FRAMINGHAM STATE COLLEGE PRINCIPLES OF MICROECONOMICS PROBLEM SET NUMBER 13

Size: px
Start display at page:

Download "FRAMINGHAM STATE COLLEGE PRINCIPLES OF MICROECONOMICS PROBLEM SET NUMBER 13"

Transcription

1 FRAMINGHAM STATE COLLEGE PRINCIPLES OF MICROECONOMICS PROBLEM SET NUMBER 13 My Name is? Using the material covered in CHAPTER On a graph for each of a, b, and c: show the effect of each of the following events on the market for labor in the computer manufacturing industry a. Congress buys personal computers for all U.S. college students. Figure 1 If Congress were to buy personal computers for all American college students, the demand for computers would increase, raising the price of computers and thus increasing the value of marginal product of workers who produce computers. This is shown in Figure 1 as a shift in the demand curve for labor from D 1 to D 2. The result is an increase in the wage from w 1 to w 2 and an increase in the quantity of labor from L 1 to L 2. b. More college students major in engineering and computer science. If more college students major in engineering and computer science, the supply of labor in the computer industry rises. This is shown in Figure 2 as a shift in the supply curve from S 1 to S 2. The result is a decrease in the wage from w 1 to w 2 and an increase in the quantity of labor from L 1 to L 2. Principles of Microeconomics 1 Problem Set Number 13

2 Figure 2 c. Computer firms build new manufacturing plants. Figure 3 c. If computer firms build new manufacturing plants, this increases the marginal product of labor and the value of the marginal product of labor for any given quantity of labor. This is shown in Figure 3 as a shift in the demand curve for labor from D 1 to D 2. The result is an increase in the wage from w 1 to w 2 and an increase in the quantity of labor from L 1 to L 2. Principles of Microeconomics 2 Problem Set Number 13

3 2. Your enterprising uncle opens a sandwich shop that employs 7 people. The employees are paid $6 per hour, and a sandwich sells for $3. If your uncle is maximizing his profit, what is the value of the marginal product of the last worker he hired? What is that worker's marginal product? Since your uncle is maximizing his profit, he must be hiring workers such that their wage equals the value of their marginal product. Since the wage is $6 per hour, their value of marginal product must be $6 per hour. Since the value of marginal product equals the marginal product times the price of the good, and since the price of a sandwich is $3, the marginal product of a worker must be 2 sandwiches per hour. 3. Suppose a freeze in Florida destroys part of the Florida orange crop. a. Explain what happens to the price of oranges and the marginal product of orange pickers as a result of the freeze. Can you say what happens to the demand for orange pickers? Why or why not? When a freeze destroys part of the Florida orange crop, the supply of oranges declines, so the price of oranges rises. Since there are fewer oranges in a given area of orange trees, the marginal product of orange pickers declines. But since the price of oranges rises, the value of the marginal product of orange pickers could rise or fall, depending on whether the marginal product falls more or less than the price rises. Thus you cannot say whether the demand for orange pickers will rise or fall. b. Suppose the price of oranges doubles and the marginal product falls by 30 percent. What happens to the equilibrium wage of orange pickers? If the price of oranges doubles and the marginal product of orange pickers falls by just 30 percent, then the value of marginal product for a particular quantity of orange pickers increases, shifting the demand for orange pickers to the right, and increasing the equilibrium wage of orange pickers. c. Suppose the price of oranges rises by 30 percent and the marginal product falls by 50 percent. What happens to the equilibrium wage of orange pickers? If the price of oranges rises by 30 percent and the marginal product of orange pickers falls by 50 percent, then the value of marginal product for a particular quantity of orange pickers decreases, shifting the demand for orange pickers to the left, and reducing the equilibrium wage of orange pickers. Using the material covered in CHAPTER College students sometimes work as summer interns for private firms or the government. Many of these positions pay little or nothing. a. What is the opportunity cost of taking such a job? The opportunity cost of taking a job as a summer intern that pays little or nothing is the wage that the student could earn at an alternative job. b. Explain why students are willing to take these jobs. Despite the low wages, students are willing to take internships because an internship might help them land a permanent job with the firm or the government later. Also, the internship enhances the student's resume. Finally, the student may gain valuable on-the-job training. Principles of Microeconomics 3 Problem Set Number 13

4 c. If you were to compare the earnings later in life of workers who had worked as interns and those who had taken summer jobs that paid more, what would you expect to find? You would expect that students who were interns make higher incomes later in life. 5. At some colleges and universities, economics professors receive higher salaries than professors in some other fields. a. Why might this be true? Economics professors may receive higher salaries than professors in some other fields because they have better opportunities outside academia. For example, they could find jobs in the private sector or the government. b. Some other colleges and universities have a policy of paying equal salaries to professors in all fields. At some of these schools, economics professors have lighter teaching loads than professors in some other fields. What role do the differences in teaching loads play? Differences in teaching loads can make up for lower pay. If professors in all fields are paid the same, the pay level is probably below what economics professors could earn elsewhere. To attract economics professors, the university would have to offer them some other compensation, such as a lower teaching load. Using the material covered in Chapter Consider two communities. In one community, ten families have incomes of $100,000 each and ten families have incomes of $20,000 each. In the other community, ten families have incomes of $200,000 each and ten families have incomes of $22,000 each. a. In which community is the distribution of income more unequal? In which community is the problem of poverty likely to be worse? Community 2 has more unequal income than community 1. In community 2 the rich have nearly ten times the income of the poor, while in community 1 the rich have only five times the income of the poor. However, the problem of poverty is likely to be slightly worse in community 1, since the poor have lower income. b. Which distribution of income would Rawls prefer? Explain. Rawls would prefer the distribution of income in community 2, since the worst-off family has more income than in community 1. c. Which distribution of income do you prefer? Explain. Most people will prefer the income distribution of community 2, since both rich and poor families are better off than their counterparts in community 1, even though inequality is greater. Principles of Microeconomics 4 Problem Set Number 13

