# Chapter 25

In: Other Topics

Submitted By BabySmurph
Words 618
Pages 3
NOTE: Please pay particular attention to the way that answers are stated, because these are the kinds of statements that will be looked for in the quizzes and final exam. In general, all answers need to be supported with appropriate reasoning.
CHAPTER 25
Chapter 25 Question 8
8. A country (or individual) has an absolute advantage when it can produce more of a good or service than another. A comparative advantage exists when one country’s opportunity cost to produce a good is lower than another country’s. Michelle Wie would hire you to do laundry since your opportunity cost of doing laundry is less than hers. In the 2 or 3 hours that it takes to do her laundry, she could earn far more than what she would have to pay you.
Chapter 25 Question 12
12a. India in tea, Italy in olives. India’s opportunity cost for 1 million tons of olives is 15 million tons of tea. Italy’s opportunity cost for olives is 1.7 mil-lion tons of tea for 1 million tons of olives. Italy’s opportunity cost for olives is lower, so it will specialize in olive production.
13b. See the table below. Yes, they both are better off, as shown in the last column. Chapter 25 Question 13
13a. At \$10, unit total sales will be 16 million, with imports equal to the differ-ence between 16 million total sales and domestic supply of 4 million units, so imports will be 12 million and as a percent of U.S. sales are equal to 12/16 75%.
13b. 4 million; at a price of \$15 (\$10 \$5 tariff), total sales are 12 million and domestic supply is 8 million units.
13c. Imports are 4 million times \$5 a unit, so the total revenue from the tariff is \$20 million.
13d. When the price was \$10, domestic sales revenue was \$10 4 million units \$40 million. With the \$5 tariff, sales revenue is \$15 8 million units \$120 million, so revenues have increased by \$80 million. No wonder domestic…...

### Similar Documents

#### Therac 25

Words: 369026 - Pages: 1477

Free Essay

#### 10-25

...10:25 Written by Erik Choquette INT. SARAH’S HALLWAY - DAY A splash of sunshine lands on a PAINTING that hangs on a dark blue wall. In it, streaks of red crash into paths of orange and yellow, all combining to form a vague likeness of a GIRL’S EYE. Each stroke is calm and contained, but as a whole, the eye is passionate and wild. FADE TO BLACK. INT. SARAH’S LIVING ROOM - NIGHT SARAH HENSON, 18, tosses aside some brown wrapping paper and a red ribbon as she sits cross-legged on the white carpeted floor, leaning back against the bottom portion of a brown leather sofa. She holds the PAINTING of the eye. SARAH Oh my god. Chris- It’s wonderful! Her brown bangs fall across her face, hiding her left eye. She sweeps them away to continue inspecting the painting. CHRIS TAYLOR, 18, is lying on the floor across from her, stretched out on his side. His brown hoody has specks and smears of dried paint on it. So do his black jeans. One knee is shredded, and the other is just beginning to follow suit. CHRIS Well, it is yours. The eye, I mean. Sarah smiles to herself as she gazes at the painting. SARAH It’s a bit weird though isn’t it? I mean, my eye hanging on a wall somewhere, staring at me forev- CHRIS I never said you had to keep it. Sarah looks up at him, her mouth cracked in surprise, and her slim eyebrows raised. He avoids her glance by plucking at the stray white carpet fibers and then smoothing them back down. SARAH What? CHRIS I dunno. You just...

Words: 2432 - Pages: 10

#### Chapter

...Chapter 5 Pricing strategies LEARNING OBJECTIVES After reading this chapter you will: n n appreciate the strategic significance of pricing decisions in marketing strategy understand the approaches to pricing of the economist and accountant, together with their contributions and limitations in the context of the price setting process n apply a framework to pricing decisions based around the key inputs to these decisions n understand the main pricing methods and their relative advantages and disadvantages 160 Pricing strategies INTRODUCTION The price of a company’s products and services represents the vehicle for that company to achieve its financial objectives. It is through price and volume that revenue is generated. Price equates to the financial sacrifice that the customer is willing to make to purchase the product or service desired. The important criterion of pricing is problematical to marketers. This is attributed to the uncertainty associated with pricing decisions as it is a complicated area of decision making. It is with a view to examining this problem and the ways in which it can be resolved that his chapter is framed. The pressures of today’s market environment place increasing burdens on management. It is important, therefore, that the decision maker has a framework for making pricing decisions. We start by examining the traditional economist’s view of price to illustrate both the shortcomings and potential contributions of this approach as a prelude to......

