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13) What would traditional Economic theory predict about the relationship between WTP and WTA?
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- Suppose the cotton (a storable commodity) futures prices are currently Expiry Month Price c/lb December 2021 83 December 2022 96 (a) Suppose an unexpected typhoon destroys cotton crops in India. This causes a downward revision in the expected global cotton production in 2022. Assuming all else equal, will demand for storage of cotton in 2021 (St) increase, decrease or stay the same? Draw a graph of the demand for storage to support your answer. (b) Using the same scenario from (a), do you expect the cotton market to still in contango, inverted, or could it be either contango or inverted? Draw a graph of supply and demand for storage to support your answer.Discuss the concept of duality in economics, where concepts like risk and return represent dual aspects of investment decisions. Provide examples from financial markets.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…
- 5. Explain the major assumptions of the basic EOQ model.What is the role of the Council of Economic Advisers (CEA) as it relates to fifi scal policy? Class assignment: Determine the names and educational backgrounds of the present members of the CEA.What is the outcome of the Stolper-Samuelson Theorem??? Account for lessons derived and offer appropriate policy recommendations.
- Sydney to Phoenix. Terry Lamoreaux owns homes in Sydney, Australia, and Phoenix, United States. He travels between the two cities at least twice a year. Because of his frequent trips, he wants to buy some new high-quality luggage. He has done his research and has decided to purchase a Briggs and Riley three-piece luggage set. There are retail stores in Phoenix and Sydney. Terry was a finance major and wants to use purchasing power parity to determine if he is paying the same price regardless of where he makes his purchase. If the price of the three-piece luggage set in Phoenix is $850 and the price of the same three-piece set in Sydney is A$930, using purchasing power parity, is the price of the luggage truly equal if the spot rate is A$1.0941/$?How distortions affect the market of tradable and non-tradable goods and how it affects the financial and economic values of these goods?Suppose, as an economist, you are asked to analyze an issue unlike anything you have ever done before. Also, suppose you do not have a specific model for analyzing that issue. What should you do? Hint: What would a carpenter do in a similar situation?
- How can the COVID-19 pandemic influence the aggregate demand in a country?Predict how each of the following economic changes will affect the equilibrium price and quantity in the financial market for home loans. Which curve will shift: supply or demand? In which direction will the curve shift: right or left? (It may help to use a demand and supply diagram to conduct your analysis.) a. The number of people at the most common ages for home-buying decreases. b. Rents rise extremely rapidly. c. Banks that have made home loans find that a larger number of people than they expected are not repaying those loans. d. Because of a threat of a war, people become uncertain about their economic future.The overall level of saving in the economy diminishes. e. The federal government changes its bank regulations in a way that makes it cheaper and easier for banks to make home loans.How do economist define a "bubble"? Provide an example of an asset market that you think could be the next bubble and explain why?