5 8. The poverty rate would be substantially lower if the market value of in-kind transfers were added to family income. The government spends more money on Medicaid than on any other in-kind transfer, with expenditures per recipient family amounting to roughly $5,000 annually. a. If the government gave each recipient family a check for this amount instead of enrolling them in the Medicaid program, do you think that most of these families would spend that much to purchase health insurance? (Recall that the poverty line is below $15,000 for a family of four.) Why? If people received cash instead of Medicaid benefits, it is unlikely that they would spend as much on health care. Instead, they would purchase other things they desire. b. How does your answer to part (a) affect your view about whether we should determine the poverty rate by valuing in-kind transfers at the price the government pays for them? Explain. This suggests that we probably should not value in-kind transfers at the price the government pays for them. They may not be worth as much as their cost. c. How does your answer to part (a) affect your view about whether we should provide assistance to the poor in the form of cash transfers or in-kind transfers? Explain. Since the poor would prefer other things to Medicaid, it might be better to give them cash transfers instead. Principles of Microeconomics 5 Problem Set Number 13

Recitation #4 Week 02/02/2009 to 02/08/2009 Chapter 5: The Market Strikes Back

Recitation #4 Week 02/02/2009 to 02/08/2009 Chapter 5: The Market Strikes Back Recitation #4 Week 02/02/2009 to 02/08/2009 Chapter 5: The Market Strikes Back Problems and Exercises 1. A price ceiling is implemented in the market for housing in Metropolitan City, where all housing

More information

Introduction. Employer sponsored health insurance, Part 1. This section of class

Introduction. Employer sponsored health insurance, Part 1. This section of class ntroduction Employer sponsored health insurance, Part 1 ECON 40447 Fall 2009 1 Most health insurance in this country is provided by employers as a fringe benefit Function of the tax-preferred nature of

More information

Chapter 4. Specific Factors and Income Distribution

Chapter 4. Specific Factors and Income Distribution Chapter 4 Specific Factors and Income Distribution Introduction So far we learned that countries are overall better off under free trade. If trade is so good for the economy, why is there such opposition?

More information

Chapter 13 Controlling Market Power: Antitrust and Regulation

Chapter 13 Controlling Market Power: Antitrust and Regulation Page 1 Chapter 13 Controlling Market Power: Antitrust and Regulation 1)Which of the following is an example of natural monopoly? A) a market for cable TV services B) a market for breakfast cereals C) a

More information

Chapter 4 Specific Factors and Income Distribution

Chapter 4 Specific Factors and Income Distribution Chapter 4 Specific Factors and Income Distribution Chapter Organization Introduction The Specific Factors Model International Trade in the Specific Factors Model Income Distribution and the Gains from

More information

Choose the single best answer for each question. Do all of your scratch work in the margins or in the blank space on the last page.

Choose the single best answer for each question. Do all of your scratch work in the margins or in the blank space on the last page. Econ 101, Section 1, F09, Schroeter Final Exam, Red Choose the single best answer for each question. Do all of your scratch work in the margins or in the blank space on the last page. 1. Pete receives

More information

The Basic Framework of Budgeting

The Basic Framework of Budgeting Master Budgeting 1 The Basic Framework of Budgeting A budget is a detailed quantitative plan for acquiring and using financial and other resources over a specified forthcoming time period. 1. The act of

More information

ECO364 - International Trade

ECO364 - International Trade ECO364 - International Trade Chapter 2 - Ricardo Christian Dippel University of Toronto Summer 2009 Christian Dippel (University of Toronto) ECO364 - International Trade Summer 2009 1 / 73 : The Ricardian

More information

Recent reports of corporate downsizing,

Recent reports of corporate downsizing, Into contingent and alternative employment: by choice? Workers enter contingent and alternative arrangements from many different activities and for a wide variety of reasons; while some workers are involuntarily

More information

Solution to Homework Set 1

Solution to Homework Set 1 Solution to Homework Set Managerial Economics Fall 20 Conceptual and Computational Questions 2. What is the maximum amount you would pay for an asset that generates an income of $50,000 at the end of each

More information

14.01 Principles of Microeconomics, Fall 2007 Chia-Hui Chen October 15, 2007. Lecture 13. Cost Function

14.01 Principles of Microeconomics, Fall 2007 Chia-Hui Chen October 15, 2007. Lecture 13. Cost Function Short-Run Cost Function. Principles of Microeconomics, Fall Chia-Hui Chen October, ecture Cost Functions Outline. Chap : Short-Run Cost Function. Chap : ong-run Cost Function Cost Function et w be the

