...Econ 251 7:30 a.m. in EE 129 1:30 and 3 p.m. in CL50 224 Spring 2012 Instructor: Dr. Kelly Blanchard Office: KRAN 477 Office Phone: 494-7956 Office Hours: Tuesdays and Wednesdays 9-11 a.m. and by appointment Email: khb@purdue.edu Teaching Assistants: Curtis Ball (ball10@purdue.edu) KRAN B024E T/Th 11:30-1:30 p.m. 496-1664 Ross Winegar (rwinegar@purdue.edu) KRAN 487 W/Th 3-5 p.m. Weekly Review Session: Thursdays 6-7 p.m. in KRAN G9 Exam Review Sessions: Friday, February 10 from 6-7 p.m. in WTHR 200 and Monday, March 26 from 6-7 p.m. in WTHR 200 Administrative Assistant: Bree Miller KRAN 443 496-7964 (9 a.m. – 1 p.m. M-Th) bree2@purdue.edu Course Web Site(s): blackboard.purdue.edu (for accessing grades and course information or postings) www.pearsonmylabandmastering.com (for e-text, online homework, study guide) Course Overview: Econ 251 is intended to introduce you to microeconomic theory and its application in everyday life. The course will explain how individual consumers and producers together determine the prices and quantities of goods available in the marketplace. We will investigate the underlying incentives of consumers to buy goods and of firms to produce products that satisfy consumer demand. In addition, we'll look at how government can help or hinder market efficiency. The textbook for the course is Microeconomics for Economics 251, published by Pearson Custom Publishing (ISBN: 1256128546). The publisher has created an online resource site...
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...ECON 252 Fall, 2012 Name Chapter 7 homework (50 pts.) Due Wednesday, October 24, 2012 1) (Explicit and Implicit Costs) Determine whether each of the following is an explicit cost or an implicit cost: a) Payments for labor purchased in the labor market b) A firm’s use of a warehouse that it owns and could rent to another firm c) Rent paid for the use of a warehouse not owned by the firm d) The wages that owners could earn if they did not work for themselves 2) (Alternative Measures of Profit) Calculate the accounting profit or loss as well as the economic profit or loss in each of the following situations: a) A firm with total revenues of $150 million, explicit cost of $90 million, and implicit costs of $40 million b) A firm with total revenues of $125 million, explicit cost of $100 million, and implicit costs of $30 million c) A firm with total revenues of $100 million, explicit cost of $90 million, and implicit costs of $20 million d) A firm with total revenues of $250,000, explicit cost of $275,000, and implicit costs of $50,000 3) (Production in the Short Run) Complete the following table. At what point does diminishing marginal returns set in? Units of the Variable Resource Total Product Marginal Product 0 0 — 1 10 — 2 22 — 3 — 9 4 — 4 5 34 — 4) (Costs in the Short Run) Identify each of the curves in the following graph: 5) (Total Cost and Marginal Cost)...
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...ECON 410.502 Macroeconomic Theory Spring 2010 Instructor: Guangyi Ma Extra Problems #1 Suggested Answers and Comments Notice: (1) This set of extra problems contains 25 multiple-choice problems and 6 analytic (short-answer) problems. These problems are not homework and will not be graded. The aim of these problems is to provide you with additional exercises. (2) I will give solutions of the assignment and the “extra-problem” set after the due date. Page 1 Problem 1~25: Multiple choice problems 1. C 2. A 3. D This problem helps you pay attention to the difference between variables and functions. First, whether prices (wages are prices for labor) are assumed to be flexible or 4. C sticky depends on the time horizon. In other words, the assumption of flexible prices is proper in a long-run model while the assumption of sticky prices makes sense in a short-run model. Second, a large part of macro-theory is based on the optimizing behavior of individual agents, such as households and firms, but the main concern of macroeconomics is the movement of the whole economy aggregated from those individual decisions. 5. B Economists, as well as most other social scientists, cannot do controlled experiments. 6. A Consider the National Income Accounts Identity: Y = C + I + G + NX 7. B 8. C Inventory is a kind of investment, so the sale of inventory can be understood as a decrease of investment, but there is an increase in consumption in the same amount...
