunication companies to estimate the line capacities needed among various cities, is called the gravity model. Compare the model to Newton’s formula for gravitation on
    page 400 and describe why the name gravity model is appropriate.

   
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  SOC101: Introduction to Sociology (GSP1224C) quiz 1

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  SOC101: Introduction to Sociology (GSP1224C) quiz 1

  1. A city councilman broke the law by taking money from a company who was then awarded a city contract, and was then forced to resign. Which term best explains his behavior?
  2. What is the main difference between parametric and nonparametric statistics?
  3. Which theory believes that society works best when social change is encouraged?
  4. Incest can be best described as breaking a
  5. What kind of survey question is the following: “Do you like summer and going to the beach and hiking in the mountains?”
  6. Barak Obama’s master status is:
  7. Which is true about conducting research?
  8. “Having a pet will reduce stress.” What is the independent variable in this hypothesis?
  9. The Sociological insight can provide which of the following: Knowledge of group behavior Insight into individual behavior Increased understanding of differences
  10. Which type of research starts by collecting data and analyzing it to look for patterns?
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  Econ545 – Project 1 Neighbor Cindy

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  Situation B

  Your neighbor Cindy wants to start a contracting business for installing solar panels. She has heard of the cost savings that households and businesses can make each year by installing solar panels on their roofs. Cindy has also heard of government incentives for installing solar panels. Being concerned about the environment and wishing to reduce pollution, Cindy thinks installing solar panels also serves a good social purpose. But she does not want to risk her life savings on a venture that might not succeed or become profitable enough. After hearing from you about taking this course in business economics, she decides to ask you for advice.

  At first you are hesitant to give investment advice. Then you read the piece “US boosts ‘game-changer’ solar technology in bid for global market share” on page 374 of the textbook. You realize there are more pieces to the decision than Cindy is considering. You decide to research the market in terms of supply and demand, elasticity, costs of production, pricing, and economic or normal profit or loss. You want to provide Cindy with the most informed advice possible.
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  ECON 545: Microeconomic Analysis – Need for physicians in today’s marketplace

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  ECON545: Project 1—Microeconomic Analysis

  The Microeconomic Paper tests your ability to apply economic principles to a business decision. Select one situation from the items outlined below: A to D. Complete the paper on the selected situation as specified below. The completed paper is a professional report and is due in Week 3 (230 points). See the grading rubric at the end of this document. Be sure to use the DeVry library for finding data; avoid questionable sources, such as Wikipedia.

  The following is a list of the specific required information, research, graphs, and math to be included in each answer regardless of the scenario chosen.

  1. Demand Determinants:
  a. Each individual determinant analyzed for your situation, with examples applicable to your situation (5 points each) and research (3 points each) showing current Demand data or most recent past data, except for the Expectations Determinant in which you need to use data estimating future market conditions.
  b. (20 points) Price Elasticity of Demand facing you in your scenario, including actual calculation of it using the midpoint formula. If you can’t find data, then determine the Price Elasticity from the Characteristics and make up numbers to use. Be sure to identify this if you use this approach. This will help you in deciding the slope of your Demand curve below.
  c. (10 points) Graph the Demand facing your situation. Note that this requires information from the Supply Determinant analysis before deciding how to draw the curve(s), as you may need a separate MR curve.
  2. Supply Determinants:
  a. Each individual determinant analyzed for your situation, with examples applicable to your situation (5 points each) and research (3 points each) showing current Supply data or most recent past data, except for the Expectations Determinant in which you need to use data estimating future market conditions.
  i. (40 points) You need to be very specific in the Cost of Production Determinant to identify Fixed, Variable, and Marginal Cost in order to derive your Supply curve for the graphing component. You will need to explain and show how Profit Maximization or Loss Minimization output and price are determined. You will need to do the math using actual figures [cited] or your own estimated figures [identified as such] and explain why you expect Short Run Economic or Normal Profits, Acceptable Loss or temporary Shut Down and how you will know which it is.
  ii. The Number of Sellers determinant must contain your analysis of the kind of market structure in which your firm or labor service will be sold.
  b. (20 points) Price Elasticity of Supply you have based on the Cost of Production changes as output changes, including actual calculation of it using the midpoint formula. If you can’t find data, then determine the Price Elasticity from the Characteristics and make up numbers to use. Be sure to identify this if you use this approach. This will help you in deciding the slope of your Supply curve.
  c. (10 points) Graph your Supply situation using the numbers from your earlier Cost of Production analysis.
  3. Recommendations—(40 points) what are your recommendations explained by your analysis?
  4. Paper presentation—(10 points) good format, citations, lack of spelling errors, etc.

