Price controls create two forms of inefficiency. Describe them and illustrate them using the supply and demand model.

In sales:

How can trust-destroying conflicts be avoided?

How does an ABC analysis use the 80/20 rule?

Discuss some of the strategies salespeople can use to handle unethical requests from superiors.

What is an implied warranty and an expressed warranty? You have just filled up your car with gasoline. Give an example of an expressed and an implied warranty that might have accompanied your purchase.

A school is overcrowded and there are three options. The do-nothing alternative corresponds to continuing to use modular classrooms. The school can be expanded, or a new school can be built to “split the load” between the schools. User benefits come from improvements in school performance for the expanded or new schools. If a new school is built, there are more benefits because more students will be able to walk to school, the average distance for those who ride the school buses will be shorter, and the schools will be smaller and more “student friendly.” The disbenefits for the expanded school are due to the impact of the construction process during the school year. The interest rate is 8%, and the life of each alternative is 20 years. Which alternative should be chosen? What is the incremental ratio for the preferred alternative?

(a) Use the benefit-cost ratio.

(b)Use the modified benefit-cost ratio.

(c)Use the public/government version of the B/C ratio.

Describe related models to explain why cities exist. Give an example for each model. ( 50 marks)

i. Model 1: Backyard production – a region without cities

ii. Model 2: Trading city

iii. Model 3: Factory town

1. Which of the following is a sustained rise over time in a nation's production of goods and services?

2. Which of the following would be the best fiscal policy to use during a recession?

3. _____ are people who risk their time, money, and other resources to start and manage a business.

4. How do higher income taxes typically affect the economy?

Case study:

A Few Good People: Several years ago a very successful CEO and principal stockholder in a chemical company came to speak to the students at William and Mary. Our speaker is an entrepreneur who was involved with the start-up of his company. He is financially very successful and at the time he spoke to W&M students he was a member of the advisory board of a business school in his home city. Our speaker revealed that he is quite comfortable making economic trade-offs between fines for chemical pollution of the environment and business profitability. If the expenses related to fines plus the costs of paying-off any officials are less than the gains to be had from low-cost, high-pollution production, he believes the decision is simply a matter of evaluating the cash flows. Our speaker has business operations in many parts of the world and he indicated that getting around pollution problems is often more complicated than simply paying fines. In many countries it is helpful or even necessary to bribe government officials. Bribes might be paid to high-ranking officials who can influence the legislative process or make decisions to approve plant operations and locations. Bribes might also be paid to local officials to overlook violations or to avoid enforcing existing laws. Of course, it goes without saying, the bribes only make business sense if the financial advantages gained are greater than the cost of the bribes. Our speaker complained that under the Foreign Corrupt Practices Act (FPCA) the United States in addition to civil penalties can impose criminal penalties for certain "corrupt" practices possibly including some of the bribery practices described above. He noted that other countries regard these business practices as civil problems that may or may not result in fines. He argued that on a "level playing field" the United States should not subject him to exposure to jail-time when business people from other countries can pay for their premeditated transgressions with fines. Our speaker also identified new international business opportunities by naming countries more welcoming to chemical production because of their lax, unenforced, or non-existent environmental restrictions. He ended his remarks by welcoming inquiries from interested students. He was, as he said, always on the watch for a "few good people" to add to his staff. Our guest was controversial. Some students were upset that such a politically incorrect speaker could have slipped by the speakers' committee. They asked, “How could we expose students to such a pernicious influence?” Other students found themselves more interested in the speaker's formula for success. The speaker did surprise most people in the audience both with his candor and his business practices. As the event progressed the speaker became aware that he was not receiving the admiration and appreciation he expected. Towards the end of his time, he became far less comfortable discussing his leadership, and he has not returned.

