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4. Most airlines deliberately double-book a certain number of seats on each flight, to minimise losses from empty seats when some passengers fail to turn up. This raises the problem of how to decide who gets left behind when all the passengers turn up. Over the years a variety of methods have been used, including the following: i) First-come, first-served Discretion of the check-in clerk A free-for-all where passengers jostle each other for seats Airline buy-back where a cash payment, travel voucher or upgrade is made to those iv) who take a later flight b. Which method does economic theory support?
The government is considering imposing per unit tax either on groceries or gold. It is known that the demand for groceries and supply for gold are perfectly inelastic. The government tries to avoid the damage in consumer’s welfare as the next election is coming. Which goods should the government impose a tax on? Explain why using the graph. 5.
Jim, Becky, and Stelios are the only inhabitants of the small island of Tock. Unfortunately, the island lacks a means of telling time. However, the inhabitants can import a public clock tower from a neighboring island at a cost of $21,000. Once purchased, nothing could prevent any of the island’s inhabitants from using the clock to tell what time it is. The following table shows each individual’s benefit from importing the clock tower. Individual Benefit from a Clock Jim $5,700 Becky $9,700 Stelios $6,000 The total benefit from the clock to Tock is Therefore, it socially optimal, or efficient, for Jim, Becky, and Stelios to purchase the clock
Crystal makes sweaters in her home. Starting with just some knitting needles and yarn, she was able to knit 60 sweaters per year. Now some local stores have expressed interest in her designs and offered to buy her sweaters for $30 each. This makes it worthwhile for her to invest in some capital; in particular, she could produce many more sweaters if she invested in one or more looms, as shown in the following table. Assume that Crystal’s sweater business is a perfectly competitive firm. Complete the following table by calculating the marginal physical product (MPP) of each loom and the marginal revenue product (MRP) of each loom. Quantity of Input MPP of Each Loom MRP of Each Loom Output (Sweaters per year) (Looms) (Sweaters) (Dollars) 60 1 110 2 152 3 187 4 218 245 If the rental price of a loom is $870 per year, Crystal should use st n Suppose the demand for sweaters is very elastic, while the demand for cigarettes is very inelastic. Suppose that looms are used exclusively in the production of sweaters and that tobacco is used exclusively in the production of cigarettes. Which of the following might we expect? The supply of looms would be less elastic than the supply of tobacco. The demand for looms would be more elastic than the demand for tobacco O The supply of looms would be more elastic than the supply of tobacco The demand for looms would be less elastic than the demand for tobacco.
Marginal Physical Product of Market Marginal Market Labor Labor Revenue Supply Product of Demand Definition Labor Labor Curve Curve The increase in the amount of output from an additional unit of labor The additional revenue the firm receives from selling the output produced from an additional unit of labor The graphical representation of the relationship between the wage rate and the quantity of labor workers are willing to provide in a market The graphical representation of the relationship between the wage rate and the quantity of labor firms are willing to hire in a market Which of the following events may increase the marginal physical product of labor? Check all that apply. Good weather causes an increase in supply and a fall in price for one of the inputs used to make the good An increase in the wage rate A technological improvement that is complementary for this type of labor A technological improvement that is substitutable for the labor in this market
( point) Are dominant strategy equilibria always Nash equilibria? Why or they are not, provide an example. why not? If
A new, replacement machine costs $10,000. It has also been brought up to the attention of the shop manarer that an overhaul service i available for a used machine. Specifically, when a machine is in state 2, the overhaul fees are $2,000 and this brings the machine back to State 1. When a machine is in state a howeser, the overhaul fees are $5,000 and this brings the machine to State 2. For ench state of the machine, the manager can choose one of the three decision alternatives below. Overhauling spans of a week, thue ineurs lost sales that is estimated to be about $5,000. Decision Decision Do nothing Overhaul an existing machine Replace an existing machine by a new one 2 3 3a 10 pts Identify states and classes of this Markov system. 3.b 10 pts) Caleulate the steady-state probabilities for this problem. 3.c 20 pts Using R-1,1, 1, 3) as an initial policy, apply the policy improvement algorithm to find an optimal policy of decisions for this problem. 3.d 10 pts) Formulate a linear programming problem to find an optimal policy of decisions for this problem. 2. [20 pts.] A pi days. There are two repair persons, añ the breakdown and service times are exponential, find the averág service (Note: You do not need formulas to answer this question.) 3. [Total 50 pts. A production process contains a machine that deteriorates in both quality and output under heavy usage, so that it is inspected at the end of each week. Immediately after inspection, the condition of the machine is noted and classified into one of the four states below, where the expected weekly costs (in $) of the machine shop due to producing defective items are also found: Condition Good as new Operable-minor deterioration Operable-major deterioration Inoperable Weekly Cost Due to Defects 0 State 0 $1,000 $3,000 $20,000 2 3 A statistical survey has revealed that the machine shop follows one-step transition probabilities bel State 3 C 1 2 3 16 0 10 16 0 4 1 8 0 0 2 3 1 3 0 3 0 0 1 days. There are two the breakdown and service times are exponent. service (Note: You do not need formulas to answer this question.) 