Questions
Jersey Dairies, Inc. faced increasing competition that threatened its dominant market share in the Pacific Northwest....

Jersey Dairies, Inc. faced increasing competition that threatened its dominant market share in the Pacific Northwest. Senior management at the 300-employee dairy food processing company decided that the best way to maintain or increase market share was to take the plunge into a quality management (QM) program. Jersey hired consultants to educate management and employees about the QM process, and sent several managers to QM seminars. A steering team of managers and a few employees visited other QM companies throughout North America.
To strengthen the company’s QM focus, Jersey president Tina Stavros created a new position called vice-president of quality, and hired James Alder into that position. Alder, who previously worked as a QM consultant at a major consulting firm, was enthusiastic about implementing a complete QM program. One of Alder’s first accomplishments was convincing management to give every employee in the organization several days of training in quality measurement (e.g., Pareto diagrams), structured problem solving, and related QM practices. Jersey’s largely unskilled workforce had difficulty learning this material, so the training took longer than expected and another round was required one year later.
Alder worked with production managers to form continuous improvement (CI) teams—groups of employees who looked for ways to cut costs, time, and space throughout the work process. Although Alder was enthusiastic about CI teams, most supervisors and employees were reluctant to get involved.
Supervisors complained that the CI teams were “asking too many questions” about activities in their department. Less than one-quarter of the production areas formed CI teams because employees thought QM was a fancy way for management to speed up the work. This view was reinforced by some of management’s subsequent actions, such as setting higher production targets and requiring employees to complete the tasks of those who were absent from work.
To gain more support for QM, Jersey president Tina Stavros spoke regularly to employees and supervisors about how QM was their answer to beating the competition and saving jobs. Although these talks took her away from other duties, she wanted every employee to know that their primary objective was to improve customer service and production efficiency in the company. To encourage more involvement in the CI teams, Stavros and Alder warned employees that they must support the QM program to save their jobs. To further emphasize this message, the company placed large signs throughout the company’s production facilities that said, “Our Jobs Depend on Satisfied Customers” and “Quality Management: Our Competitive Advantage.”
Alder and Stavros agreed that Jersey’s suppliers must have a strong commitment toward the QM philosophy, so Jersey’s purchasing manager was told to get suppliers “on board” or find alternative sources. Unfortunately, the purchasing manager preferred a more collegial and passive involvement with suppliers, so he was replaced a few months later.
The new purchasing manager informed suppliers that they should begin a QM program immediately because Jersey would negotiate for lower prices in the next contracts and would evaluate their bids partly based on their QM programs. Twenty months after Jersey Dairies began its QM journey, Tina Stavros accepted a lucrative job offer from a large food products company in the Midwest. Jersey Dairies promoted its vice-president of finance, Thomas Cheun, to the president’s job.
The board of directors was concerned about Jersey’s falling profits over the previous couple of years and wanted Cheun to strengthen the bottom line. Although some CI teams did find cost savings, these were mostly offset by higher expenses. The company had nearly tripled its training
budget and had significantly higher paid-time-off costs as employees took these courses. A considerable sum was spent on customer surveys and focus groups. Employee turnover was higher, mainly due to dissatisfaction with the QM program. Just before Stavros left the company, she received word that several employees had contacted the Commercial Food Workers Union about organizing Jersey’s nonunion production workforce.
A group of suppliers asked for a confidential meeting in which they told Cheun to reconsider the QM demands on them. They complained that their long-term relationships with Jersey were being damaged and that other dairies were being more realistic about price, quality, and delivery requirements. Two major suppliers bluntly stated that they might decide to end their contracts with Jersey rather than agree to Jersey’s demands.
Almost two years after Jersey Dairies began QM, Thomas Cheun announced that James Alder was leaving Jersey Dairies, that the position of vice-president of quality would no longer exist, and that the company would end several QM initiatives begun over the previous two years. Instead, Jersey Dairies, Inc. would use better marketing strategies and introduce new technologies to improve its competitive position in the marketplace.
Discussion Questions
1. What perspective of organizational effectiveness did Tina Stavros and James Alder attempt to apply in this case?
2. Describe how specific elements of that perspective related to their interventions.
3. Explain what went wrong in this case, using one or more of the other perspectives of organizational effectiveness.

In: Operations Management

7.a Robert thought Barney’s problem resided in his Nieuwkoop center. What do you think? b Sarah...

7.a Robert thought Barney’s problem resided in his Nieuwkoop center. What do you think?

b Sarah thought it was a problem with his organizer. Do you agree or disagree?

c.Karen believed it was a problem with neurulation. Is this the reason?

d. What do you think is causing Barney’s problem? Do you think he can be “cured”?

These questions are form the case study: Don’t Lose Your Head A Case Study in Dorsal-Ventral Axis Formation in Amphibians

CASE STUDY BELOW

John and Heather Pipiens were very nervous. Heather had recently given birth to a good

size clutch of eggs. Most of the little larvae were doing fine. The one exception was Barney.

His head development was not like the rest of his siblings. His head seemed smaller than it

should be and he hadn’t formed his cement glands yet.

“What do you think could be wrong?” asked a very worried Heather.

“Don’t get all worked up.” Replied John. “I am sure

its nothing. He may just be a little slower than the rest of

the kids. We have 133 perfectly normal, healthy little larvae

and not all of them developed at the exact same rate.

Remember Gracie? She gastrulated almost a day later than

the rest and she’s just fine. And Jason didn’t have his first

cleavage until almost an hour after the rest and he’s doing

great.”

Just then, the nurse came out and called their name.

They were escorted into an exam room. Barney’s height,

weight and somite count were taken. The nurse then told

them that Dr. Triturus would be in a few minutes.

True to her word, the doctor came into the exam

room five minutes later. He took one look at Barney and his

heart sank. He knew something was very wrong. He was

definitely missing part of his forebrain and his entire cement

gland. Based on his somite count both should be very well developed by now

Dr. Triturus turned and looked at the Pipiens and said, “Mr. and Mrs. Pipiens, at first

glance there seems to be a problem with his developmental progress. He does have some head

development abnormalities that I don’t believe are related to timing. Everything else seems to be

ok; he has the correct number of somites for his age and his trunk seems to be developing just

fine. The problem seems to be the front most part of his head. It’s failed to develop. I don’t

know the exact caused just yet. I would like to admit him for some tests.”

“Is this necessary?” asked Barney’s mom. “How serious is it? Can it be fixed?”

“I really can’t say at this time.” replied Dr. Triturus. “I need to do some tests to get a

better idea of what is causing Barney’s problem before I can make a diagnosis. I would like you

to leave him here over the weekend. You can pick him up on Monday.”

“But we want to stay with him.” said both his mom and dad.

“That really isn’t necessary. He is still in his jelly coat and not really aware of what is

going on. Besides you have 133 other children to take care of. Go home. He’ll be in good

hands with us.”

John and Heather kissed Barney good-bye. The doctor had the nurse admit him and got

him settled in his hospital tank. He then called his students together. Dr. Triturus had a pretty

good idea of the cause of Barney’s problems, but wanted to give his residents a chance at the

diagnosis before he ran tests to confirm his hypothesis.

Dr. Triturus began, “We have a 4 day-old male anuran with abnormal head development.

He is showing an absence of forebrain development and his cement glands have failed to form.

Everything else seems to be normal. What are your thoughts?”

The med students looked at each other. Robert thought it might be a problem with his

Nieuwkoop center. Sarah thought it was probably a problem with his organizer. Karen told

them both were wrong and it had to be a problem that occurred during neurulation. It was

obvious that this group of students had no real idea what was going on.

“You are on track, just not the right one. It’s a problem with dorsal-ventral axis

formation. But it’s obvious that most of you don’t know much about the development of the

central nervous system. Go home and do some research on this and be prepared to answer some

questions during rounds tomorrow afternoon. I am disappointed about how little you seem to

know about this subject. It is one of the first developmental decisions an embryo makes and one

of its most important. Go do some research and be prepared to have better answers tomorrow.”

Dr. Triturus went over to Barney’s tank to check on him one more time. Satisfied that he

would be all right until morning, Dr. Triturus went home hopeful that his students would be

better prepared the next time they met. If not, some of them might find themselves cleaning

tanks for the next two weeks.

