Premium Essay

Eco 550 Test Help

In: Business and Management

Submitted By Moma2013
Words 2377
Pages 10
The table given below represents the marginal valuation of a beekeeper (collecting honey) and an orchard farmer (producing mangoes). The beekeeper’s opportunity cost reflects the loss in honey collection resulting from the usage of the same orchard again and again.
Table 1
Days used Total honey value ($) Marginal honey value ($) Beekeeper's opportunity cost ($) Total value of mangoes ($) Marginal value of mangoes ($)
1 18 18 2 10 10
2 23 6 2 17 7
3 27 5 2 23 6
4 30 3 2 28 5
5 32 2 2 32 4
6 33 1 2 30 2
7 34 1 2 29 1

1. Refer to Table 1. What will be the maximum number of days for which the beekeeper would like to stay in the orchard without being compensated for his stay by the orchard owner?
a. 1 day
b. 6 days
c. 3 days
d. 5 days

ANS: D PTS: 1 DIF: Medium NAT: Analytic

2. Refer to Table 1. What will be the maximum number of days for which the orchard owner would prefer the beekeeper to stay in his orchard without having to pay any compensation?
a. 3 days
b. 6 days
c. 1 day
d. 5 days

ANS: B and D!!! PTS: 1 DIF: Medium NAT: Analytic

3. Refer to Table 1. What would be the maximum number of days for which the orchard owner would wish to keep the beekeeper in the orchard by paying him a compensation which is sufficient to cover the latter’s opportunity cost?
a. 5 days
b. 7 days
c. More than 7 days
d. 6 days

ANS: A and D!!! PTS: 1 DIF: Medium NAT: Analytic

4. Which of the following is an example of a possessory property right?
a. The right to use a public park for morning walk.
b. The right to park your car in your garage.
c. The right to enjoy the fragrance of the flowers planted in your neighborhood.
d. The right to travel in public transport.

ANS: B PTS: 1 DIF: Medium NAT: Reflective Thinking

5. Escalators present in a contract must state:
a. at what interval the contract price should

Similar Documents

Premium Essay

Eco 550 Assignment 1 Domino's Pizza

...Making Decisions Based on Demand and Forecasting Sylvia Evans Dr. Elkanah Faux ECO 550 January 27, 2013 Strayer University In this assignment I will be discussing the t that Domino’s is considering entering the marketplace in my community of Waynesboro, GA. I have conducted research to gather information in regards to demand for this business based on population, average income per household and average cost of pizza in this particular area. The end results of this research and demand analysis we should be able to determine if this would be a wise investment move to make on Domino’s behalf. Waynesboro is a fairly small town located in Burke County, GA. The current population for this town is about 5,781(www.city-data.com). The median income per household in my city from 2001 to 2011 has ranged from an estimate of about $27,166 to about $31,188 for the current day. The average cost of pizza from other pizza places over the years (2001-2011) ranged anywhere from $5.00 to about $18.00 depending on what you want and how you want it prepared. As far as household sizes they would range from about 1 person to about 5 people on average and the number of pizzas were hypothetically ordered were based on the number of people per household and how much income they were making. The more kids that are in a household the better the chances are of ordering pizza since it is no secret that kids love pizza. Another factor to consider would be single individuals who work long hours and...

Words: 1241 - Pages: 5

Premium Essay

Comparing Prices Charged by Diagnostic Centres in Sylhet

...SUMMARY ……………………………. 05 1. INTRODUCTION ………………………………….. 06 Incidentals of Authorization and Submittal Objective of the Study Use of Observational Techniques A preview of the presentation 2. THE DIAGNOSTIC CENTRES ……………………. 07 3. COMPARISON BETWEEN THE PRICES ……….. 11 4. CONCLUSION …………………………………… 13 5. BIBLIOGRAPHY …………………………………… 13 EXECUTIVE SUMMARY The pricing strategy of the different diagnostic centres reveals that a few organisations are charging a high price compared to the service provided, while others charge a reasonable amount. The quality of the services also varies as it depends on the technology used by the organisations. A few firms use the colour or 3D system to test and make a report. On the other hand some are using the old technologies of 2D, black and white reports. The 2D old reporting method lets a patient spend less on testing his body, before being able to get any treatment by...

