Q1(a) When a company buys medical insurance for all its workers, the insurance premium per workers is generally much cheaper on the average for comparable coverage, compared to insurance purchased by individuals. The difference in cost may not be just due to differences in the administration costs in handling bulk insurance policies in a company’s transaction. Explain, in the context of information, for this cost differential.
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Q1(a) When a company buys medical insurance for all its workers, the insurance premium per workers is generally much cheaper on the average for comparable coverage, compared to insurance purchased by individuals. The difference in cost may not be just due to differences in the administration costs in handling bulk insurance policies in a company’s transaction. Explain, in the context of information, for this cost differential.
(b)
It is discovered that children who attended pre-schools are helpful and considerate in the society. However, preschool is optional and very costly. Not all parents send their children to pre-school.
(i) Use an appropriate diagram, depict the market for pre- school and explain the type of externality described. Is the
(ii) From social efficiency point of view, should the government make it compulsory for all parents to send their children to pre-school? Explain.
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- 1-24 A couple of entrepreneurial business students at State University decided to put their education into practice by developing a tutoring company for business students. While private tutoring was offered, it was determined that group tutoring before tests in the large statistics classes would be most beneficial. The students rented a room close to campus for $300 for 3 hours. They developed handouts based on past tests, and these handouts (including color graphs) cost $5 each. The tutor was paid $25 per hour, for a total of $75 for each tutoring session. (a) If students are charged $20 to attend the session, how many students must enroll for the company to break even? (b) A somewhat smaller room is available for $200 for 3 hours. The company is considering this possibility. How would this affect the break-even point?Rail Tours, Inc., sells packaged tours on rail lines, including gourmet meals and a reserved bed. The most popular tours are in the autumn, when foliage colors are at their peak. The overnight package for Saturday and Sunday morning are especially heavily booked. A market survey firm has just completed a study in which they conclude that if the package cost is $200 per couple, then Rail Tours can expect to sell 400 spaces on a typical Saturday. If the price is raised to $225, then unit sales will drop to 390. If the price is raised further to $250, unit sales drop to 380. a) From the data given, write down the demand equation and determine its intercepts. Are there any precautions needed when operating at the extreme ends of the demand curve?b) The survey firm also reports that if per capita income changes, Rail Tours can expect a large change in bookings. In particular, if per capita income falls by 1%, then bookings will tend to fall by about 2%. Are tour packages a normal good?…Over the last several decades improvements in computer software, hardware and robotics have dramatically altered the ability of machines to do complex repetitive tasks. Discuss the implications for semi-skilled skilled workersas a result of this improvement. Discuss how the cost of the new technology influences the choice of inputs used in production and the rate of adoption of the new technology. Can you please answer this question so there will be no plagiarism, you have answer for this question in your website, but more likely it is already copied by someone else
- Question Management of AG Travel and Tour has identified two groups of individuals thatwould be interested in the vacation package consisting of room and board and/orentertainment. The maximum amount that group 1 is willing to pay for room andboard is GHC 2500 and for entertainment is GHC 500. For group 2, the maximumamount they are willing to pay for room and board is GHC 1800 and forentertainment is GHC 750. Although AG Travel and Tour is not able to identifymembers of either group, it does know that each group values the components ofthe package differently. Assuming there are an equal number of members in eachgroup and that the total membership in each group is a single individual. If themarginal cost of providing the service (room and board and/or entertainment) toeach group is GHC 1000. i. How much will the hotel charge members of each group for the vacationpackage if it could identify the members in each group?ii. How much will the profit for AG Travel and Tour be? iii. Since AG…It is known that the ABC oil company supplies consumers with 150 tons of products per day. The company produces only two types of products - gasoline and diesel fuel. The limiting transformation ratio of diesel fuel relative to gasoline is 0.5. a) Draw a line of the company's monthly production capacity for gasoline and diesel. b) With the advent of new technologies, production increased by 20%, and the availability of gasoline increased by 30%. Explain how the company's new product line differs from the previous one. c) If we put the gasoline production on the X-axis of the graph, what percentage of the slope capacity of the production line is different from the slope ratio of the previous production line?Springfield is a small town with a total civilian population of 800. Of this population, 125 are under the age of 16. Of the population 16 and over, there are 350 working full-time and another 50 working part-time. Of the remaining adult population, 30 people recently quit their jobs in order to look for better employment. Finally, there are 40 full-time students (not working), 180 retired and another 25 stay-at-home spouses.
- What are the changes that happen to companies to firms as a result of COVID-19. Provide a clear framework of analysis.You are the mayor of a small town with 2000 residents. The head of your economic development agency recently conducted a survey in which the 2000 residents said that a public concert in the centre of town would be worth $20 to each of them. Since it costs only $5000 to hold the concert, you organized and held the concert, which everyone in town enjoyed. But when you asked for donations to pay for the concert, you only collected $30 in total. What do you know? Question 88 options: The concert was an example of the Tragedy of the Commons. From the standpoint of total costs and benefits, the cost of the concert certainly exceeded the benefit. The survey certainly overstated how much the concert was worth to each resident. Residents of the town were probably free riders.Need complete solution. A company produces and sells a consumer product and thus far has been able to control the volume of the product by varying the selling price. The company is seeking to maximize its net profit. It has been concluded that the relationship between price and demand, per month, is approximately D = 500 - 5p, where p is the price per unit in dollars. The fixed cost is $1,000 per month, and the variable cost is $20 per unit. Obtain the answer mathematically to the following questions: a.What is the optimal number of units that should be produced and sold per month? b. What is the maximum profit per month? c.What are the breakeven sales quantities and the range of profitable demand volume?
- Latest statistics obtained from Board of Engineers Malaysia (BEM) official website states thatthere is currently a total of 14,794 registered Professional Engineers in Malaysia, as shown inFigure 1. This is slightly below 10% of the total Graduate Engineers registered with BEM.Most developed nations have an engineer to population ratio of 1:100, that is 1 engineer forevery 100 persons in the population. This means that