  Situation A

  Jenny, your niece, is a smart high-school student who wants to make intelligent choices for her future. Hearing of your course in business economics, she has e-mailed you asking for advice on whether to become a doctor and on the best location to practice it. She recognizes the high costs of tuition and the years of study involved in becoming a doctor. She wants to evaluate if that career choice is an optimal decision for her, so she has asked you for advice.

  Having read the piece “Fewer Physicians Move, a Sign of Career Caution” on page 20 of the textbook, you recognize the significance of such a career decision for Jenny. You decide to educate yourself about the market for physicians in terms of supply and demand, elasticity, costs of production, pricing, and economic or normal profit or loss. You want to provide Jenny with the most informed advice possible.
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  ECON 545 Week 3 Course Project 1- Cousin Edgar

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  ECON545: Project 1—Microeconomic Analysis

  The Microeconomic Paper tests your ability to apply economic principles to a business decision. Select one situation from the items outlined below: A to D. Complete the paper on the selected situation as specified below. The completed paper is a professional report and is due in Week 3 (230 points). See the grading rubric at the end of this document. Be sure to use the DeVry library for finding data; avoid questionable sources, such as Wikipedia.

  The following is a list of the specific required information, research, graphs, and math to be included in each answer regardless of the scenario chosen.

  Situation C

  Cousin Edgar is always thinking of the next business idea. This time, he plans to invest in buying two gas stations. He reckons American consumers have come to accept the high gasoline prices, and estimates world prices for gasoline to increase even further with high demand from India and China. Besides, Cousin Edgar thinks he will make a good profit on the sale of convenience items at each station. But before buying the gas stations, he decides to ask for your advice because you are taking this course in business economics.

  You happened to read the piece “$4-a-Gallon Gas Fueling Fears for Recovery” on page 196 of the textbook. Being skeptical of Cousin Edgar’s optimism on the profitability of selling gasoline and convenience items, you decide to research the market in terms of supply and demand, elasticity, costs of production, pricing, and normal or economic profit or loss. You want to provide Cousin Edgar with the most informed advice possible.
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  TCO Economic Questions

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  Question 1:
  (TCO A) There is a decrease in the cost of labor for producing bicycles. (4 pts.) What happens to bicycle supply?
  (6 pts.) What happens to bicycle demand?

  Question 2:
  (TCO A) Ceteris paribus, Brand A Plain potato chips and Brand B Plain potato chips are substitutes in consumption. The price of Brand A Plain potato chips increases. (4 pts.) a. What happens to the demand for Brand B Plain potato chips? (6 pts.) b. What happens to the demand for Brand A Plain potato chips?

  Question 3:
  SA 3. (TCO A) The number of wheat producers decreases.
  (4 pts.) What happens to the supply of wheat?
  (6 pts.) What happens to the demand for wheat?

  Question 4:
  (TCO A) A market is in equilibrium with equilibrium Quantity of MEQ and equilibrium Price of MEP.
  (2 pts.) a. What happens to Market Equilibrium Quantity (MEQ) if there is an increase in Demand?
  (4 pts.) b. What happens to Market Equilibrium Price (MEP) if Supply decreases as Demand increases?
  (4 pts.) c. What happens to Market Equilibrium Quantity (MEQ) after there has been an increase in Supply followed by a decrease in Demand which is followed by another increase in Supply?

