Homework Help for Economics

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Economics deals with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices about how to allocate resources.

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OC user
OC user
in Economics·
17 Aug 2019

With the content of the videos/readings in mind, review the following messages about the company “Holiday Party.”….It is now December 18th and Noel Cringle, the VP of Marketing, was not copied on any of these messages. She found out today that Patty Lewis is in the hospital and was surprised. She has asked you to draft a 100 + word memo - be sure to limit your response to only what you find in the e-mails below. This memo should be addressed to all employees and cc'd to Noel Cringle. This memo should promote a positive and unbiased workplace compliant with Human Resource policies. You should not assume anything beyond what is listed in those e-mails. TO: All Employees DATE: December 1 RE: Christmas Party I’m happy to inform you that the company Christmas Party will be held on December 23rd starting at noon at The Grill House. There will be a cash bar and plenty of drinks! A small band will play traditional carols…feel free to sing-along. And don’t be surprised if our CEO shows up dressed as Santa Claus to light the Christmas tree. Exchanging gifts among employees can be done at this time. Please remember to keep gifts to the agreed $10 limit. The gathering is only for employees. Merry Christmas to you and yours, FROM: Patty Lewis, Human Resources Director ——————————————————————— After multiple incoming e-mails Patty responds: TO: All Employees DATE: December 4 RE: Christmas Party In no way was yesterday’s memo intended to exclude our Jewish employees. We recognize that Hanukkah is an important holiday which often coincides with Christmas. However, from now on we’re calling this party our “Holiday Party”. The same policy also applies to employees who are celebrating Kwanzaa at this time. There will be no tree or Christmas carols sung. Happy holidays to you and yours. FROM: Patty Lewis, Human Resources Director ——————————————————————— After multiple incoming e-mails Patty responds: TO: All Employees DATE: December 8 RE: Christmas Party Regarding the anonymous note I received from a member of Alcoholics Anonymous requesting a non-drinking table, I’m happy to accommodate your request but please remember that if I put a sign on the table that reads “AA Only” you won’t be anonymous any more. Forget about the gift exchange because union members feel that $10 is too much money and the executives believe $10 is a little cheap. NO GIFT EXCHANGE WILL BE ALLOWED. FROM: Patty Lewis, Human Resources Director ——————————————————————— After multiple incoming e-mails Patty responds: TO: All Employees DATE: December 10 RE: Christmas Party What a diverse group we are! I had no idea that December 20 begins the Muslim holy month of Ramadan, which forbids eating and drinking during daylight hours. Perhaps the Grill House can hold off on serving your meal until the end of the party…. Meanwhile, I have arranged for members of Over-eaters Anonymous to sit farthest away from the dessert table and for pregnant members to sit closest to the restrooms. Low fat food will be available for those on a diet. We cannot control the salt used in the food. We urge those with high blood pressure to taste first. There will be fresh fruits as dessert for diabetics. Did I miss anything? FROM: Patty Lewis, Human Resources Director ———————————————————————– After multiple incoming e-mails Patty responds: TO: All Employees DATE: December 13 RE: Christmas Party People! People! Nothing sinister was intended by wanting our CEO to play Santa Claus. Even if “Santa” can be arranged to be “Satan” there is no evil connection to our own little “man in a red suit.” FROM: Patty Lewis, Human Resources Director ——————————————————————— After multiple incoming e-mails Patty responds: TO: All #%&$ing Employees DATE: December 16 RE: The #%&$! Christmas Party Vegetarians!!!! I’ve had it with you people!! We’re going to keep this party at the Grill House whether you like it or not. You can just sit at the table farthest from the “Grill of Death” as you so quaintly put it, and you’ll get your %$#&*$ salad bar only including organic tomatoes. But, tomatoes have feelings too, you know. They scream when you slice them. I can hear them now! I hope you have a rotten holiday. Drive drunk and die, you hear me???!! FROM: AHHHHHHHHHHHHHHHHHHHHHHHHHHHH!!!!!!!!! ——————————————————————— TO: All Employees DATE: December 17 RE: Christmas Party I’m sure I speak for all of us in wishing Patty Lewis a speedy recovery. I’ll continue to forward your cards to her at the hospital. In the meantime management has decided to cancel the Holiday Party and give everyone the afternoon of the 23rd off with full pay. FROM: Terri Bishop, Acting Human Resources Director

OC user
OC user
in Economics·
17 Aug 2019

Suppose that two people, Michelle and James each live alone in anisolated region. They each have the same resources available, andthey grow potatoes and raise chickens. If Michelle devotes all herresources to growing potatoes, she can raise 200 pounds of potatoesper year. If she devotes all her resources to raising chickens, shecan raise 50 chickens per year. (If she apportions some resourcesto each, then she can produce any linear combination of chickensand potatoes that lies between those extreme points. If Jamesdevotes all his resources to growing potatoes, he can raise 80pounds of potatoes per year. If he devotes all his resources toraising chickens, he can raise 40 chickens per year. (If heapportions some resources to each, then he can produce any linearcombination of chickens and potatoes that lies between thoseextreme points.)



Potatoes
Chickens

Michelle
200
50

James
80
40


•What is Michelle’s opportunity cost of producing potatoes?
•What is Michelle’s opportunity cost of producing chickens?
•What is James’ opportunity cost of producing potatoes?
•What is James’ opportunity cost of producing chickens?
•Which person has an absolute advantage in which activities?
•Which person has comparative advantage in potatoes?
•Which person has comparative advantage in chicken?
•Suppose that they are thinking of each specializing completely inthe area in which they have a comparative advantage, and thentrading at a rate of 2.5 pounds of potatoes for 1 chicken, wouldthey each be better off? Explain.
•How would you extend the above narrative to businesses, society asa whole or nations? Explain.


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