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...2012-2013 PAWNSHOPS AND BEHAVIORAL ECONOMICS 193 PAWNSHOPS, BEHAVIORAL ECONOMICS, AND SELF-REGULATION SUSAN PAYNE CARTER* AND PAIGE MARTA SKIBA** I. Introduction Pawnbroking is the oldest source of credit.1 There is growing public interest in day-to-day pawnbroking operations, as evidenced by the popularity of reality shows such as “Pawn Stars” and “Hardcore Pawn.”2 Television viewers’ curiosity about an old credit institution may be due to the fact that 7% of all U.S. households have used pawn credit.3 Although pawnshops predate biblical times, researchers know surprisingly little about this ancient form of banking and its customers.4 We fill this gap by documenting detailed information on pawnshop loan repayment and default, and by discussing how pawnshop borrowers’ behavior is consistent with various behavioral economics phenomena. Pawnshop loans are small, short-term, collateralized loans typically used by low-income consumers. The borrower leaves a possession, or “pledge,” as collateral in exchange for a loan, typically of $75–$100.5 Interest rates vary by state and range from 2 Assistant Professor, Office of Economic and Manpower Analysis, United States Military Academy. susan.carter@usma.edu. The views expressed in this paper do not necessarily represent those of the United States Military Academy, the United States Army, or the Department of Defense. ** Associate Professor of Law, Vanderbilt University...
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...2012-2013 PAWNSHOPS AND BEHAVIORAL ECONOMICS 193 PAWNSHOPS, BEHAVIORAL ECONOMICS, AND SELF-REGULATION SUSAN PAYNE CARTER* AND PAIGE MARTA SKIBA** I. Introduction Pawnbroking is the oldest source of credit.1 There is growing public interest in day-to-day pawnbroking operations, as evidenced by the popularity of reality shows such as “Pawn Stars” and “Hardcore Pawn.”2 Television viewers’ curiosity about an old credit institution may be due to the fact that 7% of all U.S. households have used pawn credit.3 Although pawnshops predate biblical times, researchers know surprisingly little about this ancient form of banking and its customers.4 We fill this gap by documenting detailed information on pawnshop loan repayment and default, and by discussing how pawnshop borrowers’ behavior is consistent with various behavioral economics phenomena. Pawnshop loans are small, short-term, collateralized loans typically used by low-income consumers. The borrower leaves a possession, or “pledge,” as collateral in exchange for a loan, typically of $75–$100.5 Interest rates vary by state and range from 2 Assistant Professor, Office of Economic and Manpower Analysis, United States Military Academy. susan.carter@usma.edu. The views expressed in this paper do not necessarily represent those of the United States Military Academy, the United States Army, or the Department of Defense. ** Associate Professor of Law, Vanderbilt University...
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...ECON 2113 Homework 2 L4 Hu Weiwei 20268464 Xu Lili L4 Hu Weiwei 20268464 Xu Lili 1a. The demand curve is estimated as Qd = 1600-2400P and the supply curve for pay telephone service is Qs = 200+3200P. When equilibrium is reached, the quantity demanded is equal to the quantity supplied. Thus, we can solve 1600-2400P = 200+3200P to find out the equilibrium price. By calculation, the equilibrium price P = $0.25. Substitute P = $0.25 into the demand curve equation, Q = 1600-2400(0.25), the equilibrium quantity Q = 1000. Therefore, the equilibrium price is $0.25 and the equilibrium quantity is 1000 pay telephone calls per month. 1b. With the effective price ceiling at $0.10 on local pay phone service in long run, it is below the equilibrium. Since the quantity demanded is larger than the quantity supplied after the price ceiling is imposed, shortage is resulted. As the price is restricted at $0.1, though Qd = 1600-2400(0.1) = 1360, Qs = 200+3200(0.1) = 520 < Qd = 1360. The quantity supplied is not enough to satisfy the quantity demanded. It results in a shortage of 1360-520 = 840 pay telephone calls per month.Therefore, the maximum quantity...
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...Determinants of the Study Habits in Science Among High School Students of Columban College Barretto By: Christine May A. Torres Cristianne T. Fajardo A Thesis Submitted in Partial Fulfillment Of the Requirement for the Degree of Bachelor of Science in Secondary Education Major in General Science April 2006 Approval Sheet This Thesis entitled Determinants of the Study Habits in Science Among High School Students of Columban College Barretto prepared and submitted by Christine May A. Torres and Cristianne T. Fajardo in partial fulfillment of the requirement for the degree of Bachelor of Science in Secondary Education Major in General Science, has been examined and is recommended for the acceptance and approval. ___________________ Dr. Eric A. Matriano Supervisor/ Professor ACKNOWLEDGMENT We would like to extend our deepest gratitude and appreciation to those people who have plays significantly in the pursuance of this research without the help of these following people this research would have been in vain. To Dr. Eric A. Matriano, thank you for being such an inspiring adviser who have shared so much knowledge and wisdom. Thank you for the patience and time you provide us. To Dr. Lolita B. Regalario, our college dean, thank you very much for the word of wisdom. To our professors in Science subject, Dr. Dave Bueno, Mrs. Josh Santos and Ms. Aireen...
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...intimacy; survival; competitive advantage, operational excellence, and: a. b. c. d. improved flexibility. improved decision making. improved business practices. improved efficiency. Difficulty: Easy Reference: p. 6 Answer: b 3. Dell Computer's use of information systems to improve efficiency and implement "mass customization" techniques to maintain consistent profitability and an industry lead illustrates which business objective? a. b. c. d. Improved flexibility Improved business practices Competitive advantage Survival Difficulty: Hard Reference: p. 8 Answer: c 4. The use of information systems because of necessity is: a. b. c. d. survival improved business practices competitive advantage improved flexibility Difficulty: Medium Reference: p. 9 Answer: a 5. (Analysis) Which of the following choices may lead to competitive advantage (1) new products, services, and business models; (2) charging less for superior products; (3) responding to customers in real-time? a. b. c. d. 1 only 1 and 2 2 and 3 1, 2, and 3 Difficulty: Hard Reference: p. 8 Answer: d Analysis in terms of compare 6. Verizon's implementation of a Web-based digital dashboard to provide managers with realtime information such as customer complaints is an example of: a. b. c. d. improved flexibility. improved decision-making. improved efficiency. customer and supplier intimacy. Difficulty: Medium Reference: p. 8...
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...Perfect Phrases for the TOEFL Speaking and Writing Sections This page intentionally left blank Perfect Phrases for the TOEFL Speaking and Writing Sections Hundreds of Ready-to-Use Phrases to Improve Your Conversational Ability, Develop Your Writing Skills, and Build Exam Confidence Roberta G. Steinberg New York Chicago San Francisco Lisbon London Madrid Mexico City Milan New Delhi San Juan Seoul Singapore Sydney Toronto Copyright © 2008 by The McGraw-Hill Companies, Inc. All rights reserved.Manufactured in the United States of America. Except as permitted under the United States Copyright Act of 1976, no part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written permission of the publisher. 0-07-159247-4 The material in this eBook also appears in the print version of this title: 0-07-159246-6. All trademarks are trademarks of their respective owners. Rather than put a trademark symbol after every occurrence of a trademarked name, we use names in an editorial fashion only, and to the benefit of the trademark owner, with no intention of infringement of the trademark. Where such designations appear in this book, they have been printed with initial caps. McGraw-Hill eBooks are available at special quantity discounts to use as premiums and sales promotions, or for use in corporate training programs. For more information, please contact George Hoare, Special Sales, at...
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...Facilities Planning Lecture 7-8: Layout Planning Algorithmic Approaches Quadratic Assignment Problem Departments are to be assigned to predetermined locations (sites) in the floor plan. Each department is treated as a unit square, so that any department can be assigned to any site. This is a quadratic assignment problem, since the “cost” of assigning a department to a particular location depends on the locations of the other departments. Dr. Erkan Bayraktar 2 11.07.2010 ... Mathematical Formulation 11.07.2010 Dr. Erkan Bayraktar 3 Quadratic Assignment Problem Optimal solution procedures are difficult to solve for realistic size problems. Therefore, two types of heuristic procedures are considered. Construction Procedure Improvement Procedures 11.07.2010 Dr. Erkan Bayraktar 4 Evaluation of Facility Designs Which layout is best? Is layout A better than Layout B? Several Common Methods for Block Layouts Distance Based Scoring Requires flow and distance Requires subjective AEIOU relationships Many methods available Weighted factor scoring Adjacency Based Scoring Multi-Objective Scoring 11.07.2010 Dr. Erkan Bayraktar 5 Distance Based Scoring Volume-Distance product Distance usually measured rectilinearly, between centroids Assumes that the material flow system has already been specified Assumes that the variable flow cost...
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...Teaching Critical Thinking with Electronic Discussion Steven A. Greenlaw and Stephen B. DeLoach Abstract: One of the products of a liberal undergraduate education is the ability to think critically. In practice, critical thinking is a skill that economics students are supposed to master as they complete their studies. However, exactly what critical thinking means is generally not well defined. Building on the literature on critical thinking, the authors examine how electronic discussion can be used effectively to teach this skill. Because of the multiplicity of views expressed, the asynchronous nature of the technology, and the inherent positive spillovers that are created, electronic discussion appears to provide a natural framework for teaching critical thinking. Key words: class discussion, critical thinking, distance learning, electronic discussion JEL code; A2 One of the products of a liberal undergraduate education is the ability to think critically. This should be particularly true for economics students who. after all, are ostensibly taught the discipline's version of critical thinking—the economic way of thinking. It is ironic then, that relatively little has been published on effective strategies for teaching critical thinking in economics.' This is not an original criticism. In his seminal article on research in pedagogy, Fels (1969) identified critical thinking as an area ripe for teaching and exploration by economists, Fels's critique, "rarely is a concerted effort...
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...S O N SOUTH-W ES TE THO M RN MBA series in ’s Eco n o mi cs Managerial Economics A Problem Solving Approach Luke M. Froeb Vanderbilt University Brian T. McCann Purdue University Australia Brazil Canada Mexico Singapore Spain United Kingdom United States Managerial Economics: A Problem-Solving Approach Luke M. Froeb VP/Editorial Director: Jack W. Calhoun Editor-in-Chief: Alex von Rosenberg Sr. Acquisitions Editor: Mike Worls Sr. Content Project Manager: Cliff Kallemeyn Brian T. McCann Art Director: Michelle Kunkler Sr. First Print Buyer: Sandee Milewski Printer: West Group Eagan, MN Marketing Manager: Jennifer Garamy Marketing Coordinator: Courtney Wolstoncroft Technology Project Manager: Dana Cowden COPYRIGHT ª 2008 Thomson South-Western, a part of The Thomson Corporation. Thomson, the Star logo, and SouthWestern are trademarks used herein under license. Printed in the United States of America 1 2 3 4 5 09 08 07 06 ISBN-13: 978-0-324-35981-7 ISBN-10: 0-324-35981-0 ALL RIGHTS RESERVED. No part of this work covered by the copyright hereon may be reproduced or used in any form or by any means—graphic, electronic, or mechanical, including photocopying, recording, taping, Web distribution or information storage and retrieval systems, or in any other manner—without the written permission of the publisher. For permission to use material from this text or product, submit a request online at http://www.thomsonrights...
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...A UTH-WE ST MBA series N's CEN G SO ER GE in E conomics Managerial Economics A Problem Solving Approach SECOND EDITION LUKE M. FROEB Vanderbilt University BRIAN T. MC CANN Vanderbilt University Australia • Brazil • Japan • Korea • Mexico • Singapore • Spain • United Kingdom • United States Managerial Economics: A Problem Solving Approach, Second Edition Luke M. Froeb, Brian T. McCann Vice President of Editorial, Business: Jack W. Calhoun Vice President/Editor-in-Chief: Joe Sabatino Acquisitions Editor: Michael Worls Developmental Editor: Jean Buttrom Associate Marketing Manager: Betty Jung Content Project Manager: Lindsay Bethoney Media Editor: Deepak Kumar © 2010, 2008 South-Western, Cengage Learning ALL RIGHTS RESERVED. No part of this work covered by the copyright hereon may be reproduced or used in any form or by any means—graphic, electronic, or mechanical, including photocopying, recording, taping, Web distribution, information storage and retrieval systems, or in any other manner—except as may be permitted by the license terms herein. For product information and technology assistance, contact us at Cengage Learning Customer & Sales Support, 1-800-354-9706 For permission to use material from this text or product, submit all requests online at www.cengage.com/permissions Further permissions questions can be emailed to permissionrequest@cengage.com Print Buyer: Sandee Milewski Production Service:...
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...MANUAL Frank Wood’s Business Accounting 1&2 ELEVENTH EDITION Frank Wood BSc(Econ), FCA and Alan Sangster BA, MSc, CertTESOL, CA ISBN 978-0-273-71824-6 © Pearson Education Limited 2008 Lecturers adopting the main text are permitted to download and photocopy this manual as required. Pearson Education Limited Edinburgh Gate Harlow Essex CM20 2JE England and Associated Companies around the world Visit us on the World Wide Web at www.pearsoned.co.uk Eleventh edition published in 2008 © Pearson Education Limited 2008 The rights of Frank Wood and Alan Sangster to be identified as authors of this Work have been asserted by them in accordance with the Copyright, Designs and Patents Act 1988. All rights reserved. Permission is hereby given for the material in this publication to be reproduced for OHP transparencies and student handouts, without express permission of the Publishers, for educational purposes only. In all other cases, no part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without either the prior written permission of the Publishers or a licence permitting restricted copying in the United Kingdom issued by the Copyright Licensing Agency Ltd, Saffron House, 6–10 Kirby Street, London ECIN 8TS. ISBN 978-0-273-71824-6 10 11 9 8 7 6 10 09 08 5 Printed in Great Britain 4 3 2 1 Contents ...
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...student feedback and leadership a report on the 2006 leadership for excellence in learning and teaching project (le67) developing Multi-level leadership in the use of student feedback to enhance student learning and teaching practice http://emedia.rmit.edu.au/altclgp/ 2009 Project Leader Professor James Barber – Deputy Vice-Chancellor (Academic) Project Manager Associate Professor Sandra Jones – Director Learning & Teaching Unit Project Officer Brenda Novak ISBN 978-1-921426-36-0 Student Feedback and Leadership A Report on the 2006 Leadership for Excellence in Learning and Teaching Project (LE67): Developing Multi-Level Leadership in the Use of Student Feedback to Enhance Student Learning and Teaching Practice 2009 Project Leader Professor James Barber - Deputy Vice-Chancellor (Academic) Project Manager Associate Professor Sandra Jones – Director Learning & Teaching Unit Project Officer Brenda Novak Report written by: Associate Professor Sandra Jones and Brenda Novak. Case studies written by: Dr Mali Abdollahian, Ian McBean, Geoff Outhred, Dr Kate Westberg. Photographs - Copyright © 2009 RMIT University Photographers Margund Sallowsky and Kate Ebbot unless otherwise stated. ISBN 978-1-921426-36-0 Support for this project has been provided by the Australian Learning and Teaching Council, an initiative of the Australian Government Department of Education, Employment and Workplace Relations. The views expressed in this report do not necessarily reflect...
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