More information

Example 1: Suppose the demand function is p = 50 2q, and the supply function is p = 10 + 3q. a) Find the equilibrium point b) Sketch a graph

Example 1: Suppose the demand function is p = 50 2q, and the supply function is p = 10 + 3q. a) Find the equilibrium point b) Sketch a graph The Effect of Taxes on Equilibrium Example 1: Suppose the demand function is p = 50 2q, and the supply function is p = 10 + 3q. a) Find the equilibrium point b) Sketch a graph Solution to part a: Set the

More information

Chapter 4 Specific Factors and Income Distribution

Chapter 4 Specific Factors and Income Distribution Chapter 4 Specific Factors and Income Distribution Chapter Organization Introduction The Specific Factors Model International Trade in the Specific Factors Model Income Distribution and the Gains from

More information

INTRODUCTORY MICROECONOMICS

INTRODUCTORY MICROECONOMICS INTRODUCTORY MICROECONOMICS UNIT-I PRODUCTION POSSIBILITIES CURVE The production possibilities (PP) curve is a graphical medium of highlighting the central problem of 'what to produce'. To decide what

More information

Chapter II. Coverage and Type of Health Insurance

Chapter II. Coverage and Type of Health Insurance Chapter II. Coverage and Type of Health Insurance Although various factors condition regular health service use, health service coverage is undoubtedly the main means of periodically accessing medical

More information

International Financial Strategies Time Value of Money

International Financial Strategies Time Value of Money International Financial Strategies 1 Future Value and Compounding Future value = cash value of the investment at some point in the future Investing for single period: FV. Future Value PV. Present Value

More information

The Specific-Factors Model: HO Model in the Short Run

The Specific-Factors Model: HO Model in the Short Run The Specific-Factors Model: HO Model in the Short Run Rahul Giri Contact Address: Centro de Investigacion Economica, Instituto Tecnologico Autonomo de Mexico (ITAM). E-mail: rahul.giri@itam.mx In this

More information

Chapter 7. a. Plot Lauren Landlord's willingness to pay in Exhibit 1. Exhibit 1. Answer: See Exhibit 6. Exhibit 6

Chapter 7. a. Plot Lauren Landlord's willingness to pay in Exhibit 1. Exhibit 1. Answer: See Exhibit 6. Exhibit 6 Chapter 7 1. The following information describes the value Lauren Landlord places on having her five houses repainted. She values the repainting of each house at a different amount depending on how badly

More information

Small Business Owner Report Spring 2015

Small Business Owner Report Spring 2015 Letter from Robb Hilson We are pleased to share the spring 2015 Bank of America, a semiannual study that uncovers the concerns, aspirations and perspectives of small business owners around the country.

More information

Economics 101A (Lecture 26) Stefano DellaVigna

Economics 101A (Lecture 26) Stefano DellaVigna Economics 101A (Lecture 26) Stefano DellaVigna April 30, 2015 Outline 1. The Takeover Game 2. Hidden Type (Adverse Selection) 3. Empirical Economics: Intro 4. Empirical Economics: Home Insurance 5. Empirical

More information

Practice Test of. Economics -1-

Practice Test of. Economics -1- Practice Test of Economics -1- 1. The study of how firms, nations, and individuals best allocate their limited resources is called what? A. Circular Economic Activity B. Economics C. Factoring Production

More information

Race, the Job Market, and Economic Recovery: A Census Snapshot

Race, the Job Market, and Economic Recovery: A Census Snapshot Race, the Job Market, and Economic Recovery: A Census Snapshot September 2009 65 Broadway, Suite 1800, New York NY 10006 (212) 248-2785 www.centerforsocialinclusion.org New data show people of color are

More information

Roll No. (SEM II) EVEN SEMESTER THEORY EXAMINATrON, 2009-2010. "Good accounting provides automatic control of operations./i Do you agree? Explain.

Roll No. (SEM II) EVEN SEMESTER THEORY EXAMINATrON, 2009-2010. Good accounting provides automatic control of operations./i Do you agree? Explain. (Following Paper ID and Roll No. to be filled in your Answer Book) 11\ 111{ ID: 7 11 5 Roll No. (SEM II) EVEN SEMESTER THEORY EXAMINATrON, 2009-2010 COST & MANAGEMENT ACCOUNTING (a) "Good accounting provides

More information

Demand and supply of health insurance. Folland et al Chapter 8

Demand and supply of health insurance. Folland et al Chapter 8 Demand and supply of health Folland et al Chapter 8 Chris Auld Economics 317 February 9, 2011 What is insurance? From an individual s perspective, insurance transfers wealth from good states of the world

More information

General Frost-Freeze FAQs

General Frost-Freeze FAQs General Frost-Freeze FAQs Groundwater Pumping: 1) Why do farmers use water to protect their crops during frost-freeze events? a. During frost-freeze events, farmers spray water onto their crops to protect

More information

Increasing Revenues while Minimizing Risk Growing without Betting the Farm

Increasing Revenues while Minimizing Risk Growing without Betting the Farm Increasing Revenues while Minimizing Risk Growing without Betting the Farm www.nonprofit-consultants.org By Michael Daily, Executive Director, Executive Service Corps I have made the case elsewhere that

More information

DUKE UNIVERSITY Fuqua School of Business. FINANCE 351 - CORPORATE FINANCE Problem Set #1 Prof. Simon Gervais Fall 2011 Term 2.

