...Melvin Felder Check Your Understanding February 3, 2013 Chapter 7 & 8 Chapter 7: Problems 1, 6, 8, and 9 1. In the Deep Creek Mining Company example described in this chapter (Table 7.1), suppose again that labor is the variable input and capital is the fixed input. Specifically, assume that the firm owns a piece of equipment having a 500-bhp rating. a. Complete the following table: Labor Input I (No. of Workers) Total Product Marginal Product Average Product 1 3 0 + 3 = +3 3/1 = 3 2 6 6 – 3 = +3 6/2 = 3 3 16 16 – 6 = +10 16/3 = 5.33 4 29 29 – 16 = +13 29/4 = 7.25 5 43 43 – 29 = +14 43/5 = 8.6 6 55 55 – 43 = +12 55/6 = 9.17 7 58 58 – 55 = +3 58/7 = 8.29 8 60 60 – 58 = +2 60/8 = 7.5 9 59 59 – 60 = -1 59/9 = 6.56 10 56 56 – 59 = -3 56/10 = 5.6 b. Plot the (i) total product, (ii) marginal product, and (iii) average product functions. c. Determine the boundaries of the three stages of production. Based on the information total product would range anywhere from 3 to 60; marginal product would range from -3 to 14, and average product would range from 3 to 9.17. 6. Consider the following short-run production function (where L = variable input, Q = output): a. Determine the marginal revenue product function. Total = P x Q = 10(10L - 0.5L^2) Marginal Revenue = 20(10L – 0.5L^2) = 200 –10L b. Determine the marginal factor cost function. Q = 200/10 Marginal Factor L = 20 c. Determine the...
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...Chapter 7 1. In the Deep Creek Mining Company example described in this chapter (Table 7.1), suppose again that labor is the variable input and capital is the fixed input. Specifically, assume that the firm owns a piece of equipment having a 500-bhp rating. A. Complete the following table: [pic] B. Plot the (i) total product, (ii) marginal product, and (iii) average product functions C. [pic] D. Determine the boundaries of the three stages of production. Stage 1 0-5 Increasing rate in TPx Stage 2 5-9 decreasing rate in TPx Stage 3 9-11 negative rate in TPx 6. Consider the following short-run production function (where L = variable input, Q = output): Q= 10L-0.5L^2 Suppose the output can be sold for $10 per unit. Also assume that the firm can obtain as much of the Variable input (L) as it needs at $20 per unit. A. Determine the marginal revenue product function. R = P*Q =10*(10X-0.5) = 100X - 5X2 MR = R’ = 100 – 10X B. Determine the marginal factor cost function. TC = Cx*X = 20X MC = 20 C. Determine the optimal value of L, given that the objective is to maximize profits. MR = MC 100 – 10X = 20 X=8 8. Based on the production function parameter estimates reported in Table 7.4: Which industry (or industries) appears to exhibit decreasing returns to scale? (Ignore the issue of statistical significance.) Petroleum 0.947 Primary Metal 0.958 Sum of Elasticities...
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...Chapter 5 and 6 Check Your Understanding Chapter 5 1. The forecasting staff for the Prizer Corporation has developed a model to predict sales of its air-cushioned ride snowmobiles. The model specifies that sales S vary jointly with disposable income Y and the population between age 15 and 40, and inversely with the price of the snowmobiles P. Based on past data, the best estimate of this relationship is s=k yz/p Where K has been estimated (with past data) to equal 100 A. If Y = $11,000, Z = $1,200 and P =$20,000 what value would you predict for S? S = k(YZ)/P =100(11,000*1200)/20,000 = 66,000 B. What happens if P is reduced to $17,500? S = 100(11,000 /1,200)/17,500=$75,429 C. How would you go about developing a value for K? You would need the time series data on S, Y, Z and P. You would use the regression techniques to get an estimate K. The double log entry system would be used to get the intercept. D. What are the potential weaknesses of this model? Sales in the period t+1 are unknown before t+1 so estimates would have to be made for St, Yt, Zt and Pt. 5. A firm experienced the demand shown in the following table. A. Fill in the table by preparing forecasts based on a five year moving average, a three year moving average and exponential smoothing (with a w = 0.9 and a w=0.3). Year Demand 5 year 3 year Ex Smoothing Ex Smoothing 0.9 0.3 2000 800 xxx xxx xx xx 2001 925 xxx xxx 800 800 2002 900 xxx xxx 912.50 837.50 2003 1025 xxx 875 901.25 856.25 ...
