For most consumers, maximizing utility through consumption generally means finding good deals in order to maximize the utility received for each dollar spent. However, some makers of luxury goods believe that their customers actually achieve utility by paying high prices, such that lowering prices may lead to reduced sales. How is this counterintuitive view rationalized in our analysis of consumer behavior and the utility-maximizing rule?

Q2. A warehouse facilitates the reduction of the order cycle time of raw materials or consumer goods required for a factory or retail outlet respectively.

Please explain how this is achieved. (30marks)

- Reduce travel time.

- Shift resources around the facility to the areas of the most activity.

- Throttle orders to areas that are underutilized and which have idle resources.

- Implement technology that will prevent stock outs and prioritize replenishments before they occur.

A some association On-Line Discount Broker Survey polls members on their experiences with discount brokers. As part of the survey, members were asked to rate the quality of the speed of execution with their broker as well as provide an overall satisfaction rating for electronic trades. Possible responses (scores) were no opinion (0), unsatisfied (l), somewhat satisfied (2), satisfied (3), and very satisfied (4). For each broker summary scores were computed by calculating a weighted average of the scores provided by each respondent. A portion of the survey results follow

b. What does the scatter diagram developed in part (a) indicate about the relationship between the two variables? The scatter diagram indicates a _______ linear relationship between speed of execution rating and overall satisfaction rating for electronic trades.
c. Develop the least squares estimated regression equation. Enter negative value as negative number.
Satisfaction = ____ + ____ speed?
(to 4 decimals)

d. Provide an interpretation for the slope of the estimated regression equation (to 4 decimals).
The slope of the estimated regression line is approximately ______. So, a one unit ________in the speed of execution rating will increase the overall satisfaction rating by approximately_______points.

e. Suppose Thinkorswim developed new software to increase their speed of execution rating. If the new software is able to increase their speed of execution rating from the current value of 2.7 to the average speed of execution rating for the other 10 brokerage firms that were surveyed, what value would you predict for the overall satisfaction rating? ____________ (to 3 decimals)

When an individual is standing still on two feet, they are said to be stable. 1) Discuss the how the movement of the center of gravity over the person’s feet in response to an external torque relates to stability. 2) Mechanically speaking, what will happen if the center of gravity moves outside of this base of support? 3) Using the Newton’s third law, what are some things you can do in this scenario to prevent yourself from falling? Give specific examples.

Popular songs indicate that we "fall in love" as if we do not have any control over it. Discuss if this is so. Discuss one theory or study presented in the text on interpersonal attraction or love. What increases or decreases it? Include an evaluation of whether "falling in love" is a decision or a feeling, or both. Include one factor that plays a role in maintaining relationships long-term. What makes long-term relationships different than short-term?

A spherical raindrop 1.9 mm in diameter falls through a vertical distance of 5000 m. Take the cross-sectional area of a raindrop = ?r², drag coefficient = 0.45, density of water to be 1000 kg/m³, and density of air to be 1.2 kg/m³.

Calculate the speed a spherical raindrop would achieve falling from 5000 m in the absence of air drag.

What would its speed be at the end of 5000 m when there is air drag?

15. When we say that income is a flow variable, we mean that: 1. income is measured at a given point in time 2. income is very liquid 3. income is measured over a period of time 4. income is another word for money

25. Which of the following statements is true? 1. Wealth increases when C exceeds income 2. Wealth is a flow variable

3. Wealth increases when income exceeds C 4. A and B are both true

26. The initial seller of a bond is considered to be the: 1. lender 2. lender or the borrower, depending on how the funds are used 3. borrower 4. lender or the borrower, depending whether interest rates are rising or falling

29. When you borrow from a bank to buy a new car, you are participating in the process of: 1. Direct finance 2. Indirect finance 3. primary finance 4. principal finance

30. Which of the following statements is true? 1. inflation makes everyone worse off since they have to pay higher prices 2. deflation makes everyone worse off since incomes are falling 3. inflation redistributes income 4. deflation harms people who are on fixed income

1) Say that in year 1 both K and L have values of 1 while in year 10 K has a value of 1.35 and L has a value of 1.1. What is the annual rate of change for k (note the lower case, its not K)?

2)

China currently faces what demographic issue?

4)

Over the last four decades the Lorenz Curve in the U.S. has

5)

The holdup problem illustrates

A big topic in the debate over potential reforms to the US healthcare system is whether or not the US should switch to a single-payer system. Indeed, we already have such a system in Medicare. What’s more, Medicare is larger than most (if not all) existing national health systems. As most of you know our health spending per capita is much higher in the US than in other developed countries.

Question 1: explore the difference between the cost of Medicare (for elderly in the US) versus the costs of health care for the elderly in other countries like Canada, France, or Switzerland. The question is, “How can we make an apples-to-apples comparison?” How you could conceivably use existing information to get comparisons of the cost of healthcare for the elderly under Medicare versus care for just the elderly in some other country or countries. (Basically, how to break out just the elderly portion of the costs for the Swiss system, or the Canadians, etc.) Clearly, differences in the quality of healthcare delivery are a big issue and there are complex issues involved in comparing quality (for example, because of differences in obesity, murder rates, and genetics, it’s problematic to use population longevity as a measure of healthcare quality). But for this question you can ignore issues of quality.