Words: 2331 - Pages: 10

Premium Essay

Refugee Law

...THE VISION & MISSION: The vision is to establish a “world class-nucleating centre of achievement.” UITS offers undergraduate and graduate degrees in liberal arts, law, business and ICT with the aim of meeting the national and international market demands. The Mission of the university is to achieve the redefined goals of higher education and sustainable economic growth of the country through a tripartite relationship between itself, industries and reputed universities and institutions at home and abroad. PROGRAM OBJECTIVES: ❑ To reinforce the skills of listening, speaking, reading and writing; ❑ To develop the skills of students in the use of idiomatic English and the capability of expressing ideas and thoughts in English; ❑ To develop and reinforce communicative interaction; ❑ To introduce the understanding of western philosophy and ideas and their influence on literature; ❑ To introduce classical literature, the Greek myths, the Bible and other writings which have influenced English literary works; ❑ To introduce and refine the understanding of American literature with emphasis on some selected literary works; ❑ To increase the appreciation of Bangla literature and culture among students and to develop their ability to relate experiences from English and American literature to Bangla literary works; ❑ To deepen students’ awareness of the universal concerns that are the basis of literary works; ❑ To stimulate a greater appreciation of language as...

Words: 952 - Pages: 4

Free Essay

Proposed University-Domino’s Partnership

...Proposed University-Domino’s Partnership Managerial Economics and Globalization – ECO 550 Professor Pennington - Strayer University The university and Domino’s Pizza are considering a joint venture for evening students. The assessment of the potential joint venture we will determine if there is enough demand as revealed from student surveys, to legitimize the proposal to sell pizzas on each campus each evening in a mutually beneficial fashion. For the university it would allow for students and faculty to dine and work together for the first hour of each class, and for Domino’s the potential gains include larger profits and expanded business opportunity. To collect information, every evening of the week students and faculty were asked to complete a survey to help determine if there is enough demand and how cost points may affect that demand. The demand and forecast for pizza will determine if it is justified to move forward with the proposed joint venture. When completing a demand analysis it is important to test and review the proper demographic and independent variables. In the proposed University-Domino’s joint venture the surveys collected many data points. The demographic variables included students age, number of people in the household, and approximate household income. The independent variables included number of fast food restaurants passed, distance of commute, whether the student is coming to class straight from work, number of times fast food is eaten...

Words: 1144 - Pages: 5

Premium Essay

Eco 550

...ECO 550 Week 3 Discussion Questions Week 3 DQ 1 "Managing in the Global Economy" Please respond to the following: * *Answer the following discussions based on the Katrina’s Candies scenario: * From the scenario for Katrina’s Candies, assuming the absence of quantitative data, determine the qualitative forecasting techniques that could be used within this scenario. * Now, assume you have acquired some time series data that would enable you to make short, medium, and long term forecasts. Ascertain the quantitative technique that will provide you with the most accurate forecast. Provide a rationale for your responses. Answer: From the scenario for Katrina’s Candies, assuming the absence of quantitative data, determine the qualitative forecasting techniques that could be used within this scenario. Quantitative data are anything that can be expressed as a number, or quantified. Examples of quantitative data are scores on achievement tests, number of hours of study, or weight of a subject. These data may be represented by ordinal, interval or ratio scales and lend themselves to most statistical manipulation. Qualitative data cannot be expressed as a number. Data that represent nominal scales such as gender, socieo economic status, and religious preference are usually considered to be qualitative data.  Both types of data are valid types of measurement, and both are used in education journals. Only quantitative data can be analyzed statistically, and thus...

