There are 750,000 residents in a city. Based on a government poll, they fall within three groups regarding their willingness to pay for the construction of a park.

- 200,000 of the residents are not willing to pay for the park at all,

- 250,000 residents are willing to pay $12,

- 300,000 are willing to pay $100.

The cost of the park will be $15 million. Should it be built? Why or why not?

Would this answer change if the only way to pay for it is to divide the cost equally across each of the 750,000 residents? Why or why not?

You are asked to plan a budget of University of Connecticut for the next year. The two major expenses involve computers, x1 and classroom furniture, x2. The university utility function is given byU(x1, x2)=ln x1 + 2ln x2

a) Find optimal "consumption" of computers and furniture if P1=2 and P2=4 and the available funds are m= 60.

b) Is computer an ordinary or a Giffen good ? Determin whether computer is a gross complement,gross substitute or neither, for classroom furniture. (Explain these questions using partial derivatives)

c) Please draw the price offer curve for x2 given p1=4 and m = 60.

Acemoglu and Robinson, in their book entitled, “Why Nations Fail,” categorize institutions into two types: those that are ‘inclusive’ and those that are ‘extractive’

1. What are the major characteristics of these two types of institutions?
2. Why are institutions important for long run economic development?
3. Why are institutions ‘persistent’?
4. Is economic growth possible under extractive institutions?

Question 11 pts

In a Pareto efficient allocation,

Group of answer choices

there are gains from trade still not captured in the economy.

there is no way to make any person better off without making someone else worse off

Some people can be made better off without making others worse off, but there is no way to make most people better off without making some others worse off.

Total utility in society is maximized.

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Question 21 pts

The result that a perfectly competitive price system brings about an efficient allocation of resources is known as:

Group of answer choices

The First Theorem of Welfare Economics.

The Second Theorem of Welfare Economics

Gresham's Law.

The Principle of Market Failure.

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Question 31 pts

All of the following are considered to produce inefficiency in markets EXCEPT:

Group of answer choices

Public Goods

Externalities

Imperfect Competition

All of the above result in market failure.

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Question 41 pts

A model in which all markets in the economy clear simultaneously is a ___________ equilibrium model.

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Question 51 pts

A model which examines how one market in the economy clears is a _____________ equilibrium model.

Where does wealth and the marginal propensity to consume out of wealth fit into the equilibrium national income equation?

What is the deadweight loss in the monopolist market?

Do both buyers and sellers lose in the monopolist market compared to the competitive?

Explain.

We could refer to a situation in which a worker takes two jobs. Typically, the first job is full-time whereas the second one is part-time and often conducted at night or over the weekend. With the help of indifference curve diagrams, answer the following questions. (a) How can you use the labor supply model to explain why a worker would moonlight? (b) Let w1 and w2 be the wage rates of the first and second jobs, respectively. Can your model deal with all three possibilities: (i) w1 = w2 ,w1 < w2 , and w1 > w2 ? Explain.

Please, i need Unique answer, Use your own words (don't copy and paste). Please, don't use handwriting, Use your keyboard.

Q. 1. Provide an example of any two leading companies from the same industry, which are competing directly for market share. Give a short profile.

Q. 2. Suppose, if you are the manager of one of these companies, what pricing policy will you adopt to be in the first position? Why?

Q. 3. When the whole sector of the market is occupied by the little number of big corporations who share the leadership, what do we call this type of market structure? Explain in details the benefits for the leading company and disadvantage of such situation on final consumers.

Week 4 Question 1: "Classify the following control activities as preventive, detective or corrective and explain your reasoning,

(a) Employees have a password to gain access to the system.

(b) When sales are entered, the system retrieves customer details based on the customer number.

(c) A check is performed to identify if all cheques can be accounted for.

(d) Systems development is subject to sign-off by the CIO before it can take place.

(e) Virus definitions are updated daily.

(f) The sales manager must approve all discounts for items sold below their sticker price."

Question 2: "For each of the following risks suggest a control that could be used to reduce it."

(a) Entering negative values for order quantity in a sales order

(b) Selling to a customer with an overdue account

(c) Ordering from a non-existent supplier

(d) Paying for goods that have not been received

(e) Entering an alphanumeric customer ID when the business policy is for numeric customer IDs

(f) Misappropriation of goods by receiving staff, who also maintain inventory records

(g) Ordering too much of a product"

WEEK 4

Question 1 Could you kindly reconsider your reasoning if you have classified the control activities as either detective or corrective?

