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- What are four responses to the claim that people should not behave in the way described in this chapter?1) John is operating an internation business in the United Stateds of American and is focused on the limitation or short-term impact of an issue. It can be said that John has a ............. 2) The grestest good for the greatest number of persons is known as the ............... approach. 3) this theorgy states that a country's wealth was deternmined by the amount of its gold and silver holding. It is ...........?5-What are viable explanations that someone can use to counter Leontief’s paradox?
- 10) How can a company benefit economically from implementing LSS? Give a specific example. 11) Explain lean thinking in your own words. 12) Does lean rely on tools or people most? Explain your response. 13) Explain what this phrase from Henry Ford means: "It's not the employer who pays the wages. Employers only handle the money. It's the customer who pays the wages." What is the implication of this statement? 14) Are quality checks considered value-added activities? Explain your response. 15) What are the three things all employees need to start a good normal day? 16) What happens if employees do not feel they are making a difference by doing a meaningful job? 17) What are the three criteria to determine if an activity is value-added? 18) What is "manufacturing insanity"? What does it mean? 19) Is it possible to eliminate ALL the waste 100%? Explain your response. 20) Explain how Mura, Muri, and Muda are formed if the demand is un-even (show and label the demand with a graph). What is…Explain what is meant by urban bias. What are the major effects of urban bias?Please explain how three forms of EMH can be explained by this graph respectively, and why?
- 5. “The RAND Health Insurance Study gave every subject a fixed amount of money that covered the maximum possible expenditure that each subject might have. Because of this, all participants could act as if they had full coverage, and the experiment was invalid.” Assuming the validity of the first sentence, comment on the inference drawn in the second sentence.5. Consider a monocentric model with fixed housing unit h and the utility of residents u=c, where c is the consumption of the composite goods. The budget constraint of each resident living at distance d from the CBD is c + ph = w-dt, where w is wage, p is housing rental rate, t is the unit commuting cost in distance. The city is open and free migration in and out. The external utility they obtain out of the city is ū= 10. The rental rate on agricultural land is pA. (a) Illustrate why the consumption of residents living in all parts of the city will be equalized. (b) Derive the housing rental rate (p) as a function of d, distance from the CBD, What is the slope? Draw a figure with p at the y-axis and d at the x axis. (c) Discuss how the boundary of the city is determined in this model, how would the boundary of the city respond to wage w and commuting cost t?3. Suppose a selective state flagship university employs a cutoff in test scores, which is not known at the point of application, to determine admission. How might this administrative rule, combined with the observation of earnings a decade later, be used to estimate the return to attending the state flagship university? Why would the publication of the admissions cutoff to students and families before application likely invalidate this estimation approach?
- 35. A researcher observes that, on average, the number of divorces in cities with major league baseball teams is larger than in cities without major league baseball teams. The most plausible explanation for this observed association is a) the presence of a major league baseball team causes the number of divorces to rise (perhaps husbands are spending too much time at the park). b) the high number of divorces is responsible for the presence of a major league baseball team (ore single men means potentially more fans at the ballpark, making it attractive for an owner to relocate to such cities). c) the association is due to common response (major league teams tend to be in large cities with more people hence a greater number of divorces). d) the observed association is purely coincidental. It is implausible to believe the observed association could be anything other than accidental.Question 3 Krugman Model: Suppose that the elasticity of substitution between vari- eties of a differentiated good is o = 3. The marginal cost of production is c = 2, the fixed cost of operating a business is f = 10. There are two countries, H and F, that initally do not trade. The countries differ only in the size of their economies with EH 100 > EF = 50. All the Krugman model assumptions hold regarding preferences, monopolistic competition, free entry, etc. = Starting from the closed economy, answer the following. a. Profits: Using A to denote the level of demand preceived by a typical firm in H, write the typical firm's profit function. Plug in the relevant numbers for the elasticity of substitution, the marginal cost, and the fixed cost, leaving AH as a constant. b. Profit Maximization: Take the derivative of the profit function and solve the first order condition for the optimal price. What is the optimal price charged? c. Free Entry: Now solve for the total number of entrants…Susan and Jane are believed to have the same money income, have the same tastes, and face the same set of prices of all goods and services except that of access to the City Botanic Garden. Susan lives further away from the garden than Jane and hence incurs a higher travel cost per visit. There is a $5 admission charge for each visit to the Garden. The following data summarize their annual visits to the Garden: Individual Travel Cost per Visit Susan Jane 25 15 No. of Visit per annum 10 150 Assume the inverse demand curve is linear, that is Cost = a + b x visit; and there is no other cost in operating and maintaining the Garden. You are required to calculate: • The consumer surplus of individual Susan [a] • The consumer surplus of individual Jane [b] The annual benefit to the community [c] (Provide your answer to 2 decimal places. Do not include "$" in your response.)