Sandy Cowden inherited $700,000 from her grandfather. Reginald LaRocco is a local businessman who operates an almond ranch and is an insurance salesperson. He owns several land parcels in the local community and wants to sell some of this land to Sandy. He convinces Sandy to buy Riveracres, Reginald’s ranch on the outskirts of town. Reginald tells Sandy that there are 130 acres on the ranch. In fact there are only 90. Sandy has the ranch surveyed before buying and learns that it has only 90 acres. Reginald tells Sandy that he paid $50,000 for the land 40 years earlier and it is worth 10 times that today. He actually only paid $25,000 for the land which he purchased 53 years ago. He sells it to Sandy for $380,000 and three months later Sandy finds out a similar adjoining parcel sold for $210,000. Sandy wants to get out of the Riveracres contract. Will she be able to do so? Why or why not? Explain.

NYONE is a casual clothing company. The company has set aggressive targets in both sales growth and return on investment for the upcoming year. NYONE's strategy for achieving these goals includes a campaign aimed at building brand recognition. Currently, the company is also seeking improvements in product quality and on-time delivery from manufacturers from some Asian countries as well as expansion of the product line to include three styles of jeans, which will complement the company's line of silk shorts and slacks. A number of limited edition items are also part of the company's strategy.

To enhance its brand, the company plans to provide limited edition items to celebrities in some major cosmopolitan cities. The company hopes that the celebrities will be seen around town and in fashion magazines such as GQ.

Required:

Based on this limited information, provide two objectives and two measures for each perspective of the balanced scorecard. Using a strategy map, show how the objectives are related across the four dimensions of a balanced scorecard.   

This assignment refer to the “om” database (or Schema).     

1.Write an INSERT statement that adds this row to the Items table:  

a.       Artist:               Newly Added

b.       Title:                      Assignment 3

c.        unit_price:         0.0

d.       ID:                          12

2.       Write an UPDATE statement that modifies the row you just added to the Items table. This statement should change the artist column to “RockOn”, and it should use the ID column to identify the row.   

3.       Write a DELETE statement that deletes the row you added to the Items table in above queries. This statement should use the ID column to identify the row.  

4.       Write an INSERT statement that adds this row to the Customers table:   

a.       Customer_id:   26

b.       last_name:       Raven

c.       address:            XYZ

d.       City:                 town

e.       State:                ON

f.        ZIP:                  ABCD

g.       Phone:              987654321

5. Write an UPDATE statement that modifies the Customers table. Change the first_name column to “Rick” and last_name to “Fun” for the customer with Phone number: 987654321  

1. For this question, the supply and demand equations are : w = 10 + 0.2Q_S for supply and w = 40 – 0.2Q_D for demand.

1. Suppose a wealthy businessman, strategically buys all the local clown firms and becomes the only person in town hiring clowns. Bozos’ firm has a marginal cost of hiring determined by the equation: MC = 10 + 0.4Q. Assume there is no minimum wage in the market.
   1. Determine the number of clowns hired and the wage in this monopsony market.
   2. What is the value of the marginal product of the last worker hired? What is the reservation wage of the next person that is not hired. Explain why this person is not hired.
   3. Briefly discuss why we expect market outcomes to differ based on the level of competition in the labor market.

2. Draw a graph depicting the labor market situation in part a and label the areas of firm surplus and worker surplus. Solve for the values of firm surplus, worker surplus, and total surplus. Discuss how the outcomes differ in the monopsony and competitive markets. How inefficient is the market power scenario?

Frank and Nancy met at a sorority sock hop. They agreed to meet for a date at a local bar the next week. Regrettably, they were so fraught with passion that they forgot to agree on which bar would be the site of their rendezvous. Luckily, the town has only two bars, Rizotti’s and the Oasis. Having discussed their tastes in bars at the sock hop, both are aware that Frank prefers Rizotti’s to the Oasis and Nancy prefer the Oasis to Rizotti’s. In fact, the payoffs are as follows. If both go to the Oasis, Nancy’s utility is 3 and Frank’s utility is 2. If both go to Rizotti’s, Frank’s utility is 3 and Nancy’s utility is 2. If they don’t both go to the same bar, both have a utility of 0.