Question 2 a) Have you considered range restrictions?

b) Would a credit check help? Can a credit hold help address this risk?

c) Would this risk be minimised if the orders were generated from a supplier master list? Would you consider independent maintenance of a supplier master list to be useful?

d) What needs to be matched prior to payment authorisation? Still unsure? Would the matching of the purchase order, receiving report and invoice be sufficient?

e) Would you specify filed content as 'alphanumeric' or 'numeric'? (Hint: Please refer to the business policy)

f) Have you considered the likelihood of misappropriation of goods when duties are separated between personnel?

g) Have you thought about the reasonableness test? Would the approval of quantities to be ordered help minimize the risk? Can ordering policies be useful in this scenario?

4. What are the types of time lags that can occur when implementing fiscal policy? When Congress recently kept delaying the passing of the Coronavirus stimulus package, what specific type of time lag was occurring and why?

In what way does a mobile supermarket change the distribution channel?  Justify your answer. I WILL RATE! (marketing question but that is not a subject choice)

1. What is self-management?

2. What are some of the strategies to improve self-management?

What Would You Do?

Mylan Headquarters, Canonsburg, Pennsylvania

It’s 2012 and Mylan, the company behind the EpiPen Auto-Injector, is in the middle of a lawsuit. To settle, they agree to allow a generic competitor into the market in 2015, knowing this will cut into a big part of their business when the time comes. EpiPen is an epinephrine auto-injector used to treat emergency allergy reactions. EpiPen has been on the market since the 1980s but remains under patent because of the device, particularly the safety cap for the needle, not the active ingredient, epinephrine. Epinephrine is a hormone made by the body known as adrenaline and was first isolated more than 100 years ago. In the years leading up the 2012, Mylan had already been increasing the prices of EpiPen steadily. In 2007, the cost was around $100 for an EpiPen two pack; by 2011, $165. After the settlement, Mylan used a common practice in big pharmaceutical companies of sharply increasing the price of a medication in the years before a generic becomes available. It is a final attempt to make big profits off the brand-name drug before losing business to the generic. Drug manufacturers justify the high prices saying they cover the cost of years of research and development that went into creating the drug originally. Now it’s 2016, and Mylan is charging around $600 for an EpiPen two-pack. However, Teva, the expected generic, was rejected by the Food and Drug Administration, and Auvi-Q, EpiPen’s nongeneric competition, was pulled from the marked due to dosing problems. EpiPen now has a monopoly on the market for this lifesaving drug, and people are outraged by the price. With no alternatives available, customers and politicians alike are demanding answers and change. Senator Chuck Grassley (R-Iowa) wrote in a letter to Mylan CEO Heather Bresch, “I am concerned that the substantial price increase could limit access to a much needed medication.” Democratic presidential nominee, Hillary Clinton’s campaign spokesman Tyrone Gayle called for price cuts saying, “Since there is no apparent justification for the price increase, Mylan should immediately lower the overall price of EpiPens.” People suffering from life-threatening allergies won’t be the only ones affected by the price increase. Public schools and government institutions are among EpiPen customers because the medication is used for emergency treatment of allergic reactions. Bresch said she is as frustrated by the price increase as customers, saying “everyone should be frustrated.” She said the price reflects a system where intermediaries such as wholesalers, retailers, and pharmacies all add to the ultimate list price of the medication. The system also requires customers to pay insurance premiums and out-of-pocket costs for prescriptions medications. “The patient is paying twice,” Bresch said. “They’re paying full retail price at the counter, and they’re paying higher premiums on their insurance. It was never intended that a consumer, that the patients would be paying list price, never. The system wasn’t built for that.” In response to backlash from the high prices, Mylan announced plans to expand its co-pay assistance programs, double eligibility for its patient assistance program to 400% of the federal poverty level, continue to offer the EpiPen4Schools program, and open pathways so patients can order EpiPen directly from the company, thereby reducing the cost. EpiPen4Schools was launched in 2012 and has provided more than 700,000 free EpiPens to more than 65,000 schools nationwide. Representative Elijah Cummings (D-Maryland) was not impressed by Mylan’s announcement. “Offering a meager discount only after widespread bipartisan criticism is exactly the same tactic used by drug companies across the industry to distract from their exorbitant price increases,” Cummings said. “Nobody is buying this PR move anymore. Mylan should not offer after-the-fact discounts only for a select few — it should reverse its massive price increases across the board immediately.” After continued criticism, Bresch reiterated that price is only part of the problem. “All involved must also take steps to help meaningfully address the U.S. health care crisis,” she said, “and we are committed to do our part to drive change in collaboration with policymakers, payors, patients, and health care professionals.”

1. As problems arise and solutions are pondered, who has the authority to make the ultimate decision? What is the best chain of command when big pronouncements have to be made? If you were CEO at Mylan, what would you do?
2. The company will have to adapt to survive as more competitors enter the market. What benefits would there be to a change in organizational structure or process? Should departmentalization be considered for Mylan? If so, what type of departmentalization?

b) Describe one political effect of the Protestant Reformation in England in the period 1500–1600.