Question:

1. When this executive interviews prospective new hires for his company, what qualities do you think he is seeking in those "few good people" to whom he extends offers?
2. Subsequent to passing the FCPA in 1977, the United States has influenced more than 30 other nations to pass comparable legislation. While the speaker clearly saw the FCPA as being anti-business, it is safe to assume that many other businesses (especially large and influential businesses) did not oppose the FCPA (otherwise, it almost certainly would not have passed the U.S. Congress). The FPCA is an example of a “social contract.” This legislation is not applicable to any practice that is found to be corrupt, rather it is written to address specific corrupt practices included in the FCPA such as bribing foreign officials to influence their decision to make purchases (e.g., airplanes). Discuss why business leaders and companies other than the speaker in the case who are involved in global commerce would support the FCPA (and disagree with the speaker).

Retailers will buy 45 cordless phones from a wholesaler if the price is $10 each but only 20 if the price is $60. The wholesaler will supply 35 phones at $30 each and 42 at $42 each. Assuming the supply and demand functions are linear, find the market equilibrium point(q0, p0).

A home industry produces two kinds of products consisting of two types of products namely 'Pastries' and 'Bread Lovers'. Each product requires 3 components of different raw materials, namely flour, butter and eggs. The 'Pastries' product requires 3 flour, 2 butter and 2 eggs. While the product 'Bread Lovers' require 2 flour, 3 butter and 4 eggs. The available resources for the three raw materials for Pastries and Bread Lovers are 15 flour, 8 butter and 10 eggs, respectively. The cost required to make 'Pastries' is $12,000, and 'Bread Lovers' are $15,000. What is the number of each product that must be produced in order to minimize the operating costs of the home industry?

1. State whether the following actions increase, decrease or do not change the total deposits created by the banking system. (5 pts each, Total : 25 pts):

1. Central bank made an open market purchase of 1 Million TL.

2. Central bank increased the required reserve ratio.

3. The recent financial panic caused firms to increase their excess reserves.

4. Central bank provided 1 Million TL worth of loans to the banking system.

5. The recent financial panic caused agents to increase their currency to deposit ratio

The economy of Irinika has the following parameters: Autonomous exports = $520 million Autonomous imports = $220 million MPM = 0.20 a. The balance of trade at an income of $700 is $ . Remember to enter a minus (-) sign to indicate negative values. b. The balance of trade at an income of $2,000 is $. c. The income level at which there is a zero balance of trade is $ .

Complete the balancing row, in the table below, for the economy of Kaniria which is in equilibrium.

When illegal immigrants come to the U.S. from Mexico, does their act of moving here to work promote Purchasing Power Parity? Are they performing arbitrage in some market? Explain.

Answer the following questions for a single sampling plan with sample size n = 80 and c = 3 1. Draw the OC curve for the sampling plan, using the Poisson table distributed in class 2. If AQL = 2% and LTPD = 7%, what would be the producer's and consumer's risks associated with the sampling plan? 3. If the sampling plan is used to inspect a lot of 10,000 products with an average defective rate of 3%, what would be the average quality after inspection, assuming all the defectives will be replaced if detected?   

please answer with perfect formula !!!!!

without formula answer should be down thumbs

Suppose Governor Mary Smith is campaigning for reelection as governor of her state. She claims that during her first term, the state's citizens are 50% better off since GDP has increased from $10 billion to $15 billion. Why might her claim be misguided?

When using economic data and statistics to give credibility to a statement, especially for a policy proposal, it's important to be precise about what statistics are being used. In this question, what type of GDP statistic is Governor Smith referring to real, nominal, per capita, growth rate, etc.? Not only that but if she's claiming that citizens are "50% better off", is GDP even the best measure of well-being?

please answer all asked thank you!

Assume that a typical consumer's basket consists of 10 lbs of beef and 20 lbs of chicken. also assume that 2011 is used as the base year in the CPI calculation. Use the data below to answer the following two questions.

       a. Calculate the CPI in years 2010, 2011, and 2012

       b. Calculate the inflation rate between 2010 and 2011 and between 2011 and 2012.