You are part of Dr. Triturus’s research group. You really don’t want to clean hospital

tanks for the rest of your residency. To prepare for tomorrow’s rounds answer the following

questions and be ready to provide a diagnosis of the cause of Barney’s head abnormalities. Be

prepared to justify your reasoning.

In: Biology

1. Adhere to the naming conventions discussed in class for variable names, program names, and function...

1. Adhere to the naming conventions discussed in class for variable names, program names, and function names

2. Use meaningful names for variables

3. Follow the coding standards and homework submission rules as covered in class.

4. If there are more than one word in the variable use all lowercase and separate them with underscores, e.g., first_name, shipping_cost.

5. Include appropriate comments in the code, but not too many.

6. Output should be displayed exactly as shown for each problem below. The output given is sample output. Other numbers/input could be entered.

7. If your program does not compile, you will not receive more than 20% of the maximum points.

8. If your program compiles but does not execute, you will not receive more than 35% of the maximum points.

9. If your program compiles and executes yet does not give the required output, you will not receive more than 50% of the maximum points.

10. The programs will be in one file named hw3.py. The module will be in one file named number_functions.py. Zip hw3.py and number_functions.py into file hw3.zip and upload to Canvas. Only .zip files will be accepted. If the file is not named correctly, 10 points will be deducted.

11. Each program will be separated by a comment with the problem number. If this format is not followed, 10 points will be deducted.

12. Your name will be a comment at the top of the file. If your name is not in the file as a comment, 10 points will be deducted.

13. If you use Python constructs on assignments that we have not yet discussed in class, 20 points will be deducted.

14. If you do not adhere to our coding standards, 20 points will be deducted.

#Problem 2

Write function write_stock that asks the user to input a company name, its associated ticker symbol (eg. Exxon, XOM), and the price per share of the stock. These are then written to file stock.txt one item per line. The user will type in ‘quit’ to stop.

Write function get_share_value that accepts a company name and the number of shares. The function will search file stock.txt and return a list of two values; the ticker symbol and the total value of the shares. This function must use an exception handler to insure the file is valid, that the price can be converted to a number, and catch any other exception that might be raised.

Write a program that calls write_stock and get_share_value. The program will ask the user for the company name and number of shares for read_stock and print the answer.

Sample output might look as follows.

Enter company name; enter quit to stop: Amazon

Enter ticker symbol: amzn

Enter price: 1000

Enter company name; enter quit to stop: Apple

Enter ticker symbol: aapl

Enter price: 125

Enter company name; enter quit to stop: Microsoft

Enter ticker symbol: msft

Enter price: 250

Enter company name; enter quit to stop: quit

What stock did you buy?: Apple

How many shares?: 10

Your total value for aapl is $1250.00

#Problem 3

Write function determine_ sums that accepts a list of values. The function will return a list of two numbers; the first is the sum of the positive numbers and the second is the sum of the negative numbers.

Write a program that defines a list as [1, 5, 7, -2, 6, -8, 10, -4, -20] and calls determine_sums. The program will print the output. Assume the company name will start with a capital letter and the ticker symbol will be all lowercase. This will give the following output.

[29, -34]

There is no user input on this problem.

#Problem 4

Write function write_students that asks the user for student records and writes them to file students.txt. A record of a student includes name, major and GPA. The user can enter as many records as they want until they type in quit.

Write function read_students that accepts a major. The function returns the highest GPA for that major.

Write a program that calls write_students and read_students and prints the major and highest GPA. The program will ask the user for the major for which to search. Assume all names and majors will be lower case.

Sample input/output might look as follows:

Enter student name; enter quit to stop: jones

Enter major: insy

Enter gpa: 2.0

Enter student name; enter quit to stop: smith

Enter major: insy

Enter gpa: 3.25

Enter student name; enter quit to stop: willis

Enter major: mana

Enter gpa: 3.25

Enter student name; enter quit to stop: quit

Enter major: insy

The highest GPA for insy majors is 3.25

#Problem 5

Write module number_functions that includes:

Function write_numbers that writes 50 random numbers between 1 and 15 to file numbers.txt.

Function read_numbers that reads the file numbers.txt and returns a list of the numbers.

Write function count_numbers that accepts the list of numbers and returns how many numbers are in the list.

Function find_even_odd that accepts the list of numbers and returns a list of two numbers; how many odd numbers are in the list and how many even numbers are in the list.

Write a program that calls these functions in the order above and prints the returned data.

Sample output might be the following. But yours may vary as we are generating random numbers. The count will always be 50, but you need to code the function as if you do not know that.

['12', '8', '3', '18', '1', '5', '3', '18', '6', '10', '20', '8', '7', '4', '17', '16', '8', '11', '14', '3', '13', '13', '5', '17', '11', '9', '16', '19', '13', '18', '6', '1', '9', '19', '5', '14', '13', '15', '10', '12', '20', '16', '14', '5', '10', '20', '17', '11', '18', '3']

50

[26, 24]

In: Computer Science

Harley-Davidson, a U.S. brand synonymous with beauti- ful motorbikes, inspires many to own its customized bike...

Harley-Davidson, a U.S. brand synonymous with beauti- ful motorbikes, inspires many to own its customized bike with iconic engine. Today the brand is sought after not only in the United States but globally too. What explains its wide global acceptance, and the strong sense of brand loyalty among Harley-Davidson motorbike owners? Harley-Davidson dealers, ranging from the CEO to the sales staff, maintain personalized relationships with customers through face-to-face and social media con- tact. Knowing customers as individuals and conducting ongoing research to keep up with the changing expecta- tions and experiences helps Harley-Davidson to define its customers’ needs better. Current customers have told Harley-Davidson’s man- agement to keep the identity, look, and sound of the motorcycles because they are unique. Globally, custom- ers accept the U.S. brand image as it stands. When customers’ views are heard and accepted by manage- ment, customers develop greater brand loyalty, creating an extraordinary customer experience that is unique and valuable. Buying a Harley allows owners to express their individualism and freedom, connect with friends, and share a sense of comradeship through the activities of H.O.G., the company-sponsored Harley Owners Group and riding club. Owners of new Harley-Davidson motorbikes enjoy free H.O.G. membership in the first year. If renewed, mem- bers can enjoy various discounts and benefits.Examples of events and activities that are sponsored by independent dealerships, such as Harley-Davidson of Singapore, can range from short rides and major destina- tion rides, to local charity events. H.O.G. members are also invited to events, such as new model launches, and riders’ appreciation nights. Dealers in each country sup- port H.O.G. members and foster positive bonding rela- tionships among members and other dealers. In Singapore, for instance, a community of friends rides Harley-Davidson motorcycles with a passion. “We ride ’em, and we have lots of fun! And we’ve been do- ing it since 1996 in Singapore.” “To Ride and Have Fun” is a motto that all H.O.G. chapters around the world follow. Riders associate riding with other owners as a time of bonding that conveys the image of freedom and adventure. Membership in H.O.G. has increased. Now not only men but women, children, and families are a part of H.O.G.’s many and varied group outings and activities. Harley-Davidson has developed a strong brand image and consumers appreciate it even more by experiencing it firsthand. The desire to be associated with the Harley- Davidson brand is strong because it is linked to an aspi- rational lifestyle. There are more than 2,000 H.O.G. members in Malaysia alone, with around 500 active riders. The Southeast Asia Harley Owners Group (SEA HOG) orga- nizes rallies and rides as well as charity events. In late 2013, a two-day event followed by a five-day riding tour attracted 800 owners to celebrate the 110th anniversary of the brand.Some H.O.G. members around the world ride in ral- lies every Sunday, rain or shine, displaying a strong sense of loyalty to the Harley-Davidson brand. In Hong Kong, H.O.G. members include professionals, like doctors, law- yers, accountants, pilots, engineers, movie stars, and business executives. Their participation shows the strong brand loyalty among Harley-Davidson owners and the strong desire to be engaged in H.O.G. members’ activities. Proactive in people development, Harley-Davidson shares company values, philosophy, and brand experi- ence with its staff and provides effective communication to its independent dealers. Professional training by members of the Harley-Davidson University in the U.S. encour- ages consistent service at every dealership. Thus, Harley- Davidson’s employees around the world can be confident about providing the genuine Harley-Davidson experience. Satisfied employees deliver outstanding services that gen- erates sustainable customer and brand loyalty, positive word of mouth, and ultimately higher company sales. To remain competitive, Milwaukee-based Harley- Davidson has started to enlarge its customer base and successfully connect with new, younger riders by way of social media applications, such as Facebook and Twitter. Engaging relationships have been established with young adults who form a large part of its global followership. Important feedback that Harley-Davidson’s strong brand name remains appealing to the younger audience is encouraging. Harley-Davidson also makes in-person connec- tions with potential riders at music festivals by usingdynamometers to create an interactive experience called Jump Start, which allows novice or non-riders an oppor- tunity to feel what it’s like to ride a Harley-Davidson. In 2008, it became the leading manufacturer of motorcycles to sell to customers younger than 34 years without changing the products too drastically or lowering its prices. Harley-Davidson merely modified some design elements for its Dark Custom series of motorcycles, which consists largely of existing Harley-Davidson motor- cycles but with flat black paint, much less chrome, and toned-down styling. It portrayed its heritage message of freedom, uniqueness, individual expression, and shared experience as recognized by older customers. Questions 1. What has Harley-Davidson done with its H.O.G. pro- gram to create an extraordinary customer experience that is unique and valuable to its members? Has the motorcycle manufacturer been successful? 2. To enlarge its customer base, what would you rec- ommend Harley-Davidson do to cultivate long-term relationships with a younger audience, aged between 18−34?