Words: 13457 - Pages: 54

Free Essay

#### 25 Ways

Words: 1204 - Pages: 5

#### Chapter 8 End of Chapter

...Chapter 5 1. State several factors that have affected the incidence of lawsuits against CPAs in recent years. a. “Growing awareness of the responsibilities of public accountants by the users of financial statements. b. An increased consciousness on the part of the SEC for its responsibility for protecting investors’ interested c. The complexity of auditing and accounting functions caused by the increasing size of businesses, the globalization of business, and the complexities of business operations d. The tendency of society to accept lawsuits by injured parties against anyone who might be able to provide compensation, regardless of who was at fault, coupled with the joint and several liability doctrine e. Large civil court judgments against CPA firms awarded in a few cases, encouraging attorneys to provide legal services on a contingent-fee basis, which offers the injured party a potential gain when the suit is successful, but minimal losses when it is not. f. Many CPA firms being willing to settle legal problems out of court in an attempt to avoid costly legal fees and adverse publicity, rather than pursuing resolution through the judicial process g. The difficulty judges and jurors have understanding and interpreting technical accounting and auditing matters.” (Arens, Elder, & Beasley, 2012) 10. Compare and contrast traditional auditors’ legal responsibilities to clients and third-party users under common law.......

Words: 1812 - Pages: 8

#### The Catcher in the Rye Chapter 25-26 Analysis

...The Catcher In The Rye - Chapter 25-26 NB: I’ve chosen to write about the last two chapters of the novel, as the last chapter is only nearly a page long. In chapter 25, Holden is on the very edge of breaking down. In the beginning of the chapter, Holden feels surrounded by ugliness and falsehood. Shallow people and profanity all over the walls, vulgar tree deliverymen, the empty feeling of Christmas, and the interactions with Phoebe and Mr. Antolini, combined, makes him feel very lonely. When walking the streets of New York, he feels like he’s disappearing. He looks at all the children and prays to his younger brother Allie every time he reaches a curb, begging to make it to the other side. Its now pretty clear that Holden doesn’t feel connected to his environment, so his former English teacher Mr. Antolini, was, to some degree, right. He imagines that his presence will just vanish. He feels that he cant relate to anybody in his environment, and doesn’t know what to with “adult problems”, as he has developed a narrow world perspective, where those doesn’t exactly fit in. As a result of his tightly constructed perspective, he’s left with one option, and that is to run away. He isn’t able to handle the world around him, and realises that the world is only harsh and cynical through his vision. So he decides to leave it all. Before leaving, he goes to Phoebe’s school and writes a note, that he would meet her later, at the museum. They meet at the museum, and Phoebe......

Words: 770 - Pages: 4

#### Apush Chapter 24-25 Overview

...Chapter 24-25 Overview 1. Loans and large land grants 2. A) northern pacific railroad B) New York Central C) central pacific railroad 3. Pools 4. The judicial branch/Supreme Court 5. Interstate commerce act 6. A) steel industry, vertical B) oil baron, horizontal C) banking, interlocking directorate 7. Bessemer / Kelly 8. U.S. Steel Corporation 9. 14th amendment 10. Railroad corporations and unions 11. Cotton & textiles; not unionized, cheap labor 12. Corporations 13. A) 2 B) 1 C) 3 14. Nationwide spiritual and moral revival, sexual purity, protected the moral fiber of people 15. It became smaller 16. Reproductive rights, suffrage, 17. Prohibition 18. The ornamental style of architecture such as skyscrapers, and large buildings 19. They found it very important and tried to preserve it. They did in-home rituals, developed religious schools and ethnic enclaves, and were responsible for their practicing privately. Also an increase in nativists attitude. 20. They were in favor of the laws because they were trying to protect American values from immigration. 21. The Knights of Labor 22. National Labor Union 23. American Federation of Labor 24. They are all related in the fact that mostly immigrants lived in them A) slums- area of great poverty inside of cities B) Dumbbell Tenements- apartments that are shaped like a dumbbell that are dangerous to get out of in case of fire C) homes where unemployed citizens, transient, or new......

