Paul Corp. is a retailing firm which has two service departments, Human resources and Information systems, and two operating departments, Corporate sales and Consumer sales. The Human resources Department costs of $100,000 are allocated on the basis of number of employees. The Information systems Department costs of $150,000 are allocated based on the processing time. The costs of operating departments, Corporate sales and Consumer sales, are $528,000 and $222,000, respectively.
Data on overhead costs, and information about the number of employees and processing time given as percentages (e.g., 13% is shown as 0.13), are as follows:

Overhead rates are established for each of the operating departments. The Corporate sales Department allocates overhead based upon corporate sales calls and the Consumer sales Department allocates overhead based upon cases of books sold. The planned levels are 16,000 corporate sales calls and 22,200 cases of books sold.

Allocate costs to the operating departments using the step method and allocating Information systems Department costs first, then find the overhead rates for the Corporate sales and Consumer sales departments.

True/false/ambiguous. For each of the following, indicate whether the statement is true, false, or ambiguous, and briefly explain your answer. If your answer depends on any assumptions, state them clearly. Use graphs or equations to illustrate your answer whenever it is helpful.

1. A worker should never trust an implicit contract with an employer that pays them less than their marginal product when they first join the firm, but more than their marginal product after many years with the firm, because the employer has an incentive to fire the worker once their wage becomes higher than their marginal product.

2. If the signaling model of the relationship between schooling and earnings is correct, President Obama’s proposal to make community college free for two years could prove completely wasteful.

3. The human capital model predicts that wages across workers will become more equal as they get older, because investments on training while employed will offset initial differences in human capital investments in education.

4. To encourage workers to invest in specific human capital, employers have to pay workers more than their marginal product at the firm after the training is completed.

5. Extraordinarily high CEO pay need not reflect a ripoff of shareholders, but instead can be an optimal compensation scheme that firms use to maximize profits.

Case Study: Global Healthcare Public Policy Imagine that in the near future, the global community has been wracked by successive crises including economic upheaval, severe food and water shortages, and attacks on human dignity. In response, nationwide grassroots movements of young people have elected members of congress and parliament who support restoring leadership throughout the world in the areas of health, freedom, and human rights. Groundswells invoking liberty and justice are sweeping Europe, Africa, South America, Oceania, and the United States. Prompted by this worldwide atmosphere of new hope, the United Nations is convening a World Congress of Present and Future Human Flourishing. Conference sessions will focus on the right to healthcare, health disparities/health inequities, emerging infectious diseases, food and water security, and mechanisms for global environmental and climate governance.

Ethical Analysis

1. Discuss the role of the principles of biomedical ethics in helping to establish a robust global healthcare community capable of providing services to all those in need.

2.Analyze the persistence of global undernutrition and poverty from the perspective of the biomedical ethical principles of autonomy and justice. Describe two global public policy solutions to meaningfully influence these social determinants of health.

3. Analyze the importance of helping to ensure optimal maternal and newborn health from the perspective of the biomedical ethical principles of autonomy and justice. Describe two global public policy solutions to meaningfully impact these social determinants of health.

Problem set #3

1) What is human capital, and how is it different from strictly the quantity of workers available for work? Name three ways to increase a nation's human capital. Is an increase in the size of the labor force also an increase in the human capital? Explain your answer.

2) The Rule of 70 applies in any growth rate application. Let's say you have $1000 in savings and you have three alternatives for investing these funds. How long would it take to double your savings in each of these 3 accounts?

·        A savings account earning 1.5 % interest per year

·        A U.S. Treasury bond mutual fund earning 3.5% interest per year

·        A stock market mutual fund earning 9% interest per year

3) Modern economic theory points to three sources of economic growth. What are these three sources? Give an example of each.

4)  Explain why a nation cannot continue to grow forever just by adding capital.

5)  The Solow model focus on how resources affect output. In this chapter, we focused on capital.

a. Name the other two major categories of resources

b. Draw an aggregate production function with a typical shape; label this function F. (label all curves and axis)

c. Draw a second production function that indicates a technological advancement; label this new function F1. (label all curves and axis)

1) What is human capital, and how is it different from strictly the quantity of workers available for work?  Name three ways to increase a nation’s human capital.  Is an increase in the size of the labor force also an increase in the human capital? Explain your answer.

2) The Rule of 70 applies in any growth rate application.  Let’s say you have $1000 in savings and you have three alternatives for investing these funds. How long would it take to double your savings in each of these 3 accounts?

• A savings account earning 1.5 % interest per year
• A U.S. Treasury bond mutual fund earning 3.5% interest per year
• A stock market mutual fund earning 9% interest per year

3) Modern economic theory points to three sources of economic growth. What are these three sources?  Give an example of each.

4)   Explain why a nation cannot continue to grow forever just by adding capital.