In: Operations Management

Brutus Auto is a thriving, independently owned and operated firm located in Westerville. It was founded...

Brutus Auto is a thriving, independently owned and operated firm located in Westerville. It was founded in 1986 by “Brutus” Cooper. Brutus was born and raised in Westerville, OH. Brutus is well-known and trusted by the residents of the town. As a teenager, he was a star football player for the high school team. In his spare time, he enjoyed working on cars and had a special talent when it came to cars. After college, this hobby led Brutus to start his own business – Brutus Auto Tire and Lube.

Brutus does a wide variety of work on vehicles of all makes and models. The shop also offers a variety of parts and supplies at retail. Brutus spends a great deal of time conversing with customers, most of whom he has known his whole life. His reputation for honest and reliable work has earned him many repeat customers, with the positive word of mouth helping him to expand his business.

His wife, Diane, runs the office, and takes special care to acknowledge customers on their birthdays with hand-written cards that include coupons for discounted services. Customers often reflect that Brutus offers the kind of service you can only find from a small-town mechanic. While Brutus is slightly more expensive than the chain establishments that have recently moved into town, customers testify that the friendly environment and quality service are worth the price.

Operational details

Brutus’s shop has grown steadily over the years. Originally, Brutus maintained a modest three automobile bays at his shop, and he and his long-time buddy, Fred, conducted most of the work except oil changes which were handled by a part-time apprentice. Currently, Brutus shop has six bays (the layout of the shop is shown in Figure 1) and seven mechanics (as not all of the service activities require a bay). Each of the bays is identical so that any employee can work at any station.

Four of the employees (including Brutus and Fred) are full-time (work at least 40 hours per week), and three are interns who work part-time (work fewer than 40 hours per week). Brutus and Fred are the only two mechanics permitted to do work beyond the basics, and so more involved car services can take some time getting through the shop. Most mechanics at Brutus Auto were trained at the area vocational school, and those with particular skill are taken on as apprentices who work under Fred and Brutus on the more involved projects. Cooper provides all the tooling necessary, and is respected as a fair and caring boss. In return, Brutus’ employees are loyal and hard-workers; seldom is absenteeism a problem, and turnover is rare.

The employee schedule for a typical week is shown in Table 1. The numbers shown in Table 1 are all devoted to working on vehicles. The shop closes for one week in the winter.

Inventory

Although the shop is primarily a service provider, all of the services require materials in addition to labor, and so there are inventory considerations that Brutus must manage.

A variety of other parts and supplies (for example, oil filters and oil) must be kept available due to the regularity of use; it would be difficult to meet the high expectations of customers if these items are not available. This has become a particularly high priority ever since national service chains moved into town, as the speed of their services such as oil changes is already far superior to that of Brutus. As a result of these competitive pressures, Brutus sets a 98% target service level.

Brutus is dedicated to using a high-quality brand of parts and supplies, most of which are available from a single supplier. Note that these parts and supplies are not only used to support services but also sold as retail transactions to customers who wish to perform their own repair work.

Currently, a continuous review policy is used for all car parts and supplies, but Brutus believes this system may require too much time to maintain for all inventory items. A sample of some of the items offered, the volumes used in services and sold at retail, and the associated costs are shown in Table 2. Brutus has determined that to call the supplier, pay for transportation, and put a shipment away costs approximately $50. The stockroom is relatively small and does not require special equipment or personnel. There is virtually no theft of product, so the annual holding costs are approximately 25% of unit cost. Delivery of orders takes about one week from the local supplier.

Adding Tire Service

The owners believe that adding tire replacement would increase revenues with a negligible increase to fixed (facility) costs other than tire inventory. However, in order to be competitive with the discount chains, Brutus must target a maximum of 30 minutes total time for each customer visit specific to tires since pricing was already competitive. They estimate that the time between arrivals for cars needing such replacement would be ten minutes. A dedicated and secure parking lot with a limit of 6 spots is available specifically for cars awaiting tire service. While service requirements vary, they estimate that a dedicated technician should finish up 3 tire service jobs each hour.

  1. - Identify and describe TWO recommendations you would make to

                           Brutus Cooper to improve Operations and/or to lower costs.

In: Operations Management

Questions and Problems for Chapter Twenty: 1. To determine if the demand for a good is...

Questions and Problems for Chapter Twenty:

1. To determine if the demand for a good is inelastic, elastic, or unit elastic between two prices, a seller might raise the price to see what happens to total revenue: If total revenue rises, demand is a. elastic b. inelastic c. unit elastic. d. None of the above

2. If the Price rises by 10 percent and the quantity demanded falls by 2 percent, demand is: a. unit elastic b. inelastic c. elastic d. none of the above

3. If price falls by 6% and the quantity demanded does not change, demand is: a. Inelastic b. Unit elastic c. Perfectly inelastic d. Perfectly elastic e. None of the above

4. Suppose the current price of gasoline at the pump is $1 per gallon and that 1 million gallons are sold per month. A politician proposes to add a 10¢ tax to the price of a gallon of gasoline. She says the tax will generate $100,000 tax revenues per month (1 million gallons × $0.10 = $100,000). What assumption is she making? a. That demand is perfectly elastic for gasoline b. That demand is perfectly inelastic for gasoline c. That demand is unit elastic for gasoline d. That demand is relatively inelastic for gasoline

5. Identify how total revenue changes if Demand is inelastic and price falls; a. Total revenue falls b. Total revenue rises c. Total revenue remains constant d. None of the above

6. Identify how total revenue changes if Demand is elastic and price falls; a. Total revenue falls b. Total revenue rises c. Total revenue remains constant d. None of the above.