  Question 5:
  The following table shows part of the demand function for tickets to an outdoor summer concert by a popular singing group:
  Price (P)…Quantity (Q)
  50……….. 100
  35………. 180
  20…………300
  10…………500
  a. (2 pts.) What is demand elasticity in the $10 – $20 price range? Is demand elastic, inelastic, or of unitary elasticity? Calculate the value and show all of your work. Be sure to use the midpoint equation used to determine elasticity.
  b. (4 pts.) Assume demand elasticity is 1.3 in the $35 – $50 price range. In this range of demand, by what percentage would quantity demanded change if price increases by 9 percent? Show your detailed calculations.
  c. (4 pts.) What is the effect of a price decline from $35 to $20 on total revenue for the event? Does total revenue (TR) increase, decrease, or remain the same? By how much? Show your detailed calculations.

  Question 6:
  (TCO B) Use a hypothetical example to illustrate whether you agree or disagree with the following statement: “Unemployment will go up more if the demand for labor is inelastic because the demand for labor will decrease more when you have inelastic demand than if demand were elastic.” Explain why, using hypothetical numbers to illustrate your case

  Question 7:
  TCO C) You have been hired to manage a small manufacturing facility whose cost and production data are given in the table below.

  No. of workers Total Labor Cost Output Total Revenue 1 $145 100 $190 2 290 105 480 3 435 111 840 4 580 120 1320 5 725 125 1650 6 870 129 1780 7 1015 131 1800 (2 points) What is the marginal product of the third worker? (2 points) What is the marginal revenue product of the fourth worker? (2 points) What is the marginal cost of the sixth worker?
  (4 points) Based on your knowledge of marginal analysis, how many workers should you hire? Explain you answer.

  Question 8:
  (TCO C) Answer the next question on the basis of the following cost data for a purely competitive seller: Total Product TFC TVC
  0 $70 $0
  1 70 70
  2 70 120
  3 70 150
  4 70 220
  5 70 300
  6 70 390
  Refer to the above data. If the product price is $75 at its optimal output, exactly how many units should be produced to maximize profits or minimize losses? How much will the profit or loss be? Show all calculations.

  Question 9:
  (TCO C) Answer the next question on the basis of the following cost data for a purely competitive seller:
  TP TFC TVC
  0 $45 $0
  1 45 170
  2 45 320
  3 45 450
  4 45 620
  5 45 800
  6 45 990
  Refer to the above data. If the product price is $165 at its optimal output, exactly how many units should be produced to maximize profits or minimize losses? How much will the profit or loss be? Show all calculations.

  Question 10:
  (TCO C) A firm has Total Costs (TC) of $12,000 over the next three months (TOTAL for the 3 months – not per month), of which $8,000 are fixed costs (TFC) for rent on its lease that cannot be broken. If it stays in business over those months, then the firm will collect only $6,000 in revenues (TR). So, considering only this information, should they stay in business for those three months or should they close down right now? Provide your reasoning.
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  The Best Vest Shoes Marketing Plan

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  The Best Vest Shoes Marketing Plan (BU 220: Principles of Marketing)

  Executive Summary

  The marketing plan that is set for The Best Shoes Company plans on doing online advertising and open more locations of where the shoes will be sold.  This company will offer multiple discounts and rewards to its loyal customers.  Sales will increase as the company develops and will branch outside of the US more as the company grows.  New exciting products will be added to the company brand with even more exciting styles and comfort.

  Paper Contents

  Part I: Situational Analysis

  • Internal Analysis
  • Market Description
  • Competitor A (DaGodd)
  • Competitor B (Samantha’s Shoes)
  • Current Marketing Mix
  • The Organization’s SWOTT Analysis

  Part II:  Market Analysis

  • Objectives and Issues
  • Marketing Strategy

  8 Pages

  BUS 499 WK 10 Assignment 5 – Walmart
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  Water Paper: Life Blood of the West

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  Contents

  • Water Paper
  • Argument
  • Annotated Bibliography

  Argument: Prior appropriation is the clear, legally defined, water policy of the West: however, the enforcement of the doctrine itself is the reflection of the current values of the region.

  Paper Contents

  • Introduction
  • Prior Appropriation
  • Change to Administrative
  • Reclamation Era
  • Environmental Era
  • Urban to Suburban
  • The Future
  • Conclusion

  10 Pages