3. Total 50 under heavy usage, so that it is inspected at the end of each week. Immediately after inspection, the condition of the machine is noted and classified into one of the four states below, where the expected pts.] A production process contains a machine that deteriorates in both quality and output weekly costs (in $) of the machine shop due to producing defective items are also found: Condition Good as new Operable-minor deterioration Operable-major deterioration Inoperable Weekly Cost Due to Defects State $1,000 $3,000 $20,000 1 2 3 A statistical survey has revealed that the machine shop follows one-step transition probabilities bel State 2 1 3 0 0 16 16 1 4 2 0 3 3 0 0 1 H9-00-00 bo9-acraleoO A new, repleoement machine costs S10,000. It has also been brought up to the attention of the shop manager that an overhaul service is available for a used machine. Specifically, when a machine is in state 2, the overhaul fees are $2.000 and this brings the machine back to State 1. When a machine is in state 3, however, the overhaul fees are $5,000 and this brings the machine to State 2. For each state of the machine, the manager can choose one of the three decision alternatives below. Overhauling spans of a week, thus ineurs lost sales that is estimated to be about $5,000. Decision Decision Do nothing Overhaul an existing machine Replace an existing machine by 3 a new one 3a 10 pts Identify states and classes of this Markov aystem a.b f10 pts) Caleulate the steady-state probabilities for this problem. 3.c [20 pts Using R-1, 1,1,3) as an initial policy, apply the policy improvement algorithm to find an optimal policy of decisions for this problem. 3.d (10 pts] Formulate a linear programming problem to find an optimal policy of decisions for this problem
( point) Are Nash equilibria always dominant strategy equilibria? Why they are not, provide an example why not? If or
Consider the following sequential game Player B Left Right 1,9 Тоp 4,7 Player A Bottom 0, 0 2, 3 a) ( point) Draw the extensive form of this game if A moves first. What is the equilibrium of the game? b) ( point) Draw the extensive form of the game if B moves first. What is the equilibrium of the game? c) ( point) Does player A prefer to move first or second? Explain your reasoning d) ( point) Does player B prefer to move first or second? Explain your reasoning
Get college assignment help at uniessay writers Which of the following assets are used to increase a bank’s liquidity position? Multiple Choice Treasury securities Personal loans Mortgage loans Commercial loans Corporate bonds
Facts: Colin works as an overnight security guard for a big company. The company has two safes, each of which is located in a different part of the company’s headquarters. One safe (S1) usually contains $10,000. The other safe (S2) usually contains $100,000. (This is common knowledge, unfortunately). Because the two safes are located very far apart, it is not feasible for Colin to guard both of them at the same time. Colin receives a tip that someone is planning to break into the company headquarters and rob one of the safes. But which one? He does not know. Likewise, Colin does not know which night the safe-cracker is going to do his thing. So, each night Colin must decide which safe to guard. Roland, the safe-cracker, is planning to break into the company premises on Wednesday night (unbeknownst to the security guard). Roland knows which safe contains $100,000 and which one contains $10,000. But he has no way of knowing which safe Colin will be guarding Wednesday night when he enters the premises Obviously, Roland doesn’t want to get caught And he wants to maximize the expected the heist. Conversely, Colin wants to the safe-cracker’s expected reward from g the company on his (night) watch – and to catch f (unbeknownst to the security guard). Roland knows which safe contains $100,000 and which one contains $10,000. But he has no way of knowing which safe Colin will be guarding Wednesday night when he enters the premises. Obviously, Roland doesn’t want to get caught. And he wants to maximize the expected value of the heist. Conversely, Colin wants to minimize the safe-cracker’s expected reward from robbing the company on his (night) watch and to catch the safe-cracker in the act, if possible. Payoff matrix guard S1 contains $10,000 S2 contains $100,000 protect S1 protect S2 $10,000 stolen $0 stolen S1 rob $1 S1 safe- cracker $0 stolen $100,000 stolen S2 S2 rob S2 Instructions: Determine the best strategy for each of the two players. (In other words, solve the game)
Question 10 1 pts Christian and Huy both live in the same city. Each one of them have the following demand for police, where Q is the number of policemen in the city Christian: p 1000 -2Q Huy: p 1000-4Q Assume that a marginal cost of a policeman is 200. How many policemed should the city hire? 200 e notes 1 300 400 500
is playing an important footballl game against its cross town rival, the Palmetto State University “Palms”. It is late in the fourth quarter. The team on offense (USM) is attempting to move the ball forward to improve its chances of kicking a game winning field goal. Assume that USM has four possible strategies: a run and three different-length passes (short, medium, and long). On defense the PSU Palms can adopt one of three different strategies for the ensuing play: defend against a run, defend against a pass, or blitz the quarterback. Ms. Lourdes Gaga is a student assistant to USM head coach, Vince Lombard. She has assembled enough statistical data on the relative strengths and tendencies of the two teams in similar situations. Indeed, based on past experience, she has calculated the average gain in yardage the Breeze may reasonably expect under each combination of strategies. Moreover, she has reason to believe that the opposing team’s statistician has the same data, and vice versa. During a brief time out, Ms. Gaga shows the following payoff table to Coach Lombard. He knows that his counterpart on the other sideline is most likely reviewing the same data. For the next play, the two coaches opt for their most reasonable strategies – based on data in the payoff matrix PSU Pass Run Blitz Run 2 5 13 Short USM 5 1 Pass Med 9 8 10 Pass Long 15 3 2 Pass INSTRUCTIONS: Using a proper game theory solution technique, determine the expected outcome of the ensuing play. Be specific! (Also, be sure to show all your work) LC LO CO
(Q8-Q9) Suppose that due to an increase in the minimum wage, variable costs increase as follows. No price change applies (P=15,000). You may want to use sheet3 for Q8 and Q9 VC 0 0 1 1,650 4,950 9,900 2 3 16,500 24,750 34,650 46,200 59.400 74,250 90,750 108,900 128,700 150,150 173,250 198,000 4 5 6 7 8 9 10 11 12 13 14 15 224,400 16 252,450 282,150 313,500 20 17 18 19 346,500 Q8. If variable costs increase due to the increase in the minimum wage, how many fried chickens (per hour) would you produce to maximize profit?
