Author: chris

1) Finding ways to improve humanity’s living standards is the point of economics. Having a good measure of living standards, you may think, is therefore pretty fundamental to the discipline. For decades economists have turned to gross domestic product (GDP) when they want an estimate of how well off people are. By how much are Americans better off than Indians, or than their parents’ generation? Chances are the answer will start with GDP.

GDP is really a measure of an economy’s output, valued at market prices (to the extent that you have them). As societies produce more, and therefore earn more, their material well-being rises. So it is no surprise that so many economists and official statisticians broadly accept GDP as a measure of living standards.

Do you think GDP is the best measure of living standard? Why? Why not?

2) How would you explain the finding that people in high-income economies seem happier than people in low-income economies, but, over time, people in high-income economies do not seem to be any happier even if their country grows richer? Briefly discuss.

Assignment 2: Discussion Assignment

The discussion assignment provides a forum for discussing relevant topics for this week based on the course competencies covered.

For this assignment, make sure you post your initial response to the Discussion Area by Saturday, January 30, 2016.

To support your work, use your course and text readings and also use outside sources. As in all assignments, cite your sources in your work and provide references for the citations in APA format.

Start reviewing and responding to the postings of your classmates as early in the week as possible. Respond to at least two of your classmates. Participate in the discussion by asking a question, providing a statement of clarification, providing a point of view with a rationale, challenging an aspect of the discussion, or indicating a relationship between two or more lines of reasoning in the discussion. Complete your participation for this assignment by Wednesday, February 3, 2016.

Errors to Avoid in a Business Letter

In the course of your day-to-day work, you need to write dozens of business letters, to your colleagues, clients, consultants, or vendors. Think what would happen if you were to make a critical error in your communication that will eventually affect your firm financially.

Using the South University Online Library or the Internet, research and read articles that describe the business costs resulting from unclear instructions.

Based on your research and readings, respond to the following questions:

• What are the kinds of errors that are commonly committed in a business letter?
• What could be the results of such errors? Provide at least three examples.
• How would you avoid such errors in the future? Explain in detail.
• What would you include in a best practices document for writing a business letter? Explain the dos and don’ts.

All tables and figures should be numbered and fully titled, e.g. Figure 1: Histogram of average per capita income, 1975 and 2009.
All work must be concise and presented clearly. Write in complete and correct English sentences. Do not just give a number as an answer. Students lose points for unclear or incomplete presentation of data and findings.
If the person reading and grading your assignment cannot understand what you are trying to say, they cannot give you full credit for your ideas.
For full credit, please note which Stata command you used to obtain each part of the answer to each question
One example how to interpret the slope (beta) coefficient is the following :
On average, a (unit) increase in X (your independent variable) will be associated with SLOPE (unit) (increase/decrease) in Y (your dependent variable).

Please fill in the terms in parentheses and in capital letters.

Of course maybe you learned a slightly different language in another class and you are welcome to use that language. But do not forget to use the units of the variables and by all means include a version of the language “on average..”

do not forget that the intercept (alpha or constant) is the the average of Y (or the predicted Y) when X is 0.

Furthermore if you are comfortable with it you can provide a substantive interpretation of the coefficients, you can interpret the standard errors and the R^2-red.
I know some of you may have forgotten some of this but we will have a review of the OLS model in this week’s section and of course you can look through your notes from your intro to stats classes as well.
The goal of this assignment is to describe the historical growth of population and income around the world. All tables and figures should be numbered and titled, e.g. Figure 1: Scatterplot of GDP per capita in 1500 and 2000.

I. The first set of questions can be answered using the dataset hw2.dta.

1.Compare the wealth of countries in 1600 to the wealth of countries in 2001.

Are the wealthy countries in 1600 the same as the wealthy countries in 2001?

In order to explore this question, first generate and report a scatter plot by country of gdp per capita in 1600 and gdp per capita in 2001. [Hint: Label the values on the scatter plot with country names using the mlabel() option.]

To investigate the strength of the relationship, report a regression with gdp per capita in 2001 as the dependent variable and gdp per capita 1600 as the regressor.

Interpret the results.
2. Report the mean gdp per capita in 1820 and 2001 by world region. [Hint: Use the “tabstat” command with the by() option.]