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...Week 1, Check you Understanding Chapter 1: Problems 2, 3, and 6 #2: Owners (the principals) frequently delegate decision-making authority to professional managers (the agents). Modern corporations allow firm managers to have no participation (or only limited ownership participation) in the profitability of the firm. Because the manager-agents usually have less to lose, they often seek acceptable levels of profits and shareholder wealth rather than maximizing profits unlike the owner-principals. Owner-principals tend to pursue their own self-interests. For example, agents may have less interest in maximizing profits in order to focus on their own interests like long-term job security. This is known principal-agent conflict. To mitigate agency problems, the compensation committee of the board should concentrate on more long-term incentives in order to avoid financially crippling a corporation by distributing large sums of cash at a single time. It also allows for more capital to be available to the company to make more profits. In general, managers will be more motivated when receiving extra income in the form of higher salaries, cash compensation and bonuses. I’m not sure of anyone that doesn’t like this type of reward. Also, this type of compensation is usually immediate. So, a manager can see an instant result. On the other hand, long-term incentives can be a little less motivating because of the time constraint, but can prove to be just as lucrative. If an...
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...Chapter 1: Exercises 2, 3, and 6 2. Explain several dimensions of the shareholder-principal conflict with manager-agents known as the principal-agent problem. To mitigate agency problems between senior executives and shareholders, should the compensation committee of the board devote more to executive salary and bonus (cash compensation) or more to long-term incentives? Why? What role does each type of pay play in motivating managers? The dimensions of the principal agent problem are: Principals lack of knowledge, skill, and time than agent. The objective for principal and agent is difficult to align. Normally agent is looking for present value; principal is looking for long term return. Compensations committee should design a salary or bonus formula that can satisfy agent’s expectation. For example, if any investment decreases the present value but increase the long term value that should be considered to manager’s contribution and be reward in a monetary way. Therefore, manager would not radically to seek present value. The salary plays a role of manager’s daily work. The bonus plays a role of manager’s operation performance. Bonus should motivate manager’s decision for long term and short term consideration. 3. Corporate profitability declined by 20 percent from 2008 to 2009. What performance percentage would you use to trigger executive bonuses for that year? Why? What issues would arise with hiring and retaining the best managers? If the corporate profitability...
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...Fundamentals of Law for Health Informatics and Information Management Second Edition Check Your Understanding Chapter Answers CHAPTER 1 Check Your Understanding 1.1 1. A hybrid record is refers to record that is totally electronic. False 2. An electronic health record can be managed across more than one healthcare organization. True 3. Confidentiality refers to the right to be left alone. False 4. HITECH widens the scope of privacy and security protections under HIPAA. True 5. Privileged communication is a legal concept designed to protect the communication between two parties. True Check Your Understanding 1.2 1. Ownership of a health record generated by a doctor on a patient belongs to the patient. False 2. A custodian of records is responsible for certifying that a record is what it purports to be. True 3. When a patient refuses treatment he or she is exercising the ethical principle of beneficence. False 4. In a malpractice case, a professional code of ethics may be used as a benchmark for what should be acceptable practice by a healthcare professional. True 5. The ethical principle of nonmaleficence refers to making sure rules are fairly and consistently applied to all. False CHAPTER 2 Check Your Understanding 2.1 1. Private law defines rights and duties between individuals and the government. False 2. Statutes are enacted by legislative bodies. True 3. Administrative law is created by court...
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...Ethics Study Guide Directions The study guide is provided to give you a hard copy of the objectives and check-forunderstanding questions. It is suggested you print the guide prior to taking the WBT. You may use it to take notes prior to taking the course exam. The guide may also be used in the tax office for researching topics found in this course. Module 1: Importance of Ethics By the end of this module, you should be able to: • Define ethics. • Identify how ethical standards protect taxpayers, Tax Professionals, and H&R Block. • List risks and penalties of noncompliance. • Name points of contact for ethics questions, situations, or violations. Check for Understanding: 1. What should you do if you discover that a taxpayer has previously not complied with the revenue laws of the United States? • Call the IRS immediately • Notify your Field Leader • Advise the taxpayer of the facts and the consequences for noncompliance • Nothing: you are only responsible for the return you are preparing 2. What should you do if you receive an IRS letter indicating that you have committed a paid preparer violation? • Contact the confidential H&R Block Talkline • Respond to the letter on your own • Ask another Tax Professional to help you • Notify your supervisor or District Manager immediately Notes: Module 2: Due Diligence, Know Tax Law After completing this module, you will be able to: • State basic tax details of: Qualifying child/qualifying relative...