(1)Show the game in the matrix form.(Denote players, strategies and payoffs clearly)

(2) Is there any pure Nash equilibrium for the game? If any, find outthepure Nash equilibrium(s).

(3) Find out the mixed Nash equilibrium.(Show your calculation in details)

(4)What is the probability that Frank and Nancy go to the same bar?

Suppose the economy has access to 1000 Mahogany trees, used for making guitars. Processing the trees for guitar production costs $1 per tree. This economy may access 1000 additional trees (perhaps existing in the outskirts of the town) but it costs $3 to use each of those trees. Assume 5 trees are needed to produce one guitar.

Questons :

(1) What is the Supply curve for guitar production? You may answer with a fully labeled picture.

(2) If the demand function for guitars is D(p)=220-2p, what is the equilibrium price and quantity in the market for guitars? Credit is based on the logic of your explanations, so explain your reasoning!

(3) Suppose the government wants to incentivize people to play more guitar, so they place a subsidy of $5 per guitar. That is, if the consumer pays p, the firm gets p+5. Will the government achieve it's goal of having more guitars bought in equilibrium? Credit is based on the logic of your explanations, so explain your reasoning!

The U.S. Bureau of Labor Statistics (BLS) wishes to estimate the fraction of individuals who belong to a labor union. They are considering two methods of sampling. For each method, explain if you think it will be subject to selection bias (Yes or No) and why, and if it will be subject to non-response bias (Yes or No) and why. Also state whether you think each method will result in too small (downward bias) or too large (upward bias) an estimate of the true average.

a)BLS will call a random sample of phone numbers from each town and city’s phone book during regular business hours (9 AM to 5 PM) and ask whether or not the person who answers belongs to a union.

b)BLS will survey people at the entrance of each factory in the country on weekday mornings and ask them if they belong to a union.

c)Now propose a sampling method of your own that you think will generate a more accurate national average. Explain why you think it is better.

Mark Burnett and Kamran Pourgol were the only shareholders in a corporation that built and sold a house. When the buyers discovered that the house exceeded the amount of square footage allowed by the building permit, Pourgol agreed to renovate the house to conform to the permit. No work was done, however, and Burnett filed a suit against Pourgol. Burnett claimed that, without his knowledge, Pourgol had submitted incorrect plans to obtain the building permit, misrepresented the extent of the renovation, and failed to fix the house. Was Pourgol guilty of misconduct? If so, how might it have been avoided? Discuss.

1) Burnett is a (memeber, partner, or shareholder) in the corporation.

2) Pourgol held a (majority, minority, unclear) amount of shares in the close corporation.

3) Assume that Pourgol and Burnett agreed to the plans submitted to the town and Burnett and was made aware beforehand of the promise to fix the buyer's home. Would Pourgol most likely be held liable in this instance? (yes, no)

4) Would the buyers still be able to recover the costs of renovation to conform the house allowed by the building permit? (yes, no)

You have been hired as a consultant to assess the impact of a spill of 10 kg of chlorobenzene in a river adjacent
to a small town. The average width is 20m, average depth is 2.4m, and has a discharge of 8.7 m3/s. The
average water temperature is 22 °C, the average air temperature is 27 °C, and the average wind speed is
4.25 m/s. The suspended solids concentration has been measured at 7 mg/L, Kd for chlorobenzene is 4.27 cm3/g,
and the average sedimentation velocity is 0.8 m/d.
(a) Assess the impact of the spill on the town’s water supply intake 1 km downstream of the spill location.
Please compare this value with the EPA’s MCL for chlorobenzene.
(b) Investigate the relative importance of volatilization and sedimentation on the expected concentration of
chlorobenzene at the water-supply intake.
(c) If the city engineer decides to shut down the water-supply intake when the river water at the intake
exceeds the drinking water standard, for approximately how long will the intake be shut down?