...Kaplan University Research Topic Unit 2 – Part II BU224 – 02: Microeconomics December 17, 2013 Unit 2 Part II The topic that I have selected to research and write about is Evaluating Legal Prices. I found some of the most intriguing information concerning minimum wage. How does the government determine the price? Where it originated from? What is the purpose of the legal price and the extent to which it achieves its purpose for an individual who may be going through a hardship making a low grade of money? One of the things that I want to focus on is understanding the reason for each state having different minimum wages and why they are so different. Of course we all know that minimum wage is the lowest rate at which a worker can legally get paid. In the United States, as opposed to many other countries, the minimum wage is pegged to an hourly wage. What are some of the exemptions for certain occupations and industries? I would not think that they work any less than any other employee in any other state, town, or city. Minimum wage laws set legal minimums for the hourly wages paid to certain groups of workers. In the United States, amendments to the Fair Labor Standards Act have increased the federal minimum wage from $.25 per hour in 1938 to $5.15 in 1997, I found this astonishing as I was reading different news topics, articles on the web and of course all types of information under the US government site concerning this topic. Most economists...
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...BU224-02 Microeconomics Problem - 1 A) In the absence of any price floor, consumer surplus is the area below the demand curve but above the equilibrium price. Equilibrium price = $0.13 Equilibrium quantity = 211.5 billion pound. So, consumer surplus = ½ * (0.2-0.13)*211.5 = $7.403 billion B) Producer surplus is the area above the supply curve but below the equilibrium price. Producer surplus = ½ *(0.13-0.06)*211.5 = $7.403 billion C) Total surplus = consumer surplus + producer surplus = $7.403 billion + $7.403 billion = $14.806 billion D) With the price floor at $0.17 per pound, consumer surplus is the area below the demand curve but above the price. Consumer surplus = ½ * (0.20-0.17)*211 = $3.165 billion E) With the price floor at $0.17 per pound, producer surplus is the area above the supply curve but below the price. Producer surplus = ½* (0.17-0.06)*212.5 = $11.688 billion F) USDA buys 1.5 billion pounds of cheese at a price $0.17 per pound. So, USDA spends $0.17*1.5 billion = $0.255 billion G) Total surplus when there is price floor = consumer surplus + producer surplus - money spent by the USDA = $3.165+$11.688-$0.255 = $14.598 billion H) This is less than the total surplus without price floor. Problem - 2 A) Using midpoint method, PED. = [(Q2 - Q1) / ((Q1 + Q2) / 2)] / [(P2 - P1) / ((P1 + P2) / 2)] When the price of an ice cream...
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...Economics studies how people, acting as individuals or in groups, decide to use scarce resources to satisfy wants. This fundamental economic concept of scarcity is at the core of the discipline. There are never enough natural resources, human resources, or capital resources (man-made goods such as tools, equipment, machinery, factories) to produce everything society wants. Therefore, choices must be made on what to produce, how to produce, and for whom to produce. Choices must also be made at a personal level. There never seems to be enough money or time to have or to do everything one wants. Economics is a way of thinking, a science of making choices. Economists examine the decision-making processes of individuals, businesses, markets, governments, and economies as a whole. An understanding of economic principles helps people to consider not only the short-term effects of a decision, but also its long-term effects and possible unintended consequences; to see the connections between personal self-interest and societal goals; to understand how individual and social choices are made in the context of an economy; and to analyze the impact of public policies and events upon such social goals as freedom, efficiency, and equity. Because of increasing interdependence and globalization, everyone in the United States needs to be aware of the issues in the global economy, their role in that system, and be able to respond to changes so that they can effectively maintain...
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...As;dlkfjlsdjflkjsdlfkj;lsdjfjfjslfjlksdfj * Study Resources * By School * By Subject * By Standardized Tests * By Book * Upload Documents * Tutors * Get Homework Help * About Tutors * Become a Tutor * Flashcards * Find Flashcards * Create Flashcards * About Flashcards * Log-in * Sign Up ------------------------------------------------- 50. there is pressure on the mayor to reduce the fare Home Kaplan University MICROECONO MICROECONO BU224 BUS224_02_OSBORNE_TIFFANY_ unit9 Download Document 1 - 2 of 6 This preview has blurred sections. Sign up to View Full Document Skyscraper City has a subway system, for which a one-way fare is $1.50. There is pressure onthe mayor to reduce the fare by one-third, to $1.00. The mayor is dismayed, thinking that thiswill mean Skyscraper City is losing one-third of its revenue from sales of subway tickets. Themayor’s economic adviser reminds her that she is focusing only on the price effect and ignoringthe quantity effect. Explain why the mayor’s estimate of a one-third loss of revenue is likely tobe an overestimate.Page 1 of 6 Because when a lower price is given more tickets will be sold therefor there will be additionalrevenue coming in.2.Bob, Bill, Ben, and Brad Baxter have just made a documentary movie about their basketballteam. They are thinking about making the movie available for download on the Internet, and theycan act as a...