DUKE UNIVERSITY Fuqua School of Business. FINANCE 351 - CORPORATE FINANCE Problem Set #1 Prof. Simon Gervais Fall 2011 Term 2. DUKE UNIVERSITY Fuqua School of Business FINANCE 351 - CORPORATE FINANCE Problem Set #1 Prof. Simon Gervais Fall 2011 Term 2 Questions 1. Two years ago, you put $20,000 dollars in a savings account earning

More information

Practice Problems on Money and Monetary Policy

Practice Problems on Money and Monetary Policy Practice Problems on Money and Monetary Policy 1- Define money. How does the economist s use of this term differ from its everyday meaning? Money is the economist s term for assets that can be used in

More information

Chapter 7: Net Present Value and Capital Budgeting

Chapter 7: Net Present Value and Capital Budgeting Chapter 7: Net Present Value and Capital Budgeting 7.1 a. Yes, the reduction in the sales of the company s other products, referred to as erosion, should be treated as an incremental cash flow. These lost

More information

College: A Necessity Priced as a Luxury

College: A Necessity Priced as a Luxury College: A Necessity Priced as a Luxury Six Facts on College and the Middle Class May 2014 A Middle Class Job Does Not Get a Middle Class Life v Today, a middle class job increasingly does not support

More information

Iowa Vocational Rehabilitation Services. Performance Report

Iowa Vocational Rehabilitation Services. Performance Report Iowa Vocational Rehabilitation Services Performance Report Performance Results for State Fiscal Year 2011 Guide for Agency Performance Reporting Page 1 Table of Contents Introduction Agency Overview Results

More information

Explaining Obama Administration s Overtime Expansion Proposal for Department of Labor s Overtime Exemptions

Explaining Obama Administration s Overtime Expansion Proposal for Department of Labor s Overtime Exemptions Explaining Obama Administration s Overtime Expansion Proposal for Department of Labor s Overtime Exemptions PowerPoint presentation via National Journal National Journal Presentation Credits Producer:

More information

Understanding College and University Financial Statements

Understanding College and University Financial Statements Understanding College and University Financial Statements By Rudy Fichtenbaum Professor of Economics Department of Economics Wright State University Dayton, OH 45435 (937) 775-3085 rfichtenbaum@sbcglobal.net

More information

Social Insurance (Chapter-12) Part-1

Social Insurance (Chapter-12) Part-1 (Chapter-12) Part-1 Background Dramatic change in the composition of government spending in the U.S. over time Background Social insurance programs: Government interventions in the provision of insurance

More information

First we have some general questions about your life. Please answer these questions by checking the answer that best describes your opinion.

First we have some general questions about your life. Please answer these questions by checking the answer that best describes your opinion. 1. Life satisfaction [SRI Note: This page is not shown during the first weekly (baseline) survey.] First we have some general questions about your life. Please answer these questions by checking the answer

More information

ENTREPRENEURIAL FINANCE: Strategy Valuation and Deal Structure

ENTREPRENEURIAL FINANCE: Strategy Valuation and Deal Structure ENTREPRENEURIAL FINANCE: Strategy Valuation and Deal Structure Chapter 7. Methods of Financial Forecasting: Integrated Financial Modeling Questions and Problems 1. The cash cycle is the time between when

More information

Value Based Questions

Value Based Questions Subject : Economics Class : XII Value Based Questions PART A : INTRODUCTORY MICROECONOMICS Unit-I Introduction to Microeconomics 1. India is a labour abundance and capital scarce economy. Which technique

More information

A Guide to the Pension Options

A Guide to the Pension Options A Guide to the Pension Options James A. Chalfant and Helen L. Henry 1 Explanatory note: the purpose of this document is to go beyond the requests for tables showing simple, hypothetical results for new

More information

What American Teens & Adults Know About Economics

What American Teens & Adults Know About Economics What American Teens & Adults Know About Economics Prepared for: The National Council on Economic Education Project Directors: Dana Markow, Ph.D., Senior Research Director Kelly Bagnaschi, Senior Research

More information

3. If you received any interest from a "Seller Financed" mortgage, provide: Name and Address of Payer Social Security Number Amount

3. If you received any interest from a Seller Financed mortgage, provide: Name and Address of Payer Social Security Number Amount Print this form out, take some time to fill it out, and bring it with you when you come to the office. This will save you time and money, and help us help you more effectively. Tax Return Questionnaire

More information

Management Accounting and Decision-Making

Management Accounting and Decision-Making Management Accounting 15 Management Accounting and Decision-Making Management accounting writers tend to present management accounting as a loosely connected set of decision making tools. Although the

More information

FINANCIAL STATEMENTS-II

FINANCIAL STATEMENTS-II MODULE - 3 15 FINANCIAL STATEMENTS-II You have learnt that Income Statement i.e. Trading & Profit and Loss Account and Position Statement i.e., Balance Sheet are two financial statements, which are prepared

More information

Good ood Intentions, Bad Outcomes: Social Policy, Informality and Economic Growth in Mexico. Santiago Levy, Inter American Development Bank.