What is the ratio of western Europe’s per capita gdp to the global average per capita gdp in 1820? And In 2001?

What is western Europe’s income ratio in those years?

Which regions were the poorest in 1820 and in 2001?
3. Compare the populations of countries in 1600 to their populations in 2001.

Report a graph and regression that demonstrates the relationship.

How strong is the relationship? [Hint: You may want to create new variables that are the logarithms of populations in the two periods to improve the graphic relationship. The Stata command log() takes the log of a value.]
4. What is the relationship of population to wealth in 1600? [Hint: This question is not asking you about the relations to per capita income.] In 2001?

Generate a graphic and a statistical comparison in both periods and summarize the comparative relationship. [Hint: For graphical purposes, you again may want to use logarithmic values.]

Create a third graph and regression to answer the following question: Have countries with larger populations in 1600 done better over the subsequent 401 years than countries which started with small populations?
II. The final question can be answered using the dataset korea.dta.

5. Sort the data by year and report a table with the population and gdp per capita of South and North Korea for the dates that have data for both countries.

Create a scatter plot using the following command:

twoway (line gdppc year if country==”North Korea”, clcolor(green) clpat(dash) legend(label(1 “North Korea”) label(2 “South Korea”))) (line gdppc year if country==”South Korea”, clcolor(red) clpat(dot) clwidth(medthick))

How would you interpret the data?

What do they say about the importance of government institutions for economic growth?

What alternative explanations can you think of? [Hint: Korea was a single country for most of the time period of this data set, was occupied by Japan beginning in 1905, and split into North (communist) and South (capitalist) at the end of WWII in 1945. See the CIA factbook for more information: https://www.cia.gov/library/publications/the-world-factbook/geos/kn.html.]

Designing your Social Media Presence

Introduction

The head of your company passed you in the hall and asked “Why couldn’t I find you on LinkedIn? I want to make a connection with you!

Companies are expanding their use of social media to external stakeholders for a variety of reasons, including, as cited by Social Media Today (2014):

Customer Service – successful use of social media provides channels to customers that allow for real-time communication that can be used to
answer questions
solve problems
support the sales process
convey care for customers
solicit customer feedback
Brand Building – by increasing exposure through more channels brands can be strengthened by
building awareness and identity
associating a “voice” with the brand
reaching more customers
enabling competition with larger companies
expanding reach to global markets
while making relationships more personal
Reputation Management – through monitoring of online presence that enables companies to
become more accessible
drive more traffic to web presence
link to other partners
respond swiftly to negative comments and complaints
In addition, companies are employing social media internal to their organizations. Towers Watson (2013) found in their surveys that “56% of the employers surveyed currently use various social media tools as part of their internal communication initiatives”.

Internal Communications – serving as official and unofficial channels of communication for the purposes of
sharing company-wide official information
introducing and reinforcing company culture
facilitating communication among employees across organizational boundaries
supporting collaborative work
building a sense of community
There has also be a rise in “social recruiting”; employers, recruiters, and job seekers employing social media to find jobs and hire candidates

Recruiting – by performing web searches
Employers and recruiters seek out prospective employees to obtain more information about them, both professional and personal; examine examples of their past work; and gain insights into potential “fit” with the organization
Job seekers are using social media to gather information on potential employers, checking their outlets for information company culture, management, benefits, and employee opinions
A survey of recruiters reports that overwhelmingly, recruiters who use social media use LinkedIn to post jobs, search for candidates, contact candidates and do pre-interview vetting (Jobvite 6th Annual Social Recruiting Survey). A new survey from Careerbuilder found:

43% of employer respondents use social networking sites to research job candidates, and that
51 % of those employers who researched job candidates found content in the that caused them to not hire the candidate
To understand the reasons why employers are disqualifying candidates view the survey results at: Employers Passing on Applicants Due to Social Media Posts Continues to Rise.

For these reasons, understanding how to effectively employ social media is essential, whether you are required to use it in performing your job or you want to optimize your presence to attract future employers. In this assignment we will explore the social media platform, LinkedIn, which is designed for use by the business community.

