1.Name a product or service that has zero marginal cost (non-rival) and used by free-riders.

a).Name a product or service that has significant MC (rival) but excludes free-riders.

b).Name a product or service that has significant MC (rival) and used by free-riders.

c).Name a product or service that has zero MC (non-rival) but excludes free-riders.

2.The government is an appropriate provider of public goods- which is described above in question #

a)).The market place government is an appropriate of which good described above in question #

b).The Tragedy of the Commons describes when one of us grazes his cow in the public town common. Each mouthful of grass makes the common more barren, but only one of us is paid when the cow bears milk or goes to the slaughterhouse. This is described in question #

c).This leaves a club or artificially scarce good- described in question #

.3.Give a second example of a club or artificially scarce good.

Consider tossing a coin and rolling a four-sided die (with the numbers 1 through 4 printed on the sides).

(a) Describe the sample space.

(b) Whatistheprobabilityofrollingaheadsandanevennumber?

(c) What are the odds of rolling a heads and an even number?

(d) What is the probability of rolling a heads?

(e) What are the odds against rolling a heads?

Determine whether or not the following statements are correct or incorrect and explain why (Be thorough and clear in your explanation!):

(a) A person says “the odds of rolling a 1 on a standard six-sided die is 1/6.”

(b) In the past five seasons,cross town football riva ls the Quaker sand the Comet shave played

each other with the Comets winning twice and the Quakers winning three times. Someone

says “the odds in favor of the Quakers winning are 3:5.”

(c) If the odds in favor of an event occurring are A to B, then the probability of the event

occurring is A/(A+B).

(d) An event with probability 75% means that the event is three times more likely to occur than

not occur.

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.