Good ood Intentions, Bad Outcomes: Social Policy, Informality and Economic Growth in Mexico. Santiago Levy, Inter American Development Bank. Good ood Intentions, Bad Outcomes: Social Policy, Informality and Economic Growth in Mexico Santiago Levy, Inter American Development Bank. Background 1.) Two aspects of social policy need to be jointly

More information

Racial and Ethnic Disparities in Women s Health Coverage and Access To Care Findings from the 2001 Kaiser Women s Health Survey

Racial and Ethnic Disparities in Women s Health Coverage and Access To Care Findings from the 2001 Kaiser Women s Health Survey March 2004 Racial and Ethnic Disparities in Women s Health Coverage and Access To Care Findings from the 2001 Kaiser Women s Health Survey Attention to racial and ethnic differences in health status and

More information

Policy Report. Georgians with Disabilities Miss Out on $92 Million in Federal Grants. Georgians with Disabilities Suffer More Unemployment and Poverty

Policy Report. Georgians with Disabilities Miss Out on $92 Million in Federal Grants. Georgians with Disabilities Suffer More Unemployment and Poverty Policy Report Georgians with Disabilities Miss Out on $92 Million in Federal Grants By Melissa Johnson, Policy Analyst As the number of Georgians with disabilities grew over the last four years, funding

More information

Learning Objectives. Essential Concepts

Learning Objectives. Essential Concepts Learning Objectives After reading Chapter 3 and working the problems for Chapter 3 in the textbook and in this Workbook, you should be able to: Employ marginal analysis to find the optimal levels of activities

More information

Statement of. Linda J. Blumberg, Ph.D. Senior Fellow The Urban Institute

Statement of. Linda J. Blumberg, Ph.D. Senior Fellow The Urban Institute Statement of Linda J. Blumberg, Ph.D. Senior Fellow The Urban Institute Committee on Energy and Commerce Subcommittee on Oversight and Investigations United States House of Representatives Hearing: The

More information

Roth 401(k) Analyzer SM

Roth 401(k) Analyzer SM Roth 401(k) Analyzer SM Supplemental Information Report Pre-tax or Roth 401(k)? Background Information Starting January 1, 2006, employers may add a new feature called a Roth 401(k) to their new or existing

More information

MANAGEMENT ACCOUNTING

MANAGEMENT ACCOUNTING CIPFA PROFESSIONAL QUALIFICATION CIPFA CERTIFICATE IN INTERNATIONAL PUBLIC FINANCIAL MANAGEMENT MANAGEMENT ACCOUNTING Instructions to candidates There are two sections in the examination. Section A contains

More information

5. Time value of money

5. Time value of money 1 Simple interest 2 5. Time value of money With simple interest, the amount earned each period is always the same: i = rp o We will review some tools for discounting cash flows. where i = interest earned

More information

How Securities Are Traded

How Securities Are Traded How Securities Are Traded What is this project about? You will learn how securities are traded on exchanges, particularly how to conduct margin trades, short sales, and submit limit orders. What case do

More information

Request for Quotes (RFQ): Payroll Services and Support. CareerSource Citrus Levy Marion Internship & Work Experience Program

Request for Quotes (RFQ): Payroll Services and Support. CareerSource Citrus Levy Marion Internship & Work Experience Program Request for Quotes (RFQ): Payroll Services and Support CareerSource Citrus Levy Marion Internship & Work Experience Program Overview and Scope of Work CareerSource Citrus Levy Marion (CareerSource CLM)

More information

EMPLOYER SHARED RESPONSIBILITY:

EMPLOYER SHARED RESPONSIBILITY: EMPLOYER SHARED RESPONSIBILITY: PLAY OR PAY DISCUSSION GUIDE WHY THE MATH DOESN T WORK TO DROP COVERAGE 1 EVERYONE IS REQUIRED TO MAINTAIN HEALTH COVERAGE The Affordable Care Act (ACA) is ushering in

More information

Unit 9: Utility, Externalities, and Factor Markets Lesson 4: Externalities

Unit 9: Utility, Externalities, and Factor Markets Lesson 4: Externalities Unit 9: Utility, Externalities, and Factor Markets Lesson 4: Externalities Objectives: - Define externality - Draw negative and positive externality graphs. - Explain the remedies for positive and negative

More information

The 80/20 Rule: How Insurers Spend Your Health Insurance Premiums

The 80/20 Rule: How Insurers Spend Your Health Insurance Premiums SUMMARY The 80/20 Rule: How Insurers Spend Your Health Insurance Premiums The Affordable Care Act holds health insurers accountable to consumers and ensures that American families receive value for their

More information

WHY WRITE A BUSINESS PLAN?

WHY WRITE A BUSINESS PLAN? KANSAS SMALL BUSINESS DEVELOPMENT CENTER PITTSBURG STATE UNIVERSITY PITTSBURG, KS 66762 PHONE: 620 235 4920; FAX: 620 235 4919 e mail: ksbdc@pittstate.edu WHY WRITE A BUSINESS PLAN? A business plan is

More information

HEALTH CARE SYSTEMS ELECTION 2012 ISSUE PAPER NO. 3 SEPTEMBER 2012. Where Are We Now?