Work through the assignment in two parts – with your LinkedIn profile as the final deliverable:

Perform an exploration of your career path that helps you gain clarity about your desired profession. Structure your thinking as if you were developing a Personal Career Path Statement. This is to guide your exploration.
Create (or revise) of a LinkedIn page that reflects the career exploration that you performed
Steps

Step 1 – Using a variety of Library and Web resources, perform an exploration of your career path to inform your LinkedIn page.

To guide your exploration consider the items listed below. You may also include (on a limited basis) information you learned in the “Trends in my Profession” assignment. This part does not have to be “turned in”. The ideas you find should be included in your LinkedIn page.

Situation analysis: of the career market that includes:
Macro-level: What is the market like for this type of career path in general? Is the industry demand increasing, decreasing, or remaining steady? Is it better in some areas than others, etc.?
Competitive environment: Who are the other competitors seeking positions in this profession? Are there potentially other competitors in related industries? Can you identity particular individuals who are your main competition (which will be the case if you are competing internally). How do you compare to these competitors?
Internal environment: What are the needs in the particular companies/organizations that you are targeting?
Your goals and objectives: Make them specific. What particular positions do you want and what is your time frame for obtaining them? It’s a good idea to have some steps along the way. Include plans for expanding your skills along the way.
Other important elementsthat
Identifies the industry and employers you are targeting.
Identifies the most important key skills/benefits you deliver to your industry, employer, or customer, for example, unique insights into a particular job function, well-honed people skills, and extensive experience in a particular area.
Identifies your main competitors. If you are looking industry-wide, these may be graduates of other schools or those with similar or different qualifications; if you are looking to be promoted within a company, the competition may be particular individuals in your company
Describes how are you different from your competitors in a positive way that makes you stand out from the other competitors in the market?
Once you complete this advance work, proceed to creating your LinkedIn page.

Step 2- Create (or revise) a LinkedIn page

Create or revise an existing page. Start to communicate your value and/or availability to the target companies/organizations by drawing on your Personal Career Path Statement. Other resources you may consult are listed below:
http://www.socialquickstarter.com/content/19-setting_up_a_linkedin_profile
http://www.dummies.com/how-to/content/how-to-set-up-a-profile-on-linkedin.html
http://money.usnews.com/money/blogs/outside-voices-careers/2013/04/23/7-steps-to-creating-the-best-linkedin-profile
Deliverables

Once you have created your LinkedIn page, go through the LinkedIn Checklist contained in this module and make any revisions you think are necessary.

Finally,

Post the link to your profile in the assignment folder.
Also post the PDF of the page to the assignment folder. To create the PDF, right click on the page. Select “Print”, and then “Save as PDF”.
If you revise a LinkedIn page you need to submit a copy of the original LinkedIn page to compare to the newly revised page. To post a copy of the original LinkedIn page to the assignment folder create a PDF. First right click on the page. Then select “Print”, and then “Save as PDF”.

Critical Thinking in Action

Assignment

Introduction

The head of your organization pulled you aside and asked you to review a workplace dispute. She said, “Apply your best critical thinking to figure out what happened and a what decision is called for to remedy this situation.” She wants your analysis in the next two weeks.

To begin, let’s consider what it means to engage in critical thinking. While the application of critical thinking may vary across disciplines, the steps are universal. Adapted from the writings of Bassham, Irwin, Nardone, and Wallace (2011); Lau (2011); and Lau and Chan (2015), critical thinking involves thinking clearly and systematically, and encompasses

formulating ideas succinctly and precisely
identifying the relevance and importance of ideas
understanding the logical connections between ideas
identifying, constructing and evaluating arguments, claims, and evidence
recognizing explicit and implicit assumptions, arguments, and biases
detecting inconsistencies and common mistakes in reasoning
formulating clear defensible ideas and conclusions
evaluating the pros and cons of decisions
reflecting on one’s own beliefs and values
applying ethical decision making
The steps involved in critical thinking can be employed universally, in the analysis of all thoughts and actions —whether you are analyzing documents, ideas, assertions, or the quality of decisions/solutions. In this assignment, you’ll be applying them to a case study.