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...LWC1 - Fundamentals of Business Law and Ethics Course of Study Your competence will be assessed as you complete the LWC1 objective assessment for this course of study. This course of study may take up to 10 weeks to complete. Introduction Overview There are the two major subdomains of study within the Fundamentals of Business Law and Ethics Course of Study: business law and business ethics. The exam covers 11 business law and ethics concepts, including the following: contractual relationship government regulation of business dispute resolution labor and employment law hiring and employment practices warranties, negligence, and liabilities Sarbanes-Oxley Act ethical issues in business ethical leadership ethics programs use of company resources You likely have had some experience with the legal system, either through your own encounters or merely through listening to the nightly news, and you have probably read or heard about various ethical and legal issues causing financial upheaval in today's business world. This background will serve you well in this study. Now you can expand on that experience, and perhaps refine and enhance your own views on these issues. Once you complete this course of study, you will have demonstrated a level of competence that you can immediately use in your work setting and career. Outcomes and Evaluation There are 10 competencies covered by this course of study; they are listed in the "Competencies for Fundamentals of Business Law and Ethics...
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...forth. When you become public, LJB Company is required to meet Sarbanes- Oxley Controls (SOX). These standards are an internal control system whose purpose is to stop fraud and meet the terms of SOX laws and regulations. It can also be used to systematically improve businesses and is an opportunity to recognize the significance of you, the President of LJB Company, getting involved in certification of accuracy in financial data. Many other top level executives are doing the same! I have identified several recommendations that align with internal control principles and would like for you to consider them as you move forth. Your accountant will need to become cognizant of his responsibility to make all matters regarding your organization’s financial matters transparent. Also, the paired responsibilities of purchasing and paying, receiving and reconciling checks, and being treasurer and controller are contradictive of the spirit embodied by SOX legislation. The joint interest of both President and Accountant will make the integration of internal control, through these recommendations, an easy transition. Recommendations & SOX Principles LJB Company is responsible for documentation and...
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...Telephone: connecting Introduction This section features phrases you might hear when you telephone a company hoping to talk to someone. Think Imagine you are calling a company and want to speak to someone who works there. Can you think of any phrases you might use, or that you might hear? After you've thought of five, click here for some more ideas. Listen Now listen to two conversations. In the first conversation Richard Davies is calling the marketing department of a company and wants to be put through to Rosalind Wilson. In the second conversation Mike Andrews wants to talk to Jason Roberts in the marketing department. As you listen, see if you can hear some of the phrases above. Telephone: connecting Check understanding Check your understanding by reading the scripts below: Michelle: | Hello, you've reached the marketing department. How can I help? | Male: | Yes can I speak to Rosalind Wilson, please? | Michelle: | Who’s calling please? | Male: | It’s Richard Davies here | Michelle: | Certainly. Please hold and I’ll put you through. | Male: | Thank you. | | Michelle: | Hello, marketing. How can I help? | Male: | Could I speak to Jason Roberts please? | Michelle: | Certainly. Who shall I say is calling? | Male: | My name’s Mike Andrews. | Michelle: | Just a second - I’ll see if he’s in. Hello, Jason, I’ve got Mike Andrews on the phone for you ... OK - I’ll put him through. Hang on a moment, I’m just putting you through. | Telephone...
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...Documentation of the words correct on paper. 3. Are the learning experiences relevant to the objectives? Yes 4. Is instruction differentiated? Yes, EEL and Special Education students will have flash cards, I-pads to help pronounce the words, memory match. How will ELL or special needs students benefit from these lessons? To help them build up their vocabulary by learning the basic and more frequent words. Name the activities that support learning modalities, gender, or cultural groups. 5. Are there frequent and multiple ways to check for understanding during instruction? List the strategies to check for understanding. Include other strategies not in the lessons that could be utilized to further check for student understanding. • Spelling test • Memory test • Flash card • Reading probes • Printable worksheets • Pre and post games SHELTERED INSTRUCTION OBSERVATION PROTOCOL (SIOP) SIOP is more of an effective why to plan your lesson plans to meet the needs of English Language Learners. SIOP has more detailed steps within the lesson plans that can help break every step down. SIOP Model Components consist of: • Preparation • Building Background • Comprehensible Input • Strategies •...