HEALTH CARE SYSTEMS ELECTION 2012 ISSUE PAPER NO. 3 SEPTEMBER 2012. Where Are We Now? ELECTION 2012 HEALTH CARE SYSTEMS ISSUE PAPER NO. 3 SEPTEMBER 2012 Vermont League of Cities and Towns 89 Main Street, Suite 4, Montpelier, VT 05602 (802) 229-9111 or (800) 649-7915 info@vlct.org Where

More information

What you will learn: UNIT 3. Traditional Flow Model. Determinants of the Exchange Rate

What you will learn: UNIT 3. Traditional Flow Model. Determinants of the Exchange Rate What you will learn: UNIT 3 Determinants of the Exchange Rate (1) Theories of how inflation, economic growth and interest rates affect the exchange rate (2) How trade patterns affect the exchange rate

More information

WHAT IS ECONOMICS? Chapter. Definition of Economics

WHAT IS ECONOMICS? Chapter. Definition of Economics Chapter 1 WHAT IS ECONOMICS? Definition of Economics Topic: Incentives 1) An incentive A) could be a reward but could not be a penalty. B) could be a penalty but could not be a reward. C) could be either

More information

Frequently Asked Questions about the Fair Labor Standards Act (FLSA)

Frequently Asked Questions about the Fair Labor Standards Act (FLSA) Frequently Asked Questions about the Fair Labor Standards Act (FLSA) FLSA Questions and Answers Q. What is the FLSA? A. The FLSA is the most general federal labor law. It contains the minimum wage provisions,

More information

Bob s Pretty Good Architectural Firm. G Neil Harper

Bob s Pretty Good Architectural Firm. G Neil Harper Bob s Pretty Good Architectural Firm G Neil Harper Getting Started On December 31, 2004, Bob opens a bank account, and deposits $10,000 to get his firm started. Balance Sheet 12/31/04 Assets Cash 10,000

More information

a. Retail market for water and sewerage services Answer: Monopolistic competition, many firms each selling differentiated products.

a. Retail market for water and sewerage services Answer: Monopolistic competition, many firms each selling differentiated products. Chapter 16 1. In which market structure would you place each of the following products: monopoly, oligopoly, monopolistic competition, or perfect competition? Why? a. Retail market for water and sewerage

More information

Questions and Answers about Medicaid for Those Receiving Long-Term Care in Idaho

Questions and Answers about Medicaid for Those Receiving Long-Term Care in Idaho Questions and Answers about Medicaid for Those Receiving Long-Term Care in Idaho Question 1: What is Medicaid? Answer: Medicaid is a government program that pays for medical services, including long-term

More information

Transaction Analysis SPOTLIGHT. 2 Chapter 40878 Page 53 09/25/07 jhr APPLE COMPUTER, INC.

Transaction Analysis SPOTLIGHT. 2 Chapter 40878 Page 53 09/25/07 jhr APPLE COMPUTER, INC. 2 Chapter 40878 9/25/07 3:18 PM Page 53 2 Transaction Analysis 2 Chapter 40878 Page 53 09/25/07 jhr SPOTLIGHT APPLE COMPUTER, INC. How do you manage your music library? You may use Apple Computer s itunes,

More information

Effects of the PPACA Health Insurance Premium Tax on Small Businesses and Their Employees

Effects of the PPACA Health Insurance Premium Tax on Small Businesses and Their Employees Effects of the PPACA Health Insurance Premium Tax on Small Businesses and Their Employees Michael J. Chow November 9, 2011 The 2010 healthcare law contains a tax on the health insurance policies that most

More information

Dana Beth Weinberg, PhD AFSCME/ UNA Nurse Congress San Diego, CA May 5, 2015

Dana Beth Weinberg, PhD AFSCME/ UNA Nurse Congress San Diego, CA May 5, 2015 Dana Beth Weinberg, PhD AFSCME/ UNA Nurse Congress San Diego, CA May 5, 2015 Beth Israel Hospital Had one of the most famous nursing programs in the world Pioneered primary nursing, which emphasized the

More information

Long Term Disability Insurance Benefits Guide

Long Term Disability Insurance Benefits Guide THE STANDARD LIFE INSURANCE COMPANY OF NEW YORK Long Term Disability Insurance Benefits Guide For The Employees of The State University of New York Answers to your questions about coverage from The Standard

More information

BUSINESS BANKING White Paper Series. Small Business Structures and Taxes

BUSINESS BANKING White Paper Series. Small Business Structures and Taxes White Paper Series Small Business Structures and Taxes July 2014 To run a small business, you have to make big decisions. If you employ fewer than 500 people, the United States Small Business Association

More information

Impact Assessment of Irrigation Infrastructure Development on Poverty Alleviation A Case Study from Pakistan

Impact Assessment of Irrigation Infrastructure Development on Poverty Alleviation A Case Study from Pakistan Impact Assessment of Irrigation Infrastructure Development on Poverty Alleviation A Case Study from Pakistan Intizar Hussain Waqar Jehangir, Muhammad Mudasser, Aamir Nazir, and Mohammad Ashfaq International