Most importantly, critical thinking is purposeful. It is not restricted solely to information gathering, nor is it about being “negative and fault-finding” (Bassham et. al., 2011 p. 1). As Lau and Chan write, “A critical thinker is able to deduce consequences from what he knows, and he knows how to make use of information to solve problems, and to seek relevant sources of information to inform himself” (2015). While the process of critical thinking may involve exposing untruths and poor reasoning, it also involves engaging in cooperative reasoning for the purposes of shared goals and decision making. We engage in the steps of critical thinking to learn deeply, to improve our ideas, to strengthen arguments and to “enhance work processes and improve social institutions” (Lau, 2011).

Critical thinking aligns with and informs ethical reasoning and decision making. Internet marketing expert Nick Melillo (2010) writes

Critical thinking plays a large role in ethics because it is the process by which we determine for ourselves whether or not something is right or wrong. In a sense, critical thinking is a form of analysis and determination of fact vs. fiction, identifying the unknown, coming to an understanding, etc… By taking the path of a critical thinker, a person develops a mental process of evaluation which helps to determine their ethical standards. (p. 1)

The process of critical thinking helps us weigh and verify information, assess intent, and consider consequences, thereby enabling more effective ethical decision making.

Hereford (2015), suggests critical thinking requires a particular mindset that includes being able to

Rely on reason instead of emotions
Assess a broad range of perspectives and viewpoints
Consider new evidence, explanations, findings, and alternative interpretations
Reassess information
Suspend personal prejudices and biases
Contemplate all reasonable possibilities
Avoid quick judgments
Let’s take some time to adopt a framework for critical thinking and purposefully engage in some practice by responding to the company-head’s request for a critical analysis of the ongoing dispute.

Steps

Step 1: Review the TGS Critical Thinking Rubric (found on the Content page). This rubric is intended to serve as a framework for critical thinking. Use it to structure your thinking for this assignment and for others in your studies at UMUC.

The framework (rubric) is based on FOUR key steps, each of which has several sub-steps, as shown in the full rubric.

Identify and clearly explain the main issue or problem under critical consideration.
Gather and analyze information to explore/investigate the issue or problem.
Consider and analyze other possible viewpoints, conclusions or decision/solutions to the issue or problem
Develop well-reasoned ideas, conclusions and/or decisions/solutions, checking them against relevant criteria and benchmarks
Step 2: Read the Markkula case studies, then choose ONE to examine in this essay. Employ the TGS Critical Thinking Rubric as framework for analyzing the case. Begin with an Introduction that states the purpose of your analysis. Use the FOUR key steps in the rubric as the format framework of a short position paper (details below). Employ the sub-steps within each of the four key steps to further direct your analysis and writing.

Deliverables

Format

Present your final analysis in an APA style paper with the structure given below. Refer to the TGS Communications Rubric and associated resources, including the writing tutors in WRIT 689, as needed.

Cover Sheet
Include Turnitin.com originality score
Introduction
Begin by clearly identifying the ethical issues.
Describe in strong terms why the issue is the most critical issue that management must address.
Include a thesis statement that contains your main argument.
Supporting (Body) Paragraphs
Briefly define the five ethical approaches before you use the ethical approaches to evaluate the options you have identified
Keep in mind the ‘one idea to one paragraph’ rule: each supporting paragraph should contain one idea and its supporting details. If you start writing about a new idea, you need to begin a new paragraph.
Make sure each body paragraph has a topic sentence that holds the main point of the paragraph and that directly supports the thesis statement.
Conclusion
Write a conclusion that clearly summarizes and ends the paper. Do not introduce new topics in the conclusion.
Restate your thesis and sum up your arguments
References (not Bibliography, Reference List, or Works Cited, which are terms from styles other than APA)
Must be on its own page
Must agree with your text citations and include only entries that were cited within the body of the paper. Do not introduce sources here that you have not referenced in the body of the paper.
Follow these guidelines:

Use the TGS Critical Thinking Rubric to guide your analysis.
Use the TGS Written Communications Rubric to guide your writing.
Draw in references from at least one reputable outside resource related to the topic to support your conclusions or proposed decisions.
Employ APA Style 6ed for format and citation guidance.
Include a cover sheet with your name and the Turnitin.com originality score.
Remember: Even though I have suggested the major headings for your short paper, you should still follow best practices for structuring the paper.