CASE CASE 11.1 Let There Be Light Lamp Shade Company logistics, Let There Be Light also developed two pro- totype lamp shades (referred to Style B and Style C) in the shape of a cone, rather than a cylinder. One advan tage to conical shades is that they can be nested, that is stacked inside each other, meaning that, unlike Style multiple lamp shades could be packed into a single ton. Moreover, the nested shades would also help pro- tect each other, although a slight bit of padding would be needed between the nested shades. The production costs Located 60 miles from Chicago, Illinois, the Let There Be Light Lamp Shade Company, which designs and builds custom lamp shapes and lamp globes, histori- cally derived all of its sales from customers in the United States and Canada. Recently, often contracted with Let There Be Light was commis- sioned to design several large public buildings in the People’s Republic of China (China). These buildings would require Let There Be Light to supply 8,100 identi- cal lights, and the relevant terms of sale would include for the conical lamp shades would be higher than those delivery to the Port of Shanghai where the architectural for the cylindrical shades. firm would take possession. Let There Be Light designed a prototype cylin- lamp shade would cost $4.50 to manufacture and could be drical lamp shade that measured 11 inches high and 11 inches in diameter and would be packed into cartons that measured 12 inches by 12 inches by 12 inches. (We and when holding six shades, a carton weighed 62 pounds refer to these shades as Style A.) The Style A lamp shades would cost $4 each to manufacture and weighed nine between the shades. Each Style C lamp shade would cost pounds each; each carton cost 60 cents and weighed one pound, meaning that each loaded Style A carton weighed shades per carton. The carton dimensions were 12 inches 10 pounds. In an effort to reduce packaging costs and also enhance the company’s commitment to environmental including padding between the individual shades an architectural firm that car- Let There Be Light determined that each Style B shipped nested, with six lamp shades per carton. The car ton dimensions were 12 inches by 12 inches by 40 inches, Each Style B carton cost $2.00, and this included padding $5 to make and could be shipped nested, with 10 lamp by 12 inches by 48 inches, and when holding 10 shades a carton weighed 101 pounds. Each carton cost $2.25, The lamp shades would be loaded into intermo- dal containers and transported by rail to the Port of Vancouver. The transportation cost to Vancouver was $1,400 per 40-foot container, without regard to weight, although the total shipment weight could not exceed 44,000 pounds per container because of highway weight restrictions. The interior dimensions of the intermodal container were 8 feet wide by 8.5 feet high by 40 feet long. Insurance costs were 2 percent of the value of the shipment ready to be loaded aboard ship in Vancouver (i.e. all of the company’s costs up to this point). Let There Be Light learned that the transportation cost from the Port of Vancouver to the Port of Shanghai a 40-foot container. were $800 for
E D G H Varibale Cost (VC) Total Output Fixed Cost (FC) Total Cost (TC) Marginal Cost (MC) Average Varibale Cost (AVC) Average Fixed Cost (AFC) Average Total Cost (ATC) Quantity of labor 0 100 100 5 11 95 18 85 24 75 4 .. 7 36 80 38 65 9 39 60 10 40 70
Some people have suggested that modern culture is entering a new “Dark Ages.” What would you say to them (in light of our discussion of the medieval Dark Ages)?
This is a 3 to 4 page paper with at least 2 scholarly sources. Describe why this class is failing, Support your suggestions from a scholarly source. * Make two recommendations that Marsha Warren should do when she returns to the classroom. Support your suggestions from a scholarly source. * What should she do over the long term? Include at least 3 suggestions, supported by a scholarly source. Describe the strengths and weaknesses of each suggestion. Attached is the case study of MARSHA WARREN
What is a classroom situation that would require a teacher to possess one or more of the following traits: empathy, knowledge of the facts, reason, courage, or interpersonal skills?
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