Words: 2436 - Pages: 10

Free Essay

Master in Business Administration

...Encounter® Conformal® Equivalence Checking Reference Manual Conformal ASIC, Conformal Ultra, and Conformal Custom Product Version 9.1 October 2009 © 1997– 2009 Cadence Design Systems, Inc. All rights reserved. Printed in the United States of America. Cadence Design Systems, Inc., 2655 Seely Avenue, San Jose, CA 95134, USA Trademarks: Trademarks and service marks of Cadence Design Systems, Inc. (Cadence) contained in this document are attributed to Cadence with the appropriate symbol. For queries regarding Cadence’s trademarks, contact the corporate legal department at the address shown above or call 800.862.4522. Open SystemC, Open SystemC Initiative, OSCI, SystemC, and SystemC Initiative are trademarks or registered trademarks of Open SystemC Initiative, Inc. in the United States and other countries and are used with permission. All other trademarks are the property of their respective holders. Restricted Print Permission: This publication is protected by copyright and any unauthorized use of this publication may violate copyright, trademark, and other laws. Except as specified in this permission statement, this publication may not be copied, reproduced, modified, published, uploaded, posted, transmitted, or distributed in any way, without prior written permission from Cadence. This statement grants you permission to print one (1) hard copy of this publication subject to the following conditions: 1. The publication may be used solely for personal, informational, and noncommercial...

Words: 66266 - Pages: 266

Premium Essay

Cataolog

...in a year or less and then accept employment while still being able to complete your associate, bachelor’s, master’s or doctoral degree by attending during the day, evenings, weekends, or online. Business and industry do not expand or hire new employees only in May or June each year. Yet most institutions of higher education operate on a nine-month school year with almost everyone graduating in May. We remained focused on your success and education, and continue to offer our students the opportunity to begin classes or to graduate four times a year with our flexible, year-round full-time schedule of classes. If you really want to attend a school where your needs (your real needs) come first, consider Sullivan University. I believe we can help you exceed your expectations. Since words cannot fully describe the atmosphere at Sullivan University, please accept my personal invitation to visit and experience our campus for yourself. Sincerely, Glenn D. Sullivan President MESSAGE FROM THE PRESIDENT 1 Table of Contents Mission Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Sullivan University Success Story . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4...

Words: 103133 - Pages: 413

Premium Essay

Consumer Awareness

...Consumer purchase intention for organic personal care products Hee Yeon Kim and Jae-Eun Chung Department of Consumer Sciences, The Ohio State University, Columbus, Ohio, USA Abstract Purpose – Using the theory of planned behavior (TPB) to examine the effects of consumer values and past experiences on consumer purchase intention of organic personal care products, this study aims to consider further the moderating effect of perceived behavioral control on the attitudeintention relationship. Design/methodology/approach – An online survey was conducted with 207 online panel members, and multiple regression analysis was used to test the relationships among the variables. Findings – The results indicate that environmental consciousness and appearance consciousness positively influence attitude toward buying organic personal care products. The addition of past experiences as a predictor of purchase intention and perceived behavioral control as a moderator of the attitude-purchase intention relationship yielded an improvement on the TPB model. Practical implications – This study suggests that retailers can develop effective marketing strategies emphasizing ecological beauty, product safety, and affordable prices to increase consumers’ intentions to buy organic personal care products. Originality/value – This study provides valuable insight into US consumer behavior regarding organic personal care products by examining the factors that influence consumers’ attitudes toward buying organic...

Words: 6823 - Pages: 28

Premium Essay

Missseagat Technology Buyout

...9B13N007 GLOBAL REMEDIATION: FUNDING FUTURE GROWTH This publication may not be transmitted, photocopied, digitized or otherwise reproduced in any form or by any means without the permission of the copyright holder. Reproduction of this material is not covered under authorization by any reproduction rights organization. To order copies or request permission to reproduce materials, contact Ivey Publishing, Ivey Business School, Western University, London, Ontario, Canada, N6G 0N1; (t) 519.661.3208; (e) cases@ivey.ca; www.iveycases.com. Educational material supplied by The Case Centre Copyright encoded A76HM-JUJ9K-PJMN9I Order reference F269684 Copyright © 2013, Richard Ivey School of Business Foundation Version: 2015-03-19 It was January 27, 2011 and Trevor MacDonald, president and chief executive officer (CEO) of Global Remediation (Global), was facing a decision that could forever change the future of the firm. Global had been founded seven years earlier in Fredericton, New Brunswick to exploit a new technology for cleaning soil and water at previous industrial sites. As the company’s capabilities became more widely known, firms were starting to ask Global to partner with them in remediation of increasingly large projects. As a result of these opportunities, MacDonald had to evaluate how to raise the funds necessary to build the capacity to take part in the new projects — Global was already operating at very close to capacity. This was a refreshing...