7. In the following pair of goods, which has the higher price elasticity of demand: (a) Airline travel in the short run or airline travel in the long run; a. Airline travel in the short run b. Airline travel in the long run

8. How might you determine whether toothpaste and mouthwash manufacturers are competitors? a. If the cross elasticity coefficient is less than 0 b. If the cross elasticity coefficient is greater than 0 c. If the cross elasticity coefficient is equal to 0 d. None of the above

9. A tax is placed on the sellers of a good. What happens to the percentage of this tax that buyers pay as the price elasticity of demand for the good decreases? Be able to explain your answer. a. The buyer pays more of the tax b. The buyer pays less of the tax c. The buyer and seller splits the tax equally. d. None of the above

10. A college raises its annual tuition from $23,000 to $24,000, and its student enrollment falls from 4,877 to 4,705. Compute the price elasticity of demand. (Would demand be elastic or inelastic?) a. 1.25 b. .84 c. .56 d. 2.34

11. As the price of good X rises from $10 to $12, the quantity demanded of good Y rises from 100 units to 114 units. Are X and Y substitutes or complements? What is the cross elasticity of demand? a. .72 which would make them substitutes b. 1.34 which would make them substitutes c. -.96 which would make them complements d. -.34 which would make them substitutes

12. The quantity demanded of good X rises from 130 to 145 units as income rises from $2,000 to $2,500 a month. What is the income elasticity of demand? a. 1.56 b. .34 c. 1.10 d. .491 13. The quantity supplied of a good rises from 120 to 140 as price rises from $4 to $5.50. What is price elasticity of supply? a. 1.21 b. .487 c. .678 d. 5.45

Consumer Behavior Content Chapter

21 Instructions: Read Chapter 21 Go over Outline for chapter 21 Work Homework Problems for Chapter 21 • Answer Assignment Questions below in along with chapters 20 and 22 in a word document and upload as one document into Module II Homework Quiz when all are finished and the Quiz is posted. Pay close attention to post date and due date.

14. On average, total utility rises as marginal utility declines. T/F T F

15. The law of diminishing marginal utility is consistent with the fact that people trade. Do you agree or disagree. Be able to explain your answer. a. Yes, I agree because people are prone to trade something of lesser value to them for something that has greater value to them. b. No, I disagree because people are prone to trade something of greater value to them for something that has lesser value to them.

16. Assume the marginal utility of good A is 4 utils, and its price is $2, and the marginal utility of good B is 6 utils, and its price is $1. Is the individual consumer maximizing (total) utility if she spends a total of $3 buying one unit of each good? (Be able to explain your answer). a. Yes b. No

17. If a person consumes fewer units of a good, will marginal utility of the good increase as total utility decreases? a. Yes b. No

18. "If we take $1 away from a rich person and give it to a poor person, the rich person loses less utility than the poor person gains." This is an example of: a. The law of increasing marginal utility b. The law of demand in reverse c. The law of decreasing minimal utility d. The law of interpersonal utility comparison

19. Is it possible to get so much of a good that it turns into a bad? (If so be ready to give an example) a. No, you can never consume too much of a good thing b. Yes, you can consume too much of a good such that it becomes a bad.

20. Can a good be a good for you and a bad for someone else? a. Certainly, strawberries might be an example. Some people are allergic b. No, all people enjoy goods alike. For example, everyone loves shrimp!

21. Which of the following is an example of making an interpersonal utility comparison? a. Someone speeds by you on the interstate and you notice that they have their emergency lights flashing. b. You and your roommate are enjoying a pizza and beer watching the super bowl game. There’s only one slice of pizza left and you feel you should have it since you are still hungry. c. In the supermarket, you are rushing in to get one item and no one is at the check-out. You get your item and quickly go to the check-out, but now it is full and you have to stand in a line. d. You are on your way to church and are just a bit late, a large road construction vehicle has just pulled out in front of you on a two lane highway. (Doesn’t that just always happen to you when you are late? Never thought it could be economically explained, did you?) e. All of the above

22. There is a logical link between the law of demand and the assumption that individuals seek to maximize utility. Which of the following explains that? a. The condition for consumer equilibrium can be used to express the inverse relationship between price and quantity demanded. b. People are naturally buyers and always think of how they can gain something from nothing c. People buy goods to make them more satisfied and are disappointed when they are not d. None of the above

23. Which of the following is an example of the diamond and water paradox. Keep in mind that the good with the greater value in use has a lower value in exchange than does the good with the lower value in use. a. A dress that was worn by Judy Garland in The Wizard of Oz and peanuts b. A handwritten letter by Dr. Martin Luther King Jr. and rice c. The Shroud of Turin and raisins d. All of the above

24. If the utilities of good x are 10, 19, 26, 32, and 36 utils, respectively, what is the marginal utility of the third unit? a. 5 utils b. 7 utils c. 8 utils d. 36 utils

25. The endowment effect describes: a. The notion that people value things that they do not have at a higher rate than things that they want to acquire. b. The notion that people value things that they have at a higher rate than things that they want to acquire c. The effect that occurs when people begin to compare the way that they feel about purchasing something to the way someone else feels. d. The effect that people believe that they deserve to have something more than someone else does.

26. Indifference curves: a. Are downward sloping b. Are convex to the origin c. Do not cross d. All of the above 27. A demand curve can be derived using: a. The marginal utility of demand theory b. Indifference curve analysis c. Budget analysis d.

Consumer equilibrium analysis Chapter 22 Production and Costs Content Chapter 22 Instructions: Read Chapter 22 Go over Outline for chapter 22 Work Homework Problems for Chapter 22 • Answer Assignment Questions below in a word document and upload as one document into Module II Homework Quiz Go over power-point slides for Chapter 22 to review Questions and Problems for Chapter 22:

28. Total revenue minus explicit costs equal: a. Accounting profit b. Normal profit c. Economic profit d. Both a and b

29. Normal profit is just another way of saying the firm is earning: a. An economic profit b. A zero economic profit c. An accounting profit d. None of the above

30. Which of the following describes the Average-Marginal rule: a. When the marginal magnitude is greater than the average, the average is rising; when the marginal magnitude is below the average magnitude, the average is declining. b. When the marginal magnitude is greater than the average, the average is declining; when the marginal magnitude is below the average magnitude, the average is increasing. c. Is total cost divided by quantity d. Is total marginal costs divided by quantity

31. As Marginal Physical Product rises, Marginal Cost: a. rises b. falls c. remains constant d. none of the above

32. An input whose quantity cannot be changed as output changes describes: a. A variable input b. The short run c. A fixed input d. The law of diminishing marginal returns

33. When would total costs equal fixed costs? a. When there are no variable costs b. When variable costs equal fixed costs c. When variable costs equal 100 for most firms. d. None of the above

34. If Price = $20, quantity = 400 units, unit cost = $15, implicit costs = $4,000. What does economic profit equal? a. $2,000 b. $4,000 c. -$2,000 d. $8,000

35. If economic profit equals accounting profit, what do implicit costs equal? a. Explicit costs b. Total costs c. Marginal costs d. Zero e. None of the above 3. 4. If economic profit equals accounting profit, what do implicit costs equal? 5. If accounting profit is $400,000 greater than economic profit, what do implicit costs equal? 6. If marginal physical product is continually declining, what does marginal cost look like? Explain your answer. 7. If the ATC curve is continually declining, what does this imply about the MC curve? Explain your answer.

In: Economics

CompSci 251 Assignment 1 Due Sep. 23rd, 2019 Create a program that will format long pieces...

CompSci 251

Assignment 1 Due Sep. 23rd, 2019

Create a program that will format long pieces of text based on user input. User input will determine the number of indents allowed for the first line in each paragraph, the number of characters allowed per line, and the number of sentences allowed per paragraph. There are three pieces of text, where each is a famous speech that is represented by a single String variable at the top of the base file.

Requirements

Your program must take user input and format one of the three speeches along the following criteria. See example run below for expected behavior and output.

 User input 1: Select one of the three speeches at the top of the file to format.
o If something is entered that is not one of the three speeches, inform the user and ask again until

a valid response is given.
o If no answer is given, meaning an empty string or a string with just spaces is entered, inform the

user and ask again until a valid response is given.
 User input 2: Select number of indents allowed for the first line in each paragraph. Range should be

between and include 0 – 2. Expect the user to only enter numbers or blank spaces.
o If number is not with in range, inform the user and ask again.
o If empty string or just spaces is entered, inform the user and ask again.
o Keep in mind an indent (or tab) does count towards the characters allowed per line. For my

console a single tab equals 8 characters.
 User input 3: Select number characters allowed per line when printed to the screen. Range should be

between and include 30 – 120. Expect the user to only enter blank spaces or numbers.
o If number is not within range, inform the user and ask again.
o If empty string or just spaces is entered, inform the user and ask again.
o The number of characters are not allowed to exceed the number selected for each line.
o Words are not allowed to be split between lines. This means if a word causes a single line to

exceed the max amount of characters, the word must be added to the next line.
o All periods, commas, question marks, exclamation points, and any other punctuation count

towards the total number of characters allowed per line.
 User input 4: Select number of sentences allowed per paragraph. Range should be between and include

3 – 8. Expect the user to only enter blank spaces or numbers.
o If number is not within range, inform the user and ask again.
o If empty string is entered, inform the user and ask again.
o A sentence ends with a period, question mark, or exclamation point.
o If there is more than one paragraph, the last paragraph is not required to have the specified

number of sentences. It gets whatever is left.