An effective introduction grabs the reader’s attention and sets the tone and direction for the rest of the paper. In reading an introduction, the reader should have a clear idea of what will follow. Supporting paragraphs move the reader from the general introduction to the more specific aspects of your analysis in the paper.
The body paragraphs show how the information you are providing supports and relates to your thinking.
Each paragraph should include a topic sentence, which contains the main point of the paragraph.
The Conclusion brings to a close what you have presented in your paper.
You have moved the reader from the general introduction (“The intent of this paper is to critically analyze…) to the specific supporting paragraphs, and now to the conclusion, which briefly summarizes the issue or intent and restates the main points of your analysis (“detail analysis of the issue of … resulted in conclusions that indicate… and suggest proposed decisions to…”).
Submission

Submit your Critical Thinking in Action Paper to your Assignment Folder by the end of Week 4. Label as: Critical Analysis_NAME_Fall2015.

References:

Bassham, G.; Irwin, W.; Nardone, H.; & Wallace, J. (2011). Critical thinking: A student’s introduction. 4th Ed. New York, NY: The McGraw Hill Companies.

Fisher, A. (2011). Critical thinking: An introduction. New York, NY: Cambridge University Press.

Hereford, Z. (2015). How to think critically and problem solve. Retrieved from http://www.essentiallifeskills.net/thinkcritically.html

Lau, J. (2011). An introduction to critical thinking and creativity: Think more, think better. Hoboken, NJ: John Wiley & Sons, Inc.

Lau, J., & Chan, J. (2015). What is critical thinking? Retrieved from http://philosophy.hku.hk/think/critical/ct.php

Melillo, N. (2010). What is the relationship between critical thinking and ethics? Retrieved from http://www.triadsearchmarketing.com/

Assignment 2: Case Study: Clinical Supervision

For this assignment, you will refer to the Course Case Study. Reread the case study, looking specifically at issues related to clinical supervision. Examine the ACA’s ethical guidelines related to the issue of supervision in Section F and answer the following questions:

• Explain the ethical issues related to the supervisor.
• Explain the ethical issues related to the supervisee/student.
• Examine the influence of your own personal values as it relates to the issues presented in the case.
• Compare the violations to the APA’s ethical standards and describe the similarities or differences in the ethical code using the following websites:
  • www.apa.org
  • www.counseling.org
• Imagine you are a member of the ACA ethics committee. Describe the recommendations you have for the supervisor.
• Describe the recommendations you have for the supervisee/student.

Save the paper as AU_PSY430_M4_A2_LastName_FirstInitial.doc and submit it to the M4 Assignment 2 Dropbox by Wednesday, October 28, 2015. Your response should be at least 2 pages long.

case study

Lily began supervising an intern, Jack. A few months after supervision began, Lily discovered that she would need to go on medical leave. Because the leave would only be for about six weeks and she was the only licensed mental health professional in the office, she and Jack decided that he would be fine working without her involvement until she got back. He would simply keep all the reports she needed to sign on her desk, and she would sign them all when she returned.

Jack felt very competent in his ability to carry on while Lily was out until he conducted an intake assessment on a client who seemed to be having some breaks from reality. Jack was unsure how to determine if there really was psychosis occurring and what to do about it. He tried to contact Lily but was unable to get in touch. Anxious, he searched online for ideas on how to work with the new client and tried out a few techniques during sessions. He reassured himself that no matter what he did, ultimately Lily was responsible anyway.

A week before Lily returned to work, the client was arrested as he tried to “fly” off a building, convinced that he could fly without difficulty. Upon being taken into custody, the client’s demeanor concerned the police officer and he was taken to the emergency room where an evaluation was conducted. It was determined that he was indeed experiencing psychosis, and antipsychotic medication was started.

Once the client was stable, he filed a complaint against Jack and Lily with the state licensing board and threatened legal action.

Understandably, Jack was scared and Lily was angry. She accused Jack of practicing without her consent, stating that he was to have continued with the clients he had when she left, not accept new ones. She subsequently informed him that she would no longer be his supervisor.

Jack was furious that he was put in the position to make decisions on his own and did not receive support from his supervisor. Jack, in turn, filed a complaint against Lily due to lack of supervision.