More information

ECO 352 Spring 2010 No. 7 Feb. 23 SECTOR-SPECIFIC CAPITAL (RICARDO-VINER) MODEL

ECO 352 Spring 2010 No. 7 Feb. 23 SECTOR-SPECIFIC CAPITAL (RICARDO-VINER) MODEL ECO 352 Spring 2010 No. 7 Feb. 23 SECTOR-SPECIFIC CAPITAL (RICARDO-VINER) MODEL ASSUMPTIONS Two goods, two countries. Goods can be traded but not factors across countries. Capital specific to sectors,

More information

Navigating the Employer Mandate

Navigating the Employer Mandate Navigating the Employer Mandate The Employer Mandate is the Health Care Reform provision that requires all employers with 50 or more full time equivalent employees to offer a certain level of health insurance

More information

Date: Thursday, October 23, 2014 Time: 10:00 AM to 1:00 PM Location: Crowne Plaza Hotel Market Center 7050 Stemmons FWY, Dallas TX 75247 SPONSORED BY

Date: Thursday, October 23, 2014 Time: 10:00 AM to 1:00 PM Location: Crowne Plaza Hotel Market Center 7050 Stemmons FWY, Dallas TX 75247 SPONSORED BY Dallas Job Fair FOR VETERANS & PEOPLE WITH DISABILITIES Date: Thursday, October 23, 2014 Time: 10:00 AM to 1:00 PM Location: Crowne Plaza Hotel Market Center 7050 Stemmons FWY, Dallas TX 75247 SPONSORED

More information

Classification of Manufacturing Costs and Expenses

Classification of Manufacturing Costs and Expenses Management Accounting 51 Classification of Manufacturing Costs and Expenses Introduction Management accounting, as previously explained, consists primarily of planning, performance evaluation, and decision

More information

Lecture 7: Savings, Investment and Government Debt

Lecture 7: Savings, Investment and Government Debt Lecture 7: Savings, Investment and Government Debt September 18, 2014 Prof. Wyatt Brooks Problem Set 1 returned Announcements Groups for in-class presentations will be announced today SAVING, INVESTMENT,

More information

Tax Return Questionnaire - 2014 Tax Year

Tax Return Questionnaire - 2014 Tax Year Print this form out, take some time to fill it out, and bring it with you when you come to the office. This will save you time and money, and help us help you more effectively. Tax Return Questionnaire

More information

Includes Tips & Tricks that could save you substantial $$$ and help make sure your claims get paid.

Includes Tips & Tricks that could save you substantial $$$ and help make sure your claims get paid. Includes Tips & Tricks that could save you substantial $$$ and help make sure your claims get paid. WHAT IS INSURANCE? It s simply the transference of a risk from yourself to the Insurer. By paying the

More information

HAMPTON UNIVERSITY ONLINE Hampton University School of Business PhD in Business Administration

HAMPTON UNIVERSITY ONLINE Hampton University School of Business PhD in Business Administration Program Overview The PhD in Business Leadership and Administration is designed for professionals located nation wide who desire an advanced degree in business to excel in their careers. In addition, the

More information

Small Business. Software User Guide

Small Business. Software User Guide Small Business Software User Guide Contents 1. Welcome... 3 2. GoVenture Small Business... 3 3. Playing GoVenture Small Business... 4 Start NEW Simulation... 4 SAVE Simulation... 5 RESUME Saved Simulation...

More information

Health Economics. University of Linz & Demand and supply of health insurance. Gerald J. Pruckner. Lecture Notes, Summer Term 2010

Health Economics. University of Linz & Demand and supply of health insurance. Gerald J. Pruckner. Lecture Notes, Summer Term 2010 Health Economics Demand and supply of health insurance University of Linz & Gerald J. Pruckner Lecture Notes, Summer Term 2010 Gerald J. Pruckner Health insurance 1 / 25 Introduction Insurance plays a

More information

TOPIC 6: CAPITAL STRUCTURE AND THE MARKET FOR CORPORATE CONTROL

TOPIC 6: CAPITAL STRUCTURE AND THE MARKET FOR CORPORATE CONTROL TOPIC 6: CAPITAL STRUCTURE AND THE MARKET FOR CORPORATE CONTROL 1. Introduction 2. The free rider problem In a classical paper, Grossman and Hart (Bell J., 1980), show that there is a fundamental problem

More information

Econ 2113 Test #1A Pledge: I have neither given or received aid on this exam. Signature:

Econ 2113 Test #1A Pledge: I have neither given or received aid on this exam. Signature: Econ 2113 Test #1A Dr. Rupp Fall 2009 Name: Pledge: I have neither given or received aid on this exam. Signature: Multiple Choice Identify the letter of the choice that best completes the statement or

More information

Changes in the Nursing Career Ladder

Changes in the Nursing Career Ladder Emerging Career Pathways in the New York City Healthcare Workforce: Changes in the Nursing Career Ladder The City University of New York Office of the University Dean for Health and Human Services William

More information

Graduate School Planning Ahead

Graduate School Planning Ahead Graduate School Planning Ahead Overview Graduate school is a huge investment of your time and money. The key is to know what you want to get out of your education before you make the investment. To consider

More information

President Bush s Health Care Tax Deduction Proposal: Coverage, Cost and Distributional Impacts. John Sheils and Randy Haught

President Bush s Health Care Tax Deduction Proposal: Coverage, Cost and Distributional Impacts. John Sheils and Randy Haught www.lewin.com President Bush s Health Care Tax Deduction Proposal: Coverage, Cost and Distributional Impacts John Sheils and Randy Haught President Bush proposes to replace the existing tax exemption for