  •  After input 4 is entered, your program should print out the selected speech from input 1 to the console

    in the specified format based on inputs 2,3 and 4.

  •  Each speech should end with the writer’s name on a different line. Each name is precluded by “---” at

    the end of each string.

  •  User input 5: Would the user like to format another speech.

o If the user does not enter yes or no, inform the user and ask again.

o If empty string is entered, inform the user and ask again.A few extra comments

For all inputs, a user is not allowed to advance to the next input until the current input is valid based on the criteria listed above.

You are allowed to use Integer.ParseInt(String str) to convert a String number to an int number. It is ok if your program crashes using this code when converting a string to an int. Later in the course, we will discuss how to handle such cases using exceptions.

Example using Integer.ParseInt(String str)

String number = “5”;
int x = Integer.ParseInt(number); //This works and will convert a String to an int String notNumber = “hello”;
int y = Integer.parseInt(notNumber); //Crash

When complete, export your Java file to a zip folder and submit it to D2L.

Below is a sample run. I highlighted the user input. The first run is when the user enters everything with no errors. The second run shows how your program should respond when the user enters incorrect values. The third run is another example with no errors.

Please select a speech to format. Choices are Gettysburg, Washington, or Lou: Gettysburg"Gettysburg" is in my memory.
Please enter number of indents per first line, between 0-2: 1
"1" is a valid number.

Please enter number of characters allowed per line, between 30-120: 50"50" is a valid number.
Please enter number of sentences per paragraph, between 3-8: 4
"4" is a valid number.

Fourscore and seven years ago our fathers brought forth, on this continent, a new nation, conceived in liberty, and dedicated to the proposition that all men are created equal. Now we are engaged in a great civil war, testing whether that nation, or any nation so conceived, and so dedicated, can long endure. We are met on a great battle-field of that war. We have come to dedicate a portion of that field, as a final resting-place for those who here gave their lives, that that nation might live.

It is altogether fitting and proper that we should do this. But, in a larger sense, we cannot dedicate, we cannot consecrate—we cannot hallow—this ground. The brave men, living and dead, who struggled here, have consecrated it far above our poor power to add or detract. The world will little note, nor long remember what we say here, but it can never forget what they did here.

It is for us the living, rather, to be dedicated here to the unfinished work which they

who fought here have thus far so nobly advanced. It is rather for us to be here dedicated to the great task remaining before us—that from these honored dead we take increased devotion to that cause for which they here gave the last full measure of devotion—that we here highly resolve that these dead shall not have died in vain—that this nation, under God, shall have a new birth of freedom, and that government of the people, by the people, for the people, shall not perish from the earth.

---Abraham Lincoln
Is there another piece of text to format? (yes/no) yes

Please select a speech to format. Choices are Gettysburg, Washington, or Lou:
Sorry, that is not in my memory. Your choices are Gettysburg, Washington, or Lou:
You did not enter anything. Your choices are Gettysburg, Washington, or Lou: Washington "Washington" is in my memory.
Please enter number of indents per first line, between 0-2: <empty>
Sorry, you did not enter anything. Please enter a number between 0-2: 566456
The number entered is not within range. Please enter a number between 0-2: 1
"1" is a valid number.
Please enter number of characters allowed per line, between 30-120: 29
The number entered is not within range. Please enter a number between 30-120: <empty>Sorry, you did not enter anything. Please enter a number between 30-120: 150
The number entered is not within range. Please enter a number between 30-120: 35
"35" is a valid number.
Please enter number of sentences per paragraph, between 3-8: <empty>
Sorry, you did not enter anything. Please enter a number between 3-8: 2
The number entered is not within range. Please enter a number between 3-8: 9
The number entered is not within range. Please enter a number between 3-8: 5
"5" is a valid number.

The great events on which
my resignation depended having at length taken place; I have now the honor of offering my sincere Congratulations to Congress and of presenting myself before them to surrender into their hands the trust committed to me, and to claim the indulgence of retiring from the Service of my Country. Happy in the confirmation of our Independence and Sovereignty, and pleased with the opportunity afforded the United States of becoming a respectable Nation, I resign with satisfaction the Appointment I accepted with diffidence. A diffidence in my abilities to accomplish so arduous a task, which however was superseded by a confidence in the

Space race

<empty>

rectitude of our Cause, the support of the Supreme Power of the Union, and the patronage of Heaven. The Successful termination of the War has verified the most sanguine expectations, and my gratitude for the interposition of Providence, and the assistance I have received from my Country-men, encreases with every review of the momentous Contest. While I repeat my obligations to the Army in general, I should do injustice to my own feelings not to acknowledge in this place the peculiar Services and distinguished merits of the Gentlemen who have been attached to my person during the War.

It was impossible the choice of confidential Officers to compose my family should have been more fortunate. Permit me Sir, to recommend in particular those, who have continued in Service to the present moment, as worthy of the favorable notice and patronage of Congress I consider it an indispensable duty to close this last solemn act of my Official life, by commending the Interests of our dearest Country to the protection of Almighty God, and those who have the superintendence of them, to his holy keeping. Having now finished the work assigned me, I retire from the great theatre of Action; and bidding an Affectionate farewell to this August body under whose orders I have so long acted, I here offer my Commission, and take my leave of all the employments of public life.

---George Washington

Is there another piece of text to format? (yes/no) <empty>
You did not enter anything. Would you like to format more text? (yes/no) That is not yes or no. Is there another piece of text to format? (yes/no)

Please select a speech to format. Choices are Gettysburg, Washington, or Lou: Lou"Lou" is in my memory.
Please enter number of indents per first line, between 0-2: 2
"2" is a valid number.

Please enter number of characters allowed per line, between 30-120: 70"70" is a valid number.

asdfasf

yes

Please enter number of sentences per paragraph, between 3-8: 3 "3" is a valid number.

Fans, for the past two weeks you have been reading about the bad break I got. Yet today I consider myself the luckiest man on the face of this earth. I have been in ballparks for 17 years and have never received anything but kindness and encouragement from you fans.

Look at these grand men. Which of you wouldn’t consider it the highlight of his career just to associate with them for even one day? Sure, I’m lucky.

Who wouldn’t consider it an honor to have known Jacob Ruppert? Also, the builder of baseball’s greatest empire, Ed Barrow? To have spent six years with that wonderful little fellow, Miller Huggins?

Then to have spent the next nine years with that outstanding leader, that smart student of psychology, the best manager in baseball today, Joe McCarthy? Sure, I’m lucky. When the New York Giants, a team you would give your right arm to beat, and vice versa, sends you a gift — that’s something.

When everybody down to the groundskeepers and those boys in white coats remember you with trophies - that’s something. When you have a wonderful mother-in-law who takes sides with you in squabbles with her own daughter - that’s something. When you have a father and a mother who work all their lives so you can have an education and build your body - it’s a blessing.

When you have a wife who has been a tower of strength and shown more courage than you dreamed existed — that’s the finest I know. So I close in saying that I may have had a tough break, but I have an awful lot to live for.
---Lou Gehrig

Is there another piece of text to format? (yes/no) noThank you. Good bye

In: Computer Science

Hey guys so ive been working on these Radix for quite sometime but I keep hitting...

Hey guys so ive been working on these Radix for quite sometime but I keep hitting roadblocks on my todos. Ive implement the first TODO but I cant get the stringRadixSort to work properly as well nor the ChainOfNodes mergeTwoChainsIntoThird() function. Please feel free to rewrite anything you see wrong with it. Ive also provided the Lab Description down below as well for what the output should be and what to do. Thanks again for your guys help! 

1) Implement a radix sort of String objects in a chain of linked nodes, where strings consist only of upper-case characters. This sort will need 27 buckets: 26 for letters A to Z and one bucket for a space.  Each bucket holds a ChainOfNodes object, which will hold appropriate Strings during the sorting. 