Words: 3463 - Pages: 14

Premium Essay

Business

...sTRAYER uNIVERSITY | Organization Theory Theoretical Research | Dr. Ian McDevitt- ECO 550 | | Bobby Sims | 6/22/2013 | | Introduction Organization Theories are the principles that provide foundations for businesses worldwide. These leadership theories exist to utilize and build organizational structure within the company. These theories have aided in the development of standards that leaders, followers, and managers attempt to achieve on a daily basis to exemplify the ideals of the company. After researching organization theories, I discovered that many companies display commonly used theories that fit their management model. The styles such as Classical Theory, Human Ecology, Contingency Theory, Resource Dependency, Organizational Economics, Institutional Theory, and the Network Theories. These theories have distinctly different concepts and I will explain those differences. Organization theories have provided many companies with the necessary tools to approach any situation and have a successful outcome. When organizations encounter complications, they can rest assure that there is a method that can be utilized to approach the situation positively and effectively. Leadership theories have many uses: training purposes, rational purposes, and even comforting purposes. These application of these theories are possible in any event and that is the reason why they are so useful. The first theory under discussion is the Organizational Theory. This theory characterizes...

Words: 3133 - Pages: 13

Free Essay

Technoprneurshp - Renewable Energy

...GRE3NKARMA | Technopreneurship | Food Waste – Renewable Energy | | Amos Tan Yi Wen, Eu Wei Yi Vivian, Abdul Azziz B Abd Talib & Andy Chua Kang Ren | 2/10/2014 | | Contents 1. Executive Summary 3 2. The Company and its Operations 4 Company Background 4 Our Mission 4 Company Ownership and Management 5 Business Form: 5 Company Location and Facilities 6 Manufacturing and Operations Plan 7 Labour 7 Equipment 8 Office Equipment 8 Suppliers 9 3. Products and Services 9 Description of the product and services 9 Biogas – An Eco-Friendly Renewable source of energy 9 Components of a Biogas Plant 10 Benefits that the product and services can bring to customers 11 Unique features of the product and service 11 4. Market Analysis 12 Global and industry overview 12 Global outlook 12 Local outlook 12 Porter Five Forces 13 PEST Analysis 14 Political 14 Economic 15 Social 16 Technological 16 Competition Analysis 16 SWOT Analysis 18 Market Trends 18 Segmentation Analysis 19 Target Market (size in terms of number of potential customers or potential dollar volume) 22 5. Marketing Strategy 22 Product Strategy 22 Operational Excellence 22 Product Leadership 22 Labeling 22 Pricing Strategy 23 Penetration Pricing Strategy 23 Sales Forecast Plan 24 Market Penetration Strategy and the cost involved 24 Focus strategy/Differentiation based strategy 24 Promotion Strategy 25 Advertising 25 Sales...

Words: 7031 - Pages: 29

Premium Essay

Hidesign

...Hidesign started with a small factory in Puducherry and is present in 12 cities through 60 outlets. Five more are in the works this year. It employs more than 1,800 people on the shop floors and has a turnover of more than Rs 100 crore. It was one of the early entrants to launch branded bags and accessories at a time when the category was dominated by the unorganised sector. Later this year, the company plans to enter a joint venture with Italy's casual leather bag major Braccalini. "Hidesign has always stuck to its core. We don't change our products or marketing strategy depending on the competition," says Kapur. "In five years we have seen a jump to 62% from 22% in sales," he says. Store Experience At the Ambience outlet, Kapur is out to test the retail know-how of the staff . He asks for a man-bag for daily use. The girl produces a stocky laptop bag. "Shop...