More information

4. The minimum amount of owners' equity in a bank mandated by regulators is called a requirement. A) reserve B) margin C) liquidity D) capital

4. The minimum amount of owners' equity in a bank mandated by regulators is called a requirement. A) reserve B) margin C) liquidity D) capital Chapter 4 - Sample Questions 1. Quantitative easing is most closely akin to: A) discount lending. B) open-market operations. C) fractional-reserve banking. D) capital requirements. 2. Money market mutual

More information

REGIONAL QUARTERLY REPORT

REGIONAL QUARTERLY REPORT April 2015 1 REGIONAL QUARTERLY REPORT State Personal Income and More... In this report... Fourth-quarter 2014 state personal income statistics, page 1 Acknowledgments, page 3 Annual state personal income

More information

Demand for Health Insurance

Demand for Health Insurance Demand for Health Insurance Demand for Health Insurance is principally derived from the uncertainty or randomness with which illnesses befall individuals. Consequently, the derived demand for health insurance

More information

Farmer Savings Accounts

Farmer Savings Accounts Farmer Savings Accounts Mark A. Edelman, Iowa State University James D. Monke, Economic Research Service, USDA Ron Durst, Economic Research Service, USDA Introduction Various incentives can be used to

More information

MINITAB ASSISTANT WHITE PAPER

MINITAB ASSISTANT WHITE PAPER MINITAB ASSISTANT WHITE PAPER This paper explains the research conducted by Minitab statisticians to develop the methods and data checks used in the Assistant in Minitab 17 Statistical Software. One-Way

More information

Prepared Testimony by. Algernon Austin Director Program on Race, Ethnicity and the Economy Economic Policy Institute

Prepared Testimony by. Algernon Austin Director Program on Race, Ethnicity and the Economy Economic Policy Institute Prepared Testimony by Algernon Austin Director Program on Race, Ethnicity and the Economy Economic Policy Institute Before the U.S. House of Representatives Committee on Education and Labor Ensuring Economic

More information

Facts and Figures on the Middle-Class Squeeze in Idaho

Facts and Figures on the Middle-Class Squeeze in Idaho Facts and Figures on the Middle-Class Squeeze in Idaho For hard-working, middle-class families all over the country, life during the Bush presidency has grown less affordable and less secure. President

More information

Racial and ethnic health disparities are differences in health status driven by social

Racial and ethnic health disparities are differences in health status driven by social American Public Health Association NOVEMBER 2008 Evaluating the Economic Causes and Consequences of Racial and Ethnic Health Disparities Kristen Suthers, PhD, MPH Racial and ethnic health disparities are

More information

Authored for ENMU Tutoring Services. By Jessica Huff

Authored for ENMU Tutoring Services. By Jessica Huff By Jessica Huff The standard accounting equation is Assets=Liabilities + Stockholders Equity. Depending on which item someone is looking at will determine what the normal balance is. The normal balance

More information

Health Insurance in the Small Business Market: Availability, Coverage, and the Effect of Tax Incentives

Health Insurance in the Small Business Market: Availability, Coverage, and the Effect of Tax Incentives Health Insurance in the Small Business Market: Availability, Coverage, and the Effect of Tax Incentives by Quantria Strategies, LLC Cheverly, MD 20785 for Under Contract Number SBAHQ-09-Q-0018 Release

More information

STATISTICAL BRIEF #98

STATISTICAL BRIEF #98 Agency for Healthcare Medical Expenditure Panel Survey Research and Quality STATISTICAL BRIEF #98 September 5 Costs to small private sector employers who offered employer-spon- sored health insurance to

More information

Multiple Choice Identify the choice that best completes the statement or answers the question.

Multiple Choice Identify the choice that best completes the statement or answers the question. Unit 2 review Multiple Choice Identify the choice that best completes the statement or answers the question. 1. Which of the following is false about the circular-flow diagram? A. Households are the primary

More information

Forward Contracts and Forward Rates

Forward Contracts and Forward Rates Forward Contracts and Forward Rates Outline and Readings Outline Forward Contracts Forward Prices Forward Rates Information in Forward Rates Reading Veronesi, Chapters 5 and 7 Tuckman, Chapters 2 and 16

More information

Macroeconomics, 10e, Global Edition (Parkin) Chapter 26 The Exchange Rate and the Balance of Payments

Macroeconomics, 10e, Global Edition (Parkin) Chapter 26 The Exchange Rate and the Balance of Payments Macroeconomics, 10e, Global Edition (Parkin) Chapter 26 The Exchange Rate and the Balance of Payments 1 The Foreign Exchange Market 1) The term "foreign currency" refers to foreign I. coins II. notes III.

More information

SCHOOL OF HUMAN RESOURCES & LABOR RELATIONS

SCHOOL OF HUMAN RESOURCES & LABOR RELATIONS SCHOOL OF HUMAN RESOURCES & LABOR RELATIONS Educating and developing outstanding talent PREMIER GRADUATE EDUCATION CUTTING-EDGE SCHOLARSHIP EXCEPTIONAL CAREER OPPORTUNITIES EXTRAORDINARY ALUMNI NETWORK

More information