2) The ChainOfNodes is a private class inside the SortChain class, its add method adds new elements to the end on the chain.

3) SortChain constructor is already defined and it calls a private method generateList that randomly generates the given number of String objects with number of characters no longer than the given maxStringLength and adds them to the given list. Utilize StringBuffer to build each String.

4) You will create two lists: this.linkedDataOne and this.linkedDataTwo. Each list will be sorted with the stringRadixSort method which you need to implement following the radix sort algorithm.

5) Finally, you will create a third list with mergeTwoChainsIntoThird method. The new list will contain the same data the this.linkedDataOne and this.linkedDataTwo contain. The new list will also be sorted in the ascending order and the original list will remain unchanged. 

See sample runs (with seed 101):
RUN #1
How many nodes in the first chain?
 It should be an integer value greater than or equal to 0.
5
How many characters in the longest string in the first chain?
 It should be an integer value greater than or equal to 1.
6

How many nodes in the second chain?
 It should be an integer value greater than or equal to 0.
7
How many characters in the longest string in the second chain?
 It should be an integer value greater than or equal to 1.
3

The original listOne is: 
CLYUD RWUMOX OVW A CEZ 
The are 5 elements in the list
  The longest string has 6 characters, so the number of needed passes is 6
The original listOne sorted with RadixSort: 
A CEZ CLYUD OVW RWUMOX 
The are 5 elements in the list


The original listTwo is: 
AY NCQ UBT D TF A UAR 
The are 7 elements in the list
  The longest string has 3 characters, so the number of needed passes is 3
The original listTwo sorted with RadixSort: 
A AY D NCQ TF UAR UBT 
The are 7 elements in the list

The mergeChain is:
A A AY CEZ CLYUD D NCQ OVW RWUMOX TF UAR UBT 
The are 12 elements in the list
The listOne sorted should be unchanged: 
A CEZ CLYUD OVW RWUMOX 
The are 5 elements in the list
The listTwo sorted should be unchanged: 
A AY D NCQ TF UAR UBT 
The are 7 elements in the list

Process finished with exit code 0


RUN #2
How many nodes in the first chain?
 It should be an integer value greater than or equal to 0.
0
How many characters in the longest string in the first chain?
 It should be an integer value greater than or equal to 1.
5

How many nodes in the second chain?
 It should be an integer value greater than or equal to 0.
5
How many characters in the longest string in the second chain?
 It should be an integer value greater than or equal to 1.
3

The original listOne is: 
The list is empty
The original listOne sorted with RadixSort: 
The list is empty


The original listTwo is: 
CL UD RWU O S 
The are 5 elements in the list
  The longest string has 3 characters, so the number of needed passes is 3
The original listTwo sorted with RadixSort: 
CL O RWU S UD 
The are 5 elements in the list

The mergeChain is:
CL O RWU S UD 
The are 5 elements in the list
The listOne sorted should be unchanged: 
The list is empty
The listTwo sorted should be unchanged: 
CL O RWU S UD 
The are 5 elements in the list

Process finished with exit code 0

RUN #3
How many nodes in the first chain?
 It should be an integer value greater than or equal to 0.
25
How many characters in the longest string in the first chain?
 It should be an integer value greater than or equal to 1.
4

How many nodes in the second chain?
 It should be an integer value greater than or equal to 0.
4
How many characters in the longest string in the second chain?
 It should be an integer value greater than or equal to 1.
25

The original listOne is: 
CLY D RWU OX OVWM MCE O Y NCQD BTQ WT GA UAR BNOZ KK H U JBAO DF DIN RYBA BMZG GFLU SJX X 
The are 25 elements in the list
  The longest string has 4 characters, so the number of needed passes is 4
The original listOne sorted with RadixSort: 
BMZG BNOZ BTQ CLY D DF DIN GA GFLU H JBAO KK MCE NCQD O OVWM OX RWU RYBA SJX U UAR WT X Y 
The are 25 elements in the list


The original listTwo is: 
OAQTRHPCWYKQJLDVISONZN ORLBRYUSSXFNFQ YSLFLIASALCGMYBNXISCIJQ OPEMSYQVZUMCCVDS 
The are 4 elements in the list
  The longest string has 23 characters, so the number of needed passes is 23
The original listTwo sorted with RadixSort: 
OAQTRHPCWYKQJLDVISONZN OPEMSYQVZUMCCVDS ORLBRYUSSXFNFQ YSLFLIASALCGMYBNXISCIJQ 
The are 4 elements in the list

The mergeChain is:
BMZG BNOZ BTQ CLY D DF DIN GA GFLU H JBAO KK MCE NCQD O OAQTRHPCWYKQJLDVISONZN OPEMSYQVZUMCCVDS ORLBRYUSSXFNFQ OVWM OX RWU RYBA SJX U UAR WT X Y YSLFLIASALCGMYBNXISCIJQ 
The are 29 elements in the list
The listOne sorted should be unchanged: 
BMZG BNOZ BTQ CLY D DF DIN GA GFLU H JBAO KK MCE NCQD O OVWM OX RWU RYBA SJX U UAR WT X Y 
The are 25 elements in the list
The listTwo sorted should be unchanged: 
OAQTRHPCWYKQJLDVISONZN OPEMSYQVZUMCCVDS ORLBRYUSSXFNFQ YSLFLIASALCGMYBNXISCIJQ 
The are 4 elements in the list

Process finished with exit code 0


   

import java.util.InputMismatchException;
import java.util.Random;
import java.util.Scanner;

/**
 * A class Radix Sort tester
 *
 * @author YOUR NAME
 * @version 10/6/2020
 */
public class SortChain>
{
    private ChainOfNodes linkedDataOne;
    private ChainOfNodes linkedDataTwo;
    private Random generator;

    public SortChain(int listSizeOne, int maxStringLengthOne, int listSizeTwo, int maxStringLengthTwo)
    {
        this.generator = new Random(101);
        this.linkedDataOne = generateList(listSizeOne, maxStringLengthOne);
        this.linkedDataTwo = generateList(listSizeTwo, maxStringLengthTwo);
    }

    /**
     * Creates a ChainOfNodes object called list, randomly generates String objects and adds them to the list
     *
     * @param listSize        - number of STring objects to generate
     * @param maxStringLength - the maximum number of characters in the generated String object
     * @return created list
     */
    private ChainOfNodes generateList(int listSize, int maxStringLength)
    {
        final int ASCII_Z = 90;
        final int ASCII_A = 65;
        ChainOfNodes list = new ChainOfNodes<>();
        //TODO Project 4 #1

        for (int i = 0; i < listSize; i++)
        {
            StringBuilder builder = new StringBuilder();
            int length = generator.nextInt (maxStringLength) + 1;

            for (int j = 0; j < length; j++)
            {
                char c = (char) (generator.nextInt ((ASCII_Z - ASCII_A) + 1) + ASCII_A) ;
                builder.append (c);
            }
            String word = builder.toString();
            list.add (word);
        }

        return list;
    }

    public void sortLinkedDataAndDisplayResults()
    {
        System.out.println("\nThe original listOne is: ");
        displayChain(this.linkedDataOne.firstNode);
        stringRadixSort(this.linkedDataOne);
        System.out.println("The original listOne sorted with RadixSort: ");
        displayChain(this.linkedDataOne.firstNode);

        System.out.println("\n\nThe original listTwo is: ");
        displayChain(this.linkedDataTwo.firstNode);
        stringRadixSort(this.linkedDataTwo);
        System.out.println("The original listTwo sorted with RadixSort: ");
        displayChain(this.linkedDataTwo.firstNode);
    }

    /**
     * RADIX SORT
     * sorts String objects in linkedData chain of nodes
     */
    private void stringRadixSort(ChainOfNodes linkedData)
    {
        // TODO Project 4 #2
        Node currentNode = linkedData.firstNode;
        final int NUMBER_OF_UPPER_CASE_LETTERS = 26;

        // do nothing if no more than one node

        // otherwise
        // create buckets

        // traverse the chain to find the longest string

        if (currentNode.next == null)
        {
            return;
        }

        Node[] buckets = new Node[NUMBER_OF_UPPER_CASE_LETTERS];