I need at least a 1.5  apa paper on the following.

Assignment 1: Not All Companies Are Viewed as Equal

Due Week 4 and worth 175 points

In the land of free trade, the public does not view all industries as equal. Do you believe that is ethical? Do you believe that some industries are unfairly targeted? Should it be consumers’ choice to partake in products that are not healthy for them, or do those companies have an ethical obligation to protect people? In this assignment, you will choose one (1) industry to write about. Possible industries to research could be tobacco, soda, alcohol, casinos, or candy companies, just to name a few.

Write a one and a half to two (1½ – 2) page paper in which you:

1. Become an advocate for either the consumer or the industry. Prepare an argument explaining the major reasons why you support either the consumer or the industry.
2. Explain the role capitalism plays in corporate decision making.
3. Discuss if you believe it is possible for a company to cater to both its best interest and that of the consumer conjointly or if one always has to prevail. Justify your response.
4. Use at least two (2) quality references. Note: Wikipedia and similar Websites do not qualify as academic resources.
5. Format your assignment according to the following formatting requirements:
   1. Typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
   2. Include a cover page containing the title of the assignment, your name, your professor’s name, the course title, and the date. The cover page is not included in the required page length.
   3. Include a reference page. Citations and references must follow APA format. The reference page is not included in the required page length.

The specific course learning outcomes associated with this assignment are:

• Determine the considerations for and process of ethical business decision making to balance corporate and social responsibilities, and address moral, economic, and legal concerns.
• Analyze selected business situations using the predominant ethical theories, such as utilitarian, Kantian, and virtue ethics to guide ethical business decision making.
• Use technology and information resources to research issues in business ethics.
• Write clearly and concisely about business ethics using proper writing mechanics.

Click here to view the grading rubric.

Unacceptable

Below 60% FMeets Minimum Expectations

60-69% DFair

70-79% CProficient

80-89% BExemplary

90-100% ABUS309-A1-1

1. Prepare an argument explaining the major reasons why you support either the consumer or the industry.

BUS309-A1-2

2. Explain the role capitalism plays in corporate decision-making.

BUS309-A1-3

3. Discuss if you believe it is possible for a company to cater to both its best interest and that of the consumer conjointly or if one always has to prevail. Justify your response.

BUS309-A1-4

4. 2 references

BUS309-A1-5

5. Clarity, writing mechanics, and formatting requirements

Watch the “Psychology Research in Context” video.

Answer the following questions in a 700- to 1,050-word paper:

• What was the goal of the present study?
• How are the present results considered valid?
• Explain what these results mean to someone who has not taken this course before.
• How do you understand the concept of statistical significance in relation to this study?

Format your paper consistent with APA guidelines.

1) Questions 1 through 5 are based on the following scenario (adapted from Chapter 5 demand estimation question number 3, p.163)
The maker of a leading brand of low-calorie microwavable food estimated the following demand equation for its product using data from 26 supermarkets around the country for the month of April:
Q = -5,200 – 42P + 20Px + 5.2l + 0.20A + 0.25M
(2.002) (17.5) (6.2) (2.5) (0.09) (0.21)
R2 = 0.55 n = 26 F = 4.88
Assume the following values for the independent variables:
Q = Quantity sold per month
P (in cents) = Price of the product = 500
Px (in cents) = Price of leading competitor’s product = 600
I (in dollars) = Per capita income of the standard metropolitan statistical area (SMSA) in which the supermarket is located = 5,500
A (in dollars) = Monthly advertising expenditure = 10,000
M = Number of microwave ovens sold in the SMSA in which the supermarket is located = 5,000
Calculate the quantity using the given values for the independent variables.
2) Refer to question 1. Calculate the price elasticity of demand. Hint: Use the point elasticity method described on page 72. A numeric example is demonstrated in the second paragraph on that page.
3) Based on the price elasticity of demand, do you think that this firm should cut its price to increase its market share?
No, demand is inelastic so cutting price would reduce revenue.
No, demand is elastic so cutting price would reduce revenue.
Yes, demand is inelastic so cutting price would increase revenue.
**Yes, demand is elastic so cutting price would increase revenue.