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...Rewards and punishment have limited use, in part because they don't produce permanent change and because they produce psychological reactance. b. Analyze your audience to choose a pattern: * Direct request. POWERPOINT SLIDE * Problem-solving. POWERPOINT SLIDE c. Remember that a strategy that works for one organization may not work somewhere else. * Know the organization's culture. a. CONCEPT CHECK True or False: The direct request pattern is most useful when you expect the audience to strongly resist your request. CONCEPT CHECK ii. What is the best subject line for a persuasive message? For direct requests, use the request, the topic, or a question. For problem-solving messages, use a directed subject line or a reader benefit. d. A directed subject line makes your stance on an issue clear. iii. How should I organize persuasive messages? In direct requests, start with the request. In a problem-solving message, start with the problem you share. e. Pattern for direct requests. POWERPOINT SLIDE f. Pattern for problem-solving persuasive messages. POWERPOINT SLIDE * CONCEPT CHECK True or False: The patterns for direct requests and problem-solving messages are basically the same. CONCEPT CHECK iv. How do I identify and overcome objections? Talk to your audience. Then try these strategies. g. Strategies for overcoming objections. POWERPOINT SLIDE h. Overcoming emotional issues can be difficult. ...
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... | | |Louis Battistone M.A., LMFT, RAS | | |909-239-2496 | Copyright © 2013, 2012, 2011, 2010, 2006 by University of Phoenix. All rights reserved. Course Description General Psychology is a survey course which introduces the student to the major topics in scientific psychology as applied to human behavior. Applications of these principles will be made to the human experience. Policies Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents: • University policies: You must be logged into the student website to view this document. • Instructor policies: This document is posted in the Course Materials forum. University...
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...Strong logic within paragraphs • Smooth transitions within and between paragraphs • Simple documentation of borrowed materials Conclusion: noticeable strategy that adds integrity to the essay Consider: 1. Title is first read 2. Lead-in is next 3. Conclusion is last read and probably most remembered The Qualities of a Good Essay • Even if the essay is about a personal experience, be sure there is a thesis statement (which may be implied). It should be: -declarative -simple, clear, and direct -one that requires explanation, illustration or proof -one that can be explained, illustrated or proven -one that makes a claim that not everyone would accept or automatically agree with. • Limit your essay (and your term paper) to something you can manage. Which of the following theses are too ambitious for a 2-page essay? - Jokes can reveal a great deal about culture. - Brazilians constantly communicate with each other nonverbally. - People in different cultures view illness differently. • All of the paragraphs in the essay should be related to the thesis statement, and each paragraph should have a topic sentence. Decide if the following topic sentence outline sticks to the subject stated in the thesis: 1. Thesis: Smoking is one sign of working-class membership. a. Teenagers smoke...
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...Check Point: Evaluating Communication Strategies HSM/210 January 17, 2014 Check Point: Evaluating Communication Strategies In order to communicate effectively with the multicultural group of women, children, the elderly and homeless, it is important to first learn how to communicate with them. To reach an understanding with each group it is essential to appreciate and understand each one of them, and to be kind and honest with them all when giving any kind of feedback or sharing experiences. It is also good to keep yourself in check to make sure you are aware of how your behavior and personality is affecting others. When you interact with each group, you should accept every person for who they are and not the current state of their life in general. Furthermore, you must show interest in helping them, while having the patience and understanding to do so (Burger & Youkeles, 2004, p. 195). One of the best strategies used for communicating with each of these clients are listening, communicating, giving honest feedback, observing their visual cues in order to gain insight, or to clarify their situations back to them to make sure you understand it by highlighting their struggles. Then summarize the situation and struggles to see what their most current, pressing needs are that you could help them take care of (Burger & Youkeles, 2004, p. 202). Moreover, in order to adapt your communication approach from one individual to the next you must be aware of...
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