        String longestString = currentNode.data;
        while (currentNode != null)
        {
            if (currentNode.data.length () > longestString.length ())
            {
                longestString = currentNode.data;
            }
            currentNode = currentNode.next;
        }




        int max = longestString.length (); // THIS IS A STUB
        System.out.println("\u001B[35m\u001B[1m  The longest string has " + max + " characters so the number of needed passes is " + max + "\u001B[0m\n");


        // start soring

        // for each pass:
        // distribute nodes to appropriate buckets
        // clear the original chain and add the nodes back in "buckets" order
        // clear buckets


        for (int i = 0; i < max; i++)
        {

            currentNode = linkedData.firstNode;
            int length = 1;

            while (currentNode.data != null)
            {
                if (currentNode.data.length () > i)
                {
                    int charValue = (int) (currentNode.data.charAt (i)) - 'A';

                }
                currentNode = currentNode.next;
                length++;
            }
            linkedData.clear ();
        }

    }

    public void createSortedChainFromTwoAndDisplayResults()
    {
        ChainOfNodes mergeChain = mergeTwoChainsIntoThird();
        System.out.println("\n\u001B[35m\u001B[1mThe mergeChain is:\u001B[0m");
        displayChain(mergeChain.firstNode);

        System.out.println("The listOne sorted should be unchanged: ");
        displayChain(this.linkedDataOne.firstNode);

        System.out.println("The listTwo sorted should be unchanged: ");
        displayChain(this.linkedDataTwo.firstNode);
    }

    /**
     * Merges two sorted chains: this.linkedDataOne and this.linkedDataTwo into a new one
     * and returns a reference to the new chain.
     * Each chain is in ascending order.
     * The resulting chain should be in ascending order
     * The original chains remain unchanged
     */
    private ChainOfNodes mergeTwoChainsIntoThird()
    {
        ChainOfNodes newChain = new ChainOfNodes<>();
        Node firstCurrent = this.linkedDataOne.firstNode;
        Node secondCurrent = this.linkedDataTwo.firstNode;

        while ((firstCurrent != null) && (secondCurrent != null))
        {
            // TODO Project 4 #3
            // Create new node for merged chain and decide what data belongs in it


        } // end while


        // Exhausted one or both chains; add any remaining data


        return newChain;
    }


    /**
     * Displays all entries in the given chain of nodes.
     */
    private void displayChain(Node currentNode)
    {
        if (currentNode == null)
            System.out.println("The list is empty");
        else
        {
            int count = 0;
            while (currentNode != null)
            {
                System.out.print(currentNode.data + " ");
                count++;
                currentNode = currentNode.next;
            }
            System.out.println("\nThe are " + count + " elements in the list");
        }
    }

    /**
     * Chain of nodes class with add method that adds elements to the end of the list
     */
    private class ChainOfNodes>
    {
        private Node firstNode;       // reference to first node
        private Node tailNode;        // reference to the last node in the chain

        public ChainOfNodes()
        {
            this.firstNode = null;
            this.tailNode = null;
        } // end default constructor

        /**
         * Adds a new entry to the end of the chain.
         *
         * @param newEntry the object to be added as a new entry
         * @return true
         */
        public boolean add(T newEntry) // OutOfMemoryError possible
        {
            // add to the end of the chain:
            Node newNode = new Node<>(newEntry);
            if (this.firstNode == null)
            {
                this.firstNode = newNode;
                this.tailNode = newNode;
            }
            else
            {
                this.tailNode.next = newNode;
                this.tailNode = newNode;
            }
            return true;
        } // end add

        /**
         * Removes all entries from this bag.
         */
        public void clear()
        {
            this.firstNode = null;
            this.tailNode = null;
        } // end clear
    } // end ChainOfNodes

    private class Node
    {
        private S data; // entry in bag
        private Node next; // link to next node

        private Node(S dataPortion)
        {
            this(dataPortion, null);
        } // end constructor

        private Node(S dataPortion, Node nextNode)
        {
            this.data = dataPortion;
            this.next = nextNode;
        }
    } // end Node

    public static void main(String args[])
    {
        int listOneSize = 0;
        int maxStringLengthListOne = 0;
        int listTwoSize = 0;
        int maxStringLengthListTwo = 0;
        boolean invalidInput;

        // get input
        do
        {
            try
            {
                invalidInput = false;
                Scanner keyboard = new Scanner(System.in);
                System.out.println("How many nodes in the first chain?" + "\n It should be an integer value greater than or equal to 0.");
                listOneSize = keyboard.nextInt();

                System.out.println("How many characters in the longest string in the first chain?" + "\n It should be an integer value greater than or equal to 1.");
                maxStringLengthListOne = keyboard.nextInt();

                System.out.println("\nHow many nodes in the second chain?" + "\n It should be an integer value greater than or equal to 0.");
                listTwoSize = keyboard.nextInt();

                System.out.println("How many characters in the longest string in the second chain?" + "\n It should be an integer value greater than or equal to 1.");
                maxStringLengthListTwo = keyboard.nextInt();
            } catch (InputMismatchException ime)
            {
                System.out.println("Could not convert input to an integer");
                invalidInput = true;
            } catch (Exception e)
            {
                System.out.println("There was an error with System.in");
                System.out.println(e.getMessage());
                invalidInput = true;
            }
        } while (invalidInput);

        SortChain tester = new SortChain(listOneSize, maxStringLengthListOne, listTwoSize, maxStringLengthListTwo);
        tester.sortLinkedDataAndDisplayResults();
        tester.createSortedChainFromTwoAndDisplayResults();
    }
} // end RadixSort

In: Computer Science

When the Law of Supply and Demand Isn’t Fair By Richard Thaler For an economist, one...

When the Law of Supply and Demand Isn’t Fair

By Richard Thaler


For an economist, one of the most jarring sights during the early weeks of the coronavirus crisis in the United States was the spectacle of bare shelves in sections of the supermarket.


There was no toilet paper or hand sanitizer. Pasta, flour and even yeast could be hard to find in the early weeks of social distancing, as many people decided to take up baking. Of far greater concern, hospitals could not buy enough of the masks, gowns and ventilators required to safely treat Covid-19 patients.


What happened to the laws of supply and demand? Why didn’t prices rise enough to clear the market, as economic models predict?


A paper that I wrote with my friends Daniel Kahneman, a psychologist, and Jack Knetsch, an economist, explored this problem. We found that the answer may be summed up with a single word, one you won’t find in the standard supply-and-demand models: fairness. Basically, it just isn’t socially acceptable to raise prices in an emergency.


We asked people questions about the actions of hypothetical firms. For example: “A hardware store has been selling snow shovels for $15. The morning after a blizzard the store raises the price of snow shovels to $20.”


Fully 82 percent of our respondents judged this to be unfair. The respondents were Canadians, known for their politeness, but the general findings have now been replicated and confirmed in studies around the world.


Most companies implicitly understand that abiding by the social norms of fairness should be part of their business model. In the current crisis, large retail chains have responded to the shortages of toilet paper not by raising the price but by limiting the amount each customer can buy. And Amazon and eBay prohibited what was viewed as price gouging on their sites.


We have seen similar behavior after hurricanes. As soon as a storm ends, there is typically enormous demand for goods like bottled water and plywood. Big retailers like Home Depot and Walmart anticipate this, sending trucks loaded with supplies to regions just outside the danger zone, ready to be deployed. Then, when it is safe, the stores provide water for free and sell the plywood at the list price or lower.


At the same time, some “entrepreneurs” are likely to behave differently. They see a disaster as an opportunity and so will fill up trucks with plywood near their homes, drive to the storm site and sell their goods for whatever price they can get.



It is not that large retailers are intrinsically more ethical than the entrepreneurs; it is simply that they have different time horizons. The large companies are playing a long game, and by behaving “fairly” they are hoping to retain customer loyalty after the emergency. The entrepreneurs are just interested in a quick buck.