Words: 341 - Pages: 2

Free Essay

#### Therac-25 Case Study

...Running Head: THERAC-25 CASE STUDY Therac-25 Case Study Therac-25 Case Study Therac-25 is a radiation therapy machine that was used for treating patients with cancer. The machine and its predecessors, Therac-6 and Therac-20, was a product from the collaboration of Atomic Energy of Canada Limited (AECL) and a French company called CGR (Leveson, n.d., p. 2). It is this machine that will cause other developers and manufacturers to rethink how to develop machines that will impact people’s lives. The Therac-25 was involved in six massive overdoses that cost three people’s lives, while the machine gave the operator error messages or a message that states that no dose was given (Baase, 2008, p. 425). After the first accident, some users became skeptical of the safety of the device. Yet, the manufacturer turned a blind eye on the matter. They responded to the incident that they have fixed the problem. In the following months, five more accidents occurred. In each incident, the manufacturer, the computer programmer, and the clinic/hospital using the Therac-25 have some responsibilities and flaws that need to be addressed. The Problems Manufacturer What would be the first thing that a manufacturer needs to do when they have an incident with one of their products? It should be the recall of that product, in this case the Therac-25. The Therac-25 can help a person ailing with cancer with its beam but the beam itself would be too harmful to the patient. Any medical......

Words: 1306 - Pages: 6

#### 25 Terms

...either the problem itself or the information needed to solve it. Page 91 20. Emotional blocks interfere with your ability to solve problems in many ways. Page 91 21. Cultural blocks are acquired by exposure to a given set of cultural patterns, whereas environmental blocks are imposed by our immediate social and physical environment. Page 93 22. Environmental blocks are distractions (phones, interruptions) that inhibit deep, prolonged concentration. Page 94 23. Intellectual blocks can occur as a result of inflexible or inadequate uses of problem solving strategies. Page 94 24. Expressive blocks: the inability to communicate your ideas to others, in either verbal or written form can also hinder your progress. Page 94 25. Risks: actions with no certainty of succeeding that require significant effort, resources, and/or time. Page 100...

Words: 501 - Pages: 3

#### Roman 7:7-25

...LIBERTY UNIVERSITY EXEGETICAL PAPER ON (ROMANS 7:7-25) A BOOK REVIEW SUBMITTED TO DR. ADEYEMI IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE COURSE NBST 610 LIBERTY BAPTIST THEOLOGICAL SEMINARY BY DANIEL GOBLE LYNCHBURG, VIRGINIA FEB, 28TH 2015 OUTLINE Selected passage: Romans 7:7-25 Thesis: In Romans 7:7-25 we see Paul’s conviction of the law and learning how to live a sanctified life where he claims that the law is not evil but it is present to show sins existence in our life. Outline: I. Introduction II. Context: A. Historical cultural context of Paul B. Literary context of Romans 7:7-25 II. Content: A. Is the law sin? 7-12 B. Is the law the cause of death? 13-14 C. How to deal with the inner struggle? 14-24 D. Who will set me free? 24-25 I. Application: A. Our understanding of the Law B. What the law then tells us about our lives today C. How to deal with the inner struggle of the law D. A life of sanctification INTRODUCTION: As we look at the passage in Romans 7:7-25 we see a mix of emotions and a struggle that comes within all people who choose to reject sin and choose holiness. In this exegetical paper we will break down this passage into many parts and talk about the historical context of the passage as well as the literary context. After we explain the style of authorship we will talk about the context of the writing and how Paul was......

Words: 3481 - Pages: 14

Free Essay

#### Chapter

...CHAPTER 4 SECTION 1 & 2 VOCABULARY TEST A. treadle B. folkways C. bulk D. seaboard E. blacksmiths F. coffle G. meager H. superstitions i. brick masons J. supplemented K. antebellum NAME ____________________________________________________ # ______ 1. _______________ large quantity 2. _______________ added to 3. _______________ period before the Civil War 4. _______________ foot peddles 5. _______________ a train of animals or slaves fastened together 6. _______________ by the sea 7. _______________ people who build with bricks 8. _______________ beliefs about magic and the super natural 9. _______________ ways of thinking, feeling, and acting that are shared by a group of people 10. _______________ a small amount 11. _______________ those who make horse shoes, plows and other metal items L. sparsely M. yeoman N. plantations O. navigable P. yearlings Q. bale R. isolated S. homespun T. statewide elections U. self-sufficient V. commercial agriculture 12. _______________ a loosely woven fabric usually made of linen or wool 13. _______________ a large bundle packaged for shipping, storage, or sale; often hay or cotton 14. _______________ large farms or estates often dedicated primarily to growing one primary crop 15. _______________ producing what one needs 16. _______________ large scale production of food or livestock for sale 17.......