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...Unit 8 Assignment: Research Paper Final Name: Course Number: -BU224: Microeconomics Section Number: -01 Unit Number: - 8 Research Date: -May 14, 2013 Conservation and Recycling – What’s the Difference? Abstract: This paper is to discuss the differences between recycling and conservation. e Recycling is reusing resources. When you recycle, you are putting raw compounds such as paper and plastic back into circulation without the need for digging up new raw materials. By merely recycling your old newspapers and magazines, you’ll be saving natural resources such as our forests. According to recent surveys by the Environmental Protection Agency (EPA), 32 percent of municipal solid waste has been recycled by American households. That translates into over 79 tons trash that didn’t need to be incinerated or dumped in a landfill. (http://life.gaiam.com/) For example, a soda can is usually made of aluminum. A recycled aluminum can uses 95 percent less energy needed to made the can from the beginning. Conservation usually deals with saving energy, and wildlife. How this works in the workplace deals with acting as if you were at home. Some examples are replacing light bulbs with the florescent light bulbs, turning off all lights, computers, monitors, and copy machines. Close all windows and blinds to block direct sunlight, this reduces the need to use cooling and heating units. Recycling in the workplace is also feasible. To save paper, only copy what you need...
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...Protect My Pay December 7, 2010 Microeconomics BU224 The importance of having minimum wage is to impose fair wages to all employees regardless of the race, sex or disabilities, how minimum wage impacts the amount labor workers are willing to do and how by setting the minimum wage rates the government is able to ensure fair wages to workers unlike other countries. Some major points to look at are Men and women need to be paid based on their knowledge and kills not on the gender, keeping your employees happy will make for a much more productive output of work by them and the government playing a role in having set a minimum wage that employees must get paid are ways to protect my pay and my rights. In time men have (and some say still are) making more money than women. By having minimum wage a set pay more people should all start at the same pay. Each employee sound be paid on their skills and education not based on their sex. Men also have a tendency to feel inadequate when they have a female boss or their wife is making more money than they are. Equal pay for the sexes could help men understand that it makes no difference of your sex buy only of your knowledge. What has been done to close the gap? Women have been discriminated against for many reasons with pay being just one of them. In 1963 women earned 59% of the wages that men were earning; they were earning 77% of men income in 2008 (Brunner, B. 2007). The improvement of about a penny per dollar earned...
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...Kimberly Adams BU224 Microeconomics Unit 1: Business Etiquette August 26, 2012 Business Etiquette There are many interpretations and much confusion of what “business casual” or “corporate casual” means. In general, business casual or corporate casual (same implication) means dressing professionally, looking relaxed, yet neat and pulled together. While the reason businesses want their employees to dress in this fashion may vary, the general idea is to allow the employees to work comfortably in the workplace, and at the same time projecting a professional image to customers, potential employees, and community visitors (Field). Job interviews can give cause for high anxiety to a person when wondering what to wear for the interview. There are several points that can be covered to help better understand the business etiquette in the job market today. One important point to consider when thinking of business casual dress code is the region you live in or the type of industry. The East Coast and Midwest are more conservative than the West Coast (Heathman). The climate can be a factor as well. Changing seasons can determine the dress code throughout the year. Traveling for your company can make a difference in what determines your business casual dress code. The interpretation of business casual can mean something different to each employee. While one person’s understanding could be khakis and polo, another person’s may be jeans and a t-shirt...
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...Minimum Wage Rates in the United States Algeria Robinson Kaplan University BU224 Professor Gurganious August 31, 2013 The working class citizens are extremely strong people. On a day to day basis they bear the routine rat race. It seems as soon as you clock out for the day you’re right back at work. An endless conversation by the coffee pots at work is how we the employed cannot seem to enjoy life comfortably because of several different reasons; the main reason is wage rates of pay. The people in my firm earn well above the minimum wage rate, but still have some complications financially. This in fact is intriguing; if we’re struggling to be comfortable how are those people able to survive actually earning minimum wage. In the United States the working class citizens are provided a wage by their employer for the tasks performed during their shift. For some time this wage has been under ridicule because it has been considered to be too low to survive and be at ease. The reality of this paper perhaps are shocking. It will contain that innumerable families are now struggling and striving to provide and finance their lifestyles with a single solitary income, nearly all are in need of government assistance, and the same number are long awaiting the new minimum wage to secure decent respectable wage. After speaking to one of an old high school friends she made it clear the constant daily struggle that minimum...
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...The effects of the rising cost of Medical Malpractice insurance Sharron Wickham BU224 Kaplan University Professor Greg Evans April 3, 2014 Quick rising medical malpractice premiums have become a concerning problem and a discussion for doctors, insurance policy writers and even the public. The rise in medical malpractice insurance costs can have a big effect in the way health care is given in the U.S. Rises in the premiums can change the size of our doctor workforce and can even cause the doctors to practice “defensive medicine”. Medical malpractice insurance premiums are a huge discussion and have changed over the past 30 years, affecting the areas doctors are trying to work in and how they are practicing medicine, this can cause the people to not receive the best care they can. Just 30 years ago a doctor could feel comfortable in the room with his patient, laugh talk about the family and enjoy the time with the patient, as well as take care of their health needs. There were way more doctors that made house calls back in the day and more doctors willing to practice medicine in any area. So what changed? The fact that patients took advantage of the doctors and started suing doctors for malpractice. Malpractice claims have been known to have juries that make excessively generous awards knowing that insurance companies pay. For this reason, malpractice premiums have skyrocketed over the past 30 years. According to Towers Perrin, a global professional services firm...