Fairness norms help explain the breakdown of supply chains of medical equipment in the coronavirus crisis. Hospitals normally use buying associations that make long-term deals with wholesalers to provide essential supplies. The wholesalers generally want to preserve these relationships and realize that now would not be a good time to raise prices. Often, they are contractually obligated to supply items at prices negotiated before a spike in demand.


One current example is the N95 face mask. At the onset of the pandemic, hospitals had long-term contracts to buy them for about 35 cents each, an executive at a New York hospital told me. When the need for the masks surged, these suppliers were not allowed to raise the price, even if inclined to do so.


But others along the supply chain could make big profits by diverting masks to anyone willing to pay top dollar. That left hospitals in a bind. As the coronavirus spread in New York, the executive’s hospital searched frantically for masks, eventually paying an overseas supplier $6 each, for hundreds of thousands of them, when the regular stock was desperately short.


When anyone tries to reap big profits in an emergency like this, it can look ugly. Consider the case of two brothers who began buying hand sanitizer, masks and other scarce commodities on March 1, the day of the first announcement of a Covid-19 death in the United States. After they sold some of their merchandise at big markups on Amazon and eBay, these outlets cut them off. Eventually, after considerable adverse publicity, the brothers decided to donate their supplies.


Notice that the brothers were making markets more “efficient,” by buying low and selling high. If instead of arbitraging coronavirus supplies they had sold shares of airline and hotel companies and bought shares of Netflix and Zoom, they would simply have been considered smart traders. But while smart trading may be fine for investments, it is not considered fair when it involves essential goods during a pandemic.

One can argue that this social norm is harmful in that it prevents markets from doing their magic. For example, Tyler Cowen, the George Mason University economist, has said he wishes it were OK to raise prices for coronavirus essentials.


“Higher prices discourage panic buying and increase the chance that the people who truly need particular goods and services have a greater chance of getting them,” he wrote.


But which people “truly need” N95 masks? What is the right allocation of masks among well-endowed research hospitals, poorly funded municipal facilities, nursing homes and food processing plants? Supply and demand would tell us that the masks should simply go to the buyer who was willing and able to pay the most for them. But fairness tells us this can’t be the only consideration.

As a practical matter for businesses, big and small, that want to keep operating for the long haul, it makes good sense to obey the law of fairness. If the next shortage is meat and a store owner realizes that there is only one package of pork chops left, it would be unwise sell it at auction to the highest bidder.

Richard H. Thaler is a professor of economics and behavioral science at the Booth School of Business at the University of Chicago. Follow him on Twitter: @R_Thaler


Economic Concepts:

scarcity implies competition

ethics

allocation mechanisms

trade-offs


COMMENT

In: Economics

Complete the following questions. In addition to answering the items below, you must submit an analysis...

Complete the following questions. In addition to answering the items below, you must submit an analysis of the assignment. Analyze the specific outcomes and write an analysis directed toward the management team at Smart Company describing what the numbers mean and how they relate to the business. Submit journal entries in an Excel file and written segments in an MS Word document. For written answers, please make sure your responses are well-written, formatted per CSU-Global Guide to Writing and APA and have proper citations, where applicable. Smart Company is preparing its financial statements for the year ended June 30, 2017. The financial statements are complete except for the statement of cash flows. You have been asked to prepare a statement of cash flows for the year ended June 30, 2017. Download the excel spreadsheet found in the link below. Required: Prepare a spreadsheet to support a statement of cash flows for the year ended June 30, 2017. In the tab named ‘Journal Entries’, show in journal entry form, the entries that would be made in preparation of the statement of cash flows. Prepare Smart Company’s statement of cash flows for the year ended June 30, 2017. Prepare the statement of cash flows using the indirect method. Note: For full credit, you must prepare the statement of cash flow in good form with all necessary disclosures, including disclosures about noncash financing and investing activities. Submit a well-formatted electronic file, with your last name as the file name. For example, Lastname_PortfolioProject.xls.

FACTS:

You are the accountant for Smart Construction Company, a large construction company in Colorado. You have been presented with the following
financial information for Smart and asked to prepare the Statement of Cash Flows for the year ended June 30, 2017. You will complete all work for
the project in this excel file, which includes the following tabs:
1. Facts - Information taken from Smart's accounting records and additional information regarding the cash flows as of June 30, 2017.
2. Worksheet - Worksheet template (also see Example 21.3a in text).
3. Cash Flows - Statement of Cash Flows template (also see Example 21.3b in text).
Account Balances
########### ###########
Debits
Cash $      361,700 $      880,550
Accounts Receivable          100,000          125,000
Marketable Securities (at cost)             11,700             13,000
Allowance for Change in Value               1,500               1,800
Construction in Process          168,750          405,000
Prepaid Expenses             45,000             10,000
Investments (long-term)                       -               13,500
Leased Equipment                       -               20,000
Building             30,000                       -  
Deferred tax asset               5,375               2,200
Land             10,500             10,500
Discount on Bonds Payable                       -                 1,305
Totals          734,525      1,482,855
Credits
Allowance for doubtful accounts $           6,000 $           4,500
Accounts Payable             87,500          210,000
Deferred tax liability               1,000               3,300
Income Taxes Payable               3,500               9,000
Note Payable (long-term)               3,500                       -  
Accumulated Depreciation on Building               2,500                       -  
Accumulated Depreciation on Leased Asset                       -                 3,000
Lease obligation                       -               18,000
Interest payable on lease obligation                       -                 1,800
Interest payable (Bonds)                       -                 1,800
Bonds payable                       -               45,000
Billings on contruction in process          150,000          325,000
Pension liability          150,000          400,000
Convertible preferred stock, $100 par               9,000                       -  
Common Stock, $10 par             14,000             24,500
Additional Paid-in Capital               8,700             13,700
Unrealized Increase in Value of Marketable Securities               1,500               1,800
Retained Earnings          297,325          421,455
Totals          734,525      1,482,855
Additional information:
a. Dividends declared and paid totaled $650.
b. 300 shares of common stock (at par) were issued for cash.
c. On July 1, 2016, convertible preferred stock that had originally been issued at par value were
converted into 500 shares of common stock. The book value method was used to account for the
conversion.
d. The long-term note payable was paid by issuing 250 shares of common stock at the beginning of the
fiscal year.
e. Short-term marketable securities were purchased at a cost of $1,300. The portfolio was increased by
$300 to a $14,800 fair value at year-end by adjusting the related allowance account.
f. During the year, a 30% interest in Ricochet Co. was purchased as an investment for $9,500. Ricochet
reported $20,000 in net income for the year and paid dividends of $2,000 to Smart.
g. $5,000 of accounts receivable were written off as uncollectible during the year.
h. Smart’s inventory consists of Construction-in-Process in excess of the Billings on
Construction-in-Process account balance.
i. A building was destroyed by fire during the year and insurance proceeds of $26,000 were collected.
j. The 12% bonds payable were issued on February 28, 2017, at 97. They mature on February 28, 2027.
The company uses the straight-line method to amortize bond premiums and discounts.
k. Smart recorded pension expense of $350,000 for the year.
l. A lease agreement was signed on July 1st, 2016 for the use of equipment worth $20,000. The
company determined that the transaction should be recorded as a capital lease.

WORKSHEET:

SMART CONSTRUCTION COMPANY
Cash Flows Worksheet
For Year Ended June 30, 2017
Balances Change Worksheet Entries
Account Titles 6/30/2016 6/30/2017 Increase (Decrease) Debit Credit
Debits
Noncash Accounts:
Credits
Cash Flows from Operating Activities:
Cash Flows from Investing Activities:
Cash Flows from Financing Activities
Investing and Financing Activities Not Affecting Cash:
Net Increase in Cash

Totals

CASH FLOWS:

Smart Construction Company
Statement of Cash Flows
For Year Ended June 30, 2017
Operating Activities:
     Net Income
     Adjustments for noncash income items:
      Adjustments from cash flow effect from working capital items:
      Net cash provided (used) by operating activities
Investing activities:
    Net cash provided (used) by investing activities
Financing Activities:
    Net cash provided (used) by financing activities
Net increase in cash (see Schedule 1)
Cash, June 30, 2016
Cash, June 30, 2017
Schedule 1: Investing and Financing Activities Not Affecting Cash


In: Accounting