4) Using the information in question 1, compute the income elasticity.
5) Based on the price elasticity of income, do you think that this company would be extremely concerned about the impact of a recession on its sales?
Yes, income elasticity is relatively high, so a recession (with lower income) would likely reduce sales.
Yes, income elasticity is relatively low, so a recession (with lower income) would likely reduce sales.
No, income elasticity is relatively high, so a recession would not have a large impact on sales.
No, income elasticity is relatively low, so a recession would not have a large impact on sales.

6) What proportion of the variation in sales is explained by the independent variables in question 1?

7) Office Enterprises (OE) produces a line of metal office file cabinets. The company’s economist, having investigated a large number of past data, has established the following equation of demand for these cabinets:
Q = 10,000 + 60B – 100P + 50C where
Q = Annual number of cabinets sold
B = Index of nonresidential construction
P = Average price per cabinet charged by OE
C = Average price per cabinet charged by OE’s closest competitor
It is expected that next year’s nonresidential construction index will stand at 160, OE’s average price will be $40, and the competitor’s average price will be $35.
Forecast annual sales. Enter your response as a whole number without the dollar sign.
8) What will be the new sales forecast if the competitor lowers its price to $32?

9) What will be the new sales forecast if OE reacts to the decrease mentioned in the previous question by lowering its price to $37? (The competitor’s price will now be $32 and the firm’s own price will be $37.)

10) If the index forecast was wrong, and it turns out to be only 140 next year, what will be OE’s projected sales assuming the original price information of P = $40 and C = $35? Enter your answer as whole numbers.

11) The Ocean Pacific fleet has just decided to use a pole-and-line method of fishing instead of gill netting to catch tuna. The latter method involves the use of miles of nets strung out across the ocean and therefore entraps other sea creatures besides tuna (e.g. porpoises, sea turtles). Concern for endangered species was one reason for this decision, but perhaps more important was the fact that the major tuna canneries in the United States will no longer accept tuna caught by gill netting. Ocean Pacific decided to conduct a series of experiments to determine the amount of tuna that could be caught with different crew sizes. The results of these experiments follow.
Number of Fishermen Daily Tuna Catch (lb)
0 0
1 50
2 110
3 300
4 450
5 590
6 665
7 700
8 725
9 710

At what point (what number of fishermen) does diminishing returns occur?

12) Refer to the previous question. Indicate the number of fishermen at the points that delineate the three stages of production. Enter your answers as whole numbers.
13) Refer to question 11. Suppose the market price of tuna is $3.50/pound. How many fishermen should the company use if the daily wage rate is $100?
14) Refer to question 11. a glut in the market for tuna causes the price to fall to $2.75/pound. At this new price, how many fishermen should the company now use if the daily wage rate remains at $100?
15) Refer to question 11. Suppose the price of tuna rises to $5.00/pound. At this new price, how many fishermen should the company now use if the daily wage rate remains at $100?
16) The owner of a small car rental service is trying to decide on the appropriate numbers of vehicles and mechanics to use in the business for the current level of operations. He recognizes that his choice represents a trade-off between the two resources. His past experience indicates that this trade-off is as follows:
Vehicles Mechanics
100 2.5 (includes part-time)
70 5
50 10
40 15
35 25
32 35

If the annual leasing cost per vehicle is $6000 & the annual salary per mechanic is $25,000. What combination of vehicles & mechanics should he employ?

17) An American company that sells consumer electronics products has manufacturing facilities in Mexico, Taiwan, and Canada. The average hourly wage, output, and annual overhead cost for each site are as follows:
Mexico Taiwan Canada
Hourly Wage Rate $1.50 $3.00 $6.00
Output per Person 10 18 20
Fixed Overhead Cost $150,000 $90,000 $110,000
If we use output per person as a proxy for marginal product, what is output/wage rate for each country?
18) Which location has the highest MP per dollar?
Mexico
Taiwan
Canada
Cannot determine with the information available.

1.Tell me what you know about Disney’s amusement park operations/supply chain and what makes them so efficient and how they help to create a competitive advantage. This may require some outside research.

2.What do you know about McDonald’s operations that have made them more efficient tham most of their competitors.

3.What do you know about Southwest airlines operations that have made them more profitable than every other airlines.