Words: 6407 - Pages: 26

Premium Essay

Ford Report

...Ford Report on the BUSINESS IMPACT OF CLIMATE CHANGE FORD REPORT ON THE BUSINESS IMPACT OF CLIMATE CHANGE Table of Contents Foreword 1 Introduction Implications Actions Challenges Convergent Issues Commitment 2 2 3 3 3 Background The climate issue Business Drivers Market Share Regulatory compliance Shareholder value Industry Considerations 4 4 4 4 5 5 Strategic Roadmap Strategic principles Strategic actions Product Policy Plants People Partnerships 6 6 7 7 8 9 9 9 Conclusion 10 Appendix 1 Excerpt from 2004-2005 Sustainability Report 11-20 Appendix 2 California GHG regulations 21 Foreword In November 2004, Ford Motor Company received a shareholder resolution from the Interfaith Center on Corporate Responsibility (ICCR) and the Coalition for Environmentally Responsible Economies (Ceres) and others requesting we release information specific to our greenhouse gas emissions strategy. Much of the information requested is reported annually in our Sustainability Report (formerly called the Corporate Citizenship Report), and we have excerpted the most recent Sustainability Report as an appendix to this report. However, we agreed to publish the industry's first report dedicated to the issue of climate change and its effect on our business as well as the automotive industry as a whole. While we have worked closely with ICCR, Ceres and other stakeholders throughout the writing of this report, the material contained here is is our view of this...

Words: 13213 - Pages: 53

Premium Essay

Work

...Executive Summary Tesla Motors started with the objective of facilitating the growth of the electric car by making compelling vehicles first began with the Roadster, a solely electric operated sports car to complete with high performance supercars to prove that electric technology was viable and an electric car didn’t have to be boring.Tesla then expanded its technological advantage to the luxury sedan market. The Model S, a zero emission and sustainable luxury sedan, was then introduced as their second electric car in 2012 to compete in the performance luxury sedan segment. The Model S won numerous awards. Tesla Motor is aiming to make the electric car mainstream and build Tesla Motors as a brand. Thus Tesla is the only automaker that sells zero-emission sports car in serial production at present. This report will cover marketing plan for Model S electric car in Canadian market focusing Vancouver area. As per survey data, it appears Tesla have recently opened their 2nd Canadian store in Vancouver in May 2014. The first Canadian store was opened in Toronto in Nov 2012. The growth strategy for Vancouver area will be market penetration. Tesla’s goal is to accelerate the world’s transition from gasoline powered vehicles to electric mobility with increasingly affordable electric cars. To achieve this goal, Tesla have following current strategies; * Business level Strategy: A focused differentiation strategy because their customers are mainly from middle and upper...

Words: 12448 - Pages: 50

Premium Essay

Eco 550

...ECO 550 Managerial Economics Strayer University To Purchase Complete Quiz Bank for ECO 550 Strayer University Follow this Link http://www.researcherclub.com/product.php?id_product=192 Chapter 1 Quiz:     1.    The form of economics most relevant to managerial decision-making within the firm is: a.    macroeconomics b.    welfare economics c.    free-enterprise economics d.    microeconomics e.    none of the above     2.    If one defines incremental cost as the change in total cost resulting from a decision, and incremental revenue as the change in total revenue resulting from a decision, any business decision is profitable if: a.    it increases revenue more than costs or reduces costs more than revenue b.    it decreases some costs more than it increases others (assuming revenues remain constant) c.    it increases some revenues more than it decreases others (assuming costs remain constant) d.    all of the above e.    b and c only     3.    In the shareholder wealth maximization model, the value of a firm's stock is equal to the present value of all expected future ____ discounted at the stockholders' required rate of return. a.    profits (cash flows) b.    revenues c.    outlays d.    costs e.    investments     4.    Which of the following statements concerning the shareholder wealth maximization model is (are) true? a.    The timing of future profits is explicitly considered. b.    The model provides a conceptual basis for evaluating...

Words: 28656 - Pages: 115