5)   The Solow model focus on how resources affect output. In this chapter, we focused on capital.

a. Name the other two major categories of resources

b. Draw an aggregate production function with a typical shape; label this function F. (label all curves and axis)

c. Draw a second production function that indicates a technological advancement; label this new function F1. (label all curves and axis)

A) Why is education level such a strong variable in a typical worker’s human capital earnings function and the age–earnings profile? How might the human capital investment (the dominant) view contrast to the screening, signaling and ability hypotheses (to explain the connection of education to earnings)?

B) What is the "college/high school earnings premium"? How has this altered the human capital investment decision of individuals who are weighing the potential, long-run benefits vs. costs of higher education? How might it alter a college student's choice to work (or not) at a paid job WHILE they are enrolled in college (classes)?

C) In labor markets that are purely competitive (P.C.), in one occupation the wage rate is rising while the equilibrium quantity of labor input (Q_L, employees*hours) hired is also rising, while in a different occupation the wage is also rising but the equilibrium Q_L is falling -- what must be happening to the labor demand and/or supply in these markets?

D) In a recent media story, a professor (not yours!) was quoted saying, "ironically, if the coronavirus continues to spread, companies may try to accelerate the automation of some jobs (Links to an external site.) so they don’t have to depend on workers" -- use labor demand theory to justify or counter this statement. (The Coronavirus Outbreak Could Finally Make Telemedicine Mainstream in the U.S.) https://time.com/5793535/coronavirus-telemedicine-telehealth/

John has been hired to design an exciting carnival ride. Tiff, the carnival owner, has decided to create the world's greatest Ferris wheel. Tiff isn't into math; she simply has a vision and has told John these constraints on her dream: (i) the wheel should rotate counterclockwise with an angular speed of a = 13 RPM; (ii) the linear speed of a rider should be 200 mph; (iii) the lowest point on the ride should be c = 5 feet above the level ground. The wheel starts turning when Tiff is at the location P, which makes an angle θ with the horizontal, as pictured. It takes her 1.5 seconds to reach the top of the ride. (Impose coordinates with units in feet.)

(a) Impose a coordinate system with the origin at the center of the wheel. Find the coordinates T(t) = (x(t), y(t)) of Tiff at time t seconds after she starts the ride. (Round values to three decimal places as needed.) x(t) = y(t) =

(b) Tiff becomes a human missile after 6 seconds on the ride. Find Tiff's coordinates the instant she becomes a human missile. (Round your answers to three decimal places.) (x(6), y(6)) =

(c) Find the equation of the tangential line along which Tiff travels the instant she becomes a human missile. ketch a picture indicating this line and her initial direction of motion along it when the seat detaches.

Question 1. What is the significance of resource pricing? Explain the meaning and significance of the fact that the demand for a resource is a derived demand. Why do resource demand curves slope downward? LO1

Question 2. What factors determine the elasticity of resource demand? What effect will each of the following have on the elasticity of the demand for resource C, which is being used to produce commodity X? LO4

a. An increase in the demand for product X.

b. An increase in the price of substitute resource D.

c. An increase in the number of resources substitutable for C in producing X.

d. A technological improvement in the capital equipment with which resource C is combined.

e. A fall in the price of complementary resource E.

f. A decline in the elasticity of demand for product X.

Question 3. Florida citrus growers say that the recent crackdown on illegal immigration is increasing the market wage rates necessary to get their oranges picked. Some are turning to $100,000 to $300,000 mechanical harvesters known as “trunk, shake, and catch” pickers, which vigorously shake oranges from the trees. If widely adopted, what will be the effect on the demand for human orange pickers? What does that imply about the relative strengths of the substitution and output effects? LO5

Question 4. LAST WORD Explain the economics of the substitution of ATMs for human tellers. Some banks are beginning to assess transaction fees when customers use human tellers rather than ATMs. What are these banks trying to accomplish?

Humans are bipedal, terrestrial omnivores. As a species, we are adapted to quite a range of habitats, from deserts to mountains and from rain forests to tundra. Ultimately, however, we are descended from early hominids who evolved in African plains, and our body systems tend to reflect this. Your job is to determine how humans might be adapted if they had evolved in an aquatic environment where they live entirely in the water and breathe through gills.

Consider the following:

• What would be required to extract oxygen and exchange CO₂ and how the circulatory would have to change to compensate? You are encouraged to look up other (non-human; can be non-mammalian) animals that share these habitats for ideas.
• What if humans had evolved and were adapted to live in very specific habitats? In other words, it would still look *basically* like a human but would have some important differences related to its circulatory and/or breathing systems.
• What would these systems of a human that adapted to a different environment look like, and why would it look like this?
• You should consider the following parts of the breathing and/or circulatory system in your answer: Heart – size, activity, Lungs - size, Breathing rate, Oxygen transport system, Blood - Red Blood Cells (count), hemoglobin, and plasma levels, anything else you think is important to the circulatory and breathing systems.