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...Getting America To The Top Through Healthcare Reform Chelsea Secoolish Microeconomics BU224 December 2, 2012 The main objective of a market economy is to reach efficiency. Market failure is defined as “the individual pursuit of self-interest which makes society worse off, or, an inefficient market”, (Krugman, Wells, 2009). Misallocated resources, unnecessary medical care, and for-profit insurance companies all play a part in America’s failing healthcare system. As one of the most technologically advanced countries in the world with plentiful resources to boot, 40 to 50 million uninsured citizens are unacceptable (Boseley, 2012). Our government needs to step in and reform the system, but exactly how to accomplish this task has become a national issue. In addition to the debate of adopting a national healthcare system (Obamacare,) reforming the Medical Liability System, or MLS, could very well be the answer to providing healthcare for each and every United States citizen. Optimizing promising practices, ensuring patient safety, and reducing healthcare costs are all ways to effectively bring our country back up to speed in what should be a rewarding and lucrative experience for both patients and their physicians. With the United States ranking 37th out of 191countries total in terms of health care, it is not surprising that there are millions of Americans uninsured, but even more alarming is the fact that there are 38 million people in the with inadequate health...
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...Theater Industry: A Constant Evolution of Entertainment Matthew Richards BU224 Microeconomics Professor Biasca 29April2014 Introduction The lights go down. The screen illuminates. And the theatre comes alive. There's nothing quite like the feeling of watching a movie on the giant silver screen. But how has the entertainment industry continued to stay profitable despite changes in technology and attendance. The demand for entertainment will always be there. Creating a unique entertainment experience as well as a pleasurable one is now the focus of many theaters. Brief History North America 1905. Gathered outside the store front there is a group of people staring inside. This was the scene for the first type of indoor exhibition known as a movie theater. For the cost of a nickel you too could enjoy the scene. Nickelodeons were the first form of movie theaters here in North America. Their popularity ranged from 1905 until 1915. During these times there were approximately 8,000 nickelodeons. As of June 1, 2013 there are 23, 152 screens in over 1,848 sites. The top four leading companies today are Regal Cinemas, Cinemark, AMC, and Carmike Cinemas making up 78% of the market out of the top 10 companies. (Cororan, 2013) To figure out how one industry could change so much in just one century we look towards Adam Smith and his invisible hand metaphor. He states that through the self-regulating behavior of the marketplace, individuals can make profit and maximize their earnings...
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...RANK LIST OF MBA CANDIDATES WHO HAVE APPEARED FOR THE ENTRANCE TEST FOR ADMISSION TO MBA COLLEGES FOR THE YEAR 2012-13. M.B.A Sl No. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 CET NO. AA002 AA004 AA005 AA006 AA007 AA008 AA009 AA010 AA014 AA017 AA018 AA020 AA021 AA022 AA023 AA025 AA026 AA027 AA028 AA029 AA031 AA033 AA035 AA036 AA039 AA040 AA041 AA043 AA044 AA045 AA046 AA047 AA048 AA049 AA050 AA051 AA052 AA055 AA056 AA057 AA058 AA060 AA061 AA062 AA063 AA064 AA065 AA066 AA067 AA069 Candidate Name GENDER Version Code CET SCORE MBA Rank(*) MOHAMMED IRFAN NIRMALA Y.N MANJUNATH JEEVAN KUMAR VIJAINDRA KULKARNI REDDAPPA M V LINGANAGOUDA M PATIL ARCHANA NAIK Maitri R Bhat Shashi Kiran B.N. arupananda das RASHMI. P YELLESH V CHETAN KUMAR .S SHARATH G SANJEEV D AMRUTHA C MARIGERI Bharath kumar B.S Asha B Shilpashree M S SHASHIVENI R J SUPREETH Y S.Sandhya KUSHAL KUMAR R SARIYA FARNAZ S Madhu S N NAVEENA P SIBI AKBARALI P.T SUMAN RANI SAMINUR RAHMAN Namratha S KIRAN RAJ S DEEPIKA T M ASHWINI H PUNEETH KUMAR M Naveen V Smitha G S SUNIL M ANJURU PRADEEP CHETAN KUMAR JADAV G DILIP KUMAR V ASHWINI VIJAY PRASANNA M Jagannath Honnakatti NITHIN KUMAR KOTTE VINAY BALARAJ Yateesh Kumar V SUJAY.C Harsha G D RAJANALA MAMATHA RANI P SAMANTHA M F M M M M F F M M F M M M M F M F F F M F M F M F M F M F M F F M M F M M M M F M M M M M M F F F A2 A4 A1 A2 A3 A4 A1 A2 A2 A1 A2 A4 A1 A2 A3 A1 A2 A3 A4 A1 A3...
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