Assuming diminishing marginal product of additional workers and diminishing marginal product of additional hours-per-worker, how would a profit-maximizing firm adjust its mix of workers (L) and hours-per-worker (H) in response to: (a) A new user-friendly computer system that reduces training time required by one-half? (b) New legislation requiring full-time workers to receive employer-sponsored health insurance?

It is clear that the "displacement" issue poses a serious problem for accurately calculating the economic impact of a sporting event.

a) Explain why this is true.

b) How could an analyst estimate the extent of displacement?

Paragraph 1-2?

Imagine you’re in a supervisory role at a corporation. You have a new, eager intern who is working with you for the summer. This individual is a student at local college who has not yet had a business writing course. You’ll need them to compose a series of letters for you over the course of the summer. You want to give them a brief guide to business letter writing that will help them learn your expectations and keep you from having to fully revise each letter.

1. As reported in the Wall Street Journal in November 2016, the 11 countries that make up the oil cartel OPEC agreed to each cut their oil production over 2017 by 2% in an effort to raise the price of oil and increase their profits (since the demand for oil is inelastic). Let’s use a simplified one-off game with only two countries (Iran and Saudi Arabia) to analyze the strategic interaction between the countries and the likely impact on oil revenues of their agreement. Suppose that each country can produce either a high or a low quantity of oil:

• If both countries reduce oil production to the low quantity, Iran earns 86 billion and Saudi Arabia earns 126 billion in profits.
• If Iran produces the high quantity and Saudi Arabia the other the low quantity, Iran earns 142 billion in profits and Saudi Arabia loses 29 billion.
• If Saudi Arabia produces the high quantity and Iran the other the low quantity, Saudi Arabia earns 202 billion in profits and Iran loses 17 billion.   
• If both produce the high quantity Iran earns profits of 5 billion and Saudi Arabia earns 12 billion in profits.

1. Fill in the payoff matrix for this game. Be sure to carefully label each country’s strategies.

2. Identify each country’s dominant strategy (if there is one) and provide a 1-2 sentence explanation supporting your choice(s). What is this game’s Nash equilibrium

3. Is there an outcome that would be better for both countries than the Nash equilibrium? If so, could it be achieved if this was a repeated game rather than a one-off game as above? Support your answer with no more than two sentences.

The purpose of this assignment is to practice economic theories related to saving, investment, and the financial system

Are Future Budget Deficits a Threat to the​ Economy?

Congress gives the Congressional Budget Office​ (CBO) the responsibility of estimating the effects of federal spending and taxing policies on the economy. An Associated Press news story on a CBO report noted that federal budget deficits in the United States were likely to increase in future years. According to the​ CBO, these higher deficits might​ "pose a threat to the economy by crowding out business investment and threatening a spike in interest​ rates."

​(Source: Andrew​ Taylor, "CBO: Deficits to Drift Lower on Lower Health​ Costs," Associated​ Press, April​ 14, 2014.)

a. What did the CBO mean by a​ "spike in interest​ rates"? Why might increased federal budget deficits lead to a spike in interest​ rates? Illustrate your answer with a graph.

b. Is the spike in interest rates connected to crowding

​out? Why might crowding out be considered a threat to the​ economy?

1. Leather Feet is one of many firms that is a supplier in the market for shoes. Leather Feet’s shoes are considered to be high-end and are known for a stylistic sensibility that sets them apart from other producers’ shoes. Many firms have entered and exited the market over the past few decades but none produces exactly the same shoes as Leather Feet.
   1. What kind of market structure best describes this shoe market? Support your answer with the relevant characteristics.

2. Assume that Leather Feet is currently earning positive short-run economic profits. On a correctly labeled diagram, show Leather Feet profit-maximizing output and price, as well as the area representing profits.

3. What happens to Leather Feet’s price, output, and profit in the long-run? Explain this change in less than two sentences and illustrate it on a new diagram.

4. Suppose that over time stylistic differences among shoe brands become more important to consumers. How would this change in attitudes affect the firm’s price elasticity of demand?

5. At the profit maximizing price you identified in part (b), is Leather Feet producing at the efficient scale? Support your answer with no more than two sentences.

International Business:

Question 3.

Describe the economic value of created from growth (economies of scale) and how to determine when diseconomies of scale exist. What is the management imperative to mitigate diseconomies of scale?

Use the three criteria for ethical decision-making to analyze the issue. The three criteria are obligations, consequences, and moral issues. Please answer all parts and provide if this issue is ethical and unethical, and why/ why not it may/may not be ethical/unethical.

Scenario: A large grocery chain orders its personnel department to screen out all grocery clerk applicants who have a prison record, a history of alcohol/drug abuse or mental illness, or a problem with obesity. (ethics)

how 3M ramped up its production of N95 masks. Many organizations are pitching in in this fight, including newspapers offering great coverage, retailers coping with new forms of demand-supply changes, and of course the great healthcare providers. GM plans to make 30,000 ventilators. Reflect on 3M's response, including how it had developed 'surge capacity' well before this contagion. Will this be a new normal going forward?

Read chapters 7&8 of your textbook and respond to the following questions. Briefly discuss restricted view of human reason, incomplete understanding of knowledge acquisition and inadequate link between theory & practice as three criticisms of the rational model(P.170-176). What does the new public service draw its inspiration from? How do citizenship and community contribute to restoring democratic citizenship and establishing a new public service?(P.198-200)

What are the most important drivers (or factors) that motivate firms to engage in global sourcing? Identify and discuss at least four drivers?

You are a worker at a local McDonald Restaurant! How many hours you are willing to work at a local McDonald’s at various wage rates? Provide the answer with reasoning!

Discuss why computer science professors earn more than English professors, and what comparable worth would mean to each professor’s salary.

International Business

Question 2.

Define location economies and the value each delivers to a firm. An example is sourcing in low cost country and delivering thru a logistics network as compared to sourcing local and delivering using Omni Channel approaches. Think hub and spoke versus Amazon.

A monopolist can produce at a constant average and marginal cost of ATC = MC = $5. It faces a market demand curve given by Q = 53 - P.

5. Suppose there are N firms in the industry, all with the same constant MC = $5. Find the Cournot equilibrium. How much will each firm produce, what will be the market price, and how much profit will each firm earn? Also show that as N becomes large, the market price approaches the price that would prevail under perfect competition. (Hint: your answers will be functions of N)