. Describe, with examples, each of the various decision rules under uncertainty that we studied in class (e.g. maximin, leximin, etc). Why do some of these rules require utility to be cardinal? Which rule would you follow in making your own decisions and why?. Describe, with examples, each of the various decision rules under uncertainty that we studied in class (e.g. maximin, leximin, etc). Why do some of these rules require utility to be cardinal? Which rule would you follow in making your own decisions and why?

Raise a problematic situation in real life, where mechanical physics is needed to solve it.

The problem raised should contain the following topics, without being limited to this list.

1. Conservation of mechanical energy

2. Conservation of the line or bi-dimensional moment

3. Rotational dynamics

1. Mr. Brown decided last year to raise chickens in his back yard. He built a chicken coop next to his property line with Mr. Adams. Mr. Adams finds the chickens annoying because of the smell, the noise they make, and because their feathers end up in his pool and can clog the filtering system.

It would be worth $500 to Mr. Adams to be free of the chicken noise and smell, and the need to frequently skim feathers from his pool. Mr. Brown could move his chicken coop to the other side of the yard for $350, which would cut the value of Mr. Adams utility loss from $500 to $250. Mr. Adams values the ability to keep his chickens at $400.

(3) a. Describe this situation using the economist’s concept of an externality

(3) b. Describe this situation in terms of conflicting property rights claims.

(4) c. What is the socially efficient outcome of this situation:

(i). No change is made

(ii). The chicken coop is moved

(iii). Adams gives up raising chickens

Explain your choice, using numbers.

(4) d. Assume that after discussing the situation and consulting lawyers, Adams and Brown learn that the law in their city is unclear regarding nuisance due to neighbor’s chickens. So, they go to court. The judge rules that Adams has every right to raise chickens and keep the coop where it is. Assuming that there are no transaction costs to bargaining between Smith and Adams, what will be the final outcome of the situation after this decision? Explain your answer.

(i). No change is made

(ii) The chicken coop is moved

(iii). Adams gives up raising chickens

(2) e.      T   F     In the legal case just described, Mr. Brown was the plaintiff.

(2) f.     T     F     According to the Coase theorem, even though this question assumes that

there are no transaction costs, different decision by the court would lead to different levels of relative welfare for Adams and Brown.

In order to stop the rampant spread of the virus throughout the population, health care workers and others use n95 masks. Graph the market for n95 masks in initial equilibrium and show how the virus will change the market. Be sure to graph the curves with the proper elasticities.

2. If the demand function for X is Q = 100 - P, and the supply function for X is Q = 40 + 2P, determine the effects on: (a) equilibrium price, (b) quantity traded and (c) government revenue (or cost) if:

1. A tax of $ 6 per unit produced is established. (Is it different from the case of establish a tax of $ 6 per unit consumed?)

In your own words, write a short business report (400-500 words) about Alibaba Group future plans for Internet profit.

The route followed by a hiker consists of three displacement vectors , , and . Vector is along a measured trail and is 1360 m in a direction 16.0 ° north of east. Vector is not along a measured trail, but the hiker uses a compass and knows that the direction is 27.0 ° east of south. Similarly, the direction of vector is 15.0 ° north of west. The hiker ends up back where she started, so the resultant displacement is zero, or + + = 0. Find the magnitudes of (a) vector b and (b) vector c

1- Which geological period saw the highest diversity of fishes? List the three main groups of armoured fishes that coexisted and radiated in this period and their main characteristics. Provide some possible explanations for their extinction.

2-Explain how a white shark (Charcharodon charcharias) located 2 km away from a sea lion (Family Otariidae) can successfully detect and capture it. Describe all the possible senses and anatomical structures involved in providing information to the shark as it homes in on the unsuspecting sea lion. Also include in your answer the predation strategy of the shark, from attacking, to killing and eating its prey.

A bank is considering two alternatives for handling a projected total number of 15,000,000 service calls in the next 5 years. (You should treat those 5 years as one time period.) If the bank sets up its own service call center in the U.S., the fixed cost is estimated to be $3,800,000, and the variable cost is calculated to be 25 cents per call. If the call service is outsourced to a foreign company, the fixed cost would be $210,000, and the unit charge would be 45 cents per call.   (a)What is the break?even number of service calls? (Rounded up if necessary) (b) Draw a diagram representing the in?house and outsourcing total costs which are functions of the number of service calls. Indicate the break?even number of service calls on the diagram.   (c) Would the bank set up its own service call center or outsource service call handlings? Explain your answer with calculations. (d)If the projected number of service calls is 19,000,000 for the next 5 years, would the bank change its decision in part (c)? Again, explain with calculations.

Determine whether each of the following statements is true or false. You are also required to explain why, the answer is true or false, in other words provide the justification for saying so.

a. According to the theory of consumer behavior, more is always better.

b. Consumer must understand how much one product is preferred over another in order to rank order consumption alternatives.

c. Marginal Utility measures the consumer’s overall level of satisfaction derived from consumption activities.

Assignment 02

Managing a diverse workforce is challenging task, especially in the context of effectuating change. Due to advancements of technology and rapid globalization, the world is getting smaller and workforce diversity is enriching the game.

Individual behaviour at workplace is influenced by many variables. Assuming you are serving as a senior consultant to a multinational company in a downsizing project (make the organization smaller by shedding staff) describe your suggestions with sufficient examples.

Entries for Factory Costs and Jobs Completed

Old School Publishing Inc. began printing operations on January 1. Jobs 301 and 302 were completed during the month, and all costs applicable to them were recorded on the related cost sheets. Jobs 303 and 304 are still in process at the end of the month, and all applicable costs except factory overhead have been recorded on the related cost sheets. In addition to the materials and labor charged directly to the jobs, $2,910 of indirect materials and $35,210 of indirect labor were used during the month. The cost sheets for the four jobs entering production during the month are as follows, in summary form:

Journalize the summary entry to record each of the following operations for January (one entry for each operation):

A. Direct and indirect materials used. For a compound transaction, if an amount box does not require an entry, leave it blank.

B. Direct and indirect labor used. For a compound transaction, if an amount box does not require an entry, leave it blank.

C. Factory overhead applied to all four jobs ( a single overhead rate is used based on direct labor cost)

D. Completion of Jobs 301 and 302.

2) Explain what each of Aristotle’s “four causes” would be for a batch of chocolate chip cookies.

5. Tort law, by assigning liability to various parties the for losses due to accidents, affects the incentives for those parties to take precautions to avoid accidents. Complete this sentence:

According to economists, socially optimal tort law will lead to behavior that minimizes . . .