Words: 292 - Pages: 2

Free Essay

#### Therac 25

...Part 1: Defend the AECL In the late 1900s, cancer treatment was reaching a whole new level with the Therac versions of radiation machines. These machines were able to target fast growing cancer cells and destroy them with x-rays and electromagnetic rays. Each new version of the machine contained major improvements for cancer treatments. However, with the release of the Therac-25 version came issues of over-exposure to radiation and deaths for already suffering cancer patients. There has since been a big debate about who is liable in the situation – The AECL, the hospitals, the operators, or the FDA. There are many reasons that the AECL, the creators of the Therac-25 machine, should not be liable for the injuries and deaths caused by the machines. First of all, consider the purpose of a person who works for a company or corporation. That is, to create and sell products that help the company make as much money as possible. The success or failure of that company depends on whether or not the products sell. Therefore, if a company produces a bad, unethical, or unsafe product, it is the job of the consumers to do their research and not purchase the product. It’s simple: if consumers don’t buy bad products, the company won’t be successful and continue selling them. The AECL did their job, which was to create a product that customers wanted to buy. The second reason the AECL should not be liable is because they met all of the requirements of the third party company whose job......

Words: 1684 - Pages: 7

Free Essay

#### Ifm Ch.25

...Chapter 25 Bankruptcy, Reorganization, and Liquidation ANSWERS TO BEGINNING-OF-CHAPTER QUESTIONS 25-1 Bankruptcies occur in firms of all sizes. Small firms, with fewer creditors, are often able to work out informal settlements and thus avoid the time and expense of formal bankruptcy. Ross Corporation, described in Question 3, is probably too large, and it has too many creditors, to work out an informal settlement. If Ross attempted to resolve its problems informally, the attempt would probably fail, and then it would have to resort to the federal bankruptcy court. Note that if there had been fewer creditors, and particularly if most of the debt were owed to a few banks, then the chances of an informal resolution would be better. But with many holders of the publicly traded bonds, 15 banks, and 250 unsecured creditors, there would probably be too many holdouts to reach an informal resolution. 25-2 The judge in a federal bankruptcy proceeding can abrogate all contracts, including labor contracts. If a contract requires payments greater than the company’s cash flows can support, then the judge can order that payments be scaled back to a level the company can afford. Labor contracts were abrogated for a number of firms that were hit with asbestos suits, notably Johns Manville, and currently several airlines are in bankruptcy proceedings under which labor contracts will likely be changed. 25-3 a. As noted above, is probably too large, and it has too many......

Words: 6034 - Pages: 25

#### Alive at 25

...Alive at 25 is a defensive driving course that teaches its students the importance of safe driving. In today’s world, car collisions are one of the major causes on deaths in the United States. Thousands of people die every year from car collisions due to driver error, some of which are: drinking and driving, texting while driving, and not wearing a safety belt. The Alive at 25 course is meant to teach young adults the hazards that come with unsafe driving, in the hopes that they will become better and safer drivers so that they will not end up in the emergency room or the morgue due to a car collision. In this essay, I will cover some of the main topics we discussed in the Alive at 25 course and I will outline what I have learned from this material. One of the first topics we discussed in class was some of the statistics that have been developed in regards to car collisions within specific age groups. The Alive at 25 course focuses on the 15-24 year old age group, this group is known as Group 1, as people in this age group are the youngest amongst drivers in the United States. Motor vehicle crashes are the number one cause of death of 15-24 year olds with almost 11,000 people dying every year. We also discussed some percentages of drivers who are considered Group 1 (age 15-25), drivers in this age group consist of: 14% of licensed drivers, 27% of all people involved in collisions, 21% of people who die from collisions with other vehicles, 34% of people who die from......

Words: 807 - Pages: 4

Free Essay

#### X.25 Protocol

...X.25 Protocol A history of the X.25 Protocol Tim Elliott Morrisville State College Abstract X.25 is a Wide Area Network standard suite of protocols for packet switching developed by the International Telecommunication Union-Telecommunication Standardization Sector in the early 1970’s. It was designed to support traditional data networking over telephone wiring. Though widely used in the 1980’s, it has been largely replaced by newer IP standards such as frame relay. The purpose of this protocol is to effectively transmit data between different types of systems across a public data network. The main communication groups that ran this form of packet-switched network were the telephone companies but as technology has moved away from these slower forms, the public sector has seen this all but disappear in America. It should be said though that many places around the world still use this because of the cost to upgrade to newer hardware, but that market segment is shrinking quickly. A history of the X.25 Protocol In this paper, I will be talking about many of the technical aspects, the history and some of the situations where the X.25 protocol is still in use today. In Section 1, I will talk about where it fits on the OSI layered architecture and discuss the Network and Data Link layer. In Section 2, I will describe some of the common equipment that this protocol used with the Physical Layer of the OSI model. In Section 3 I will discuss some of the problems that have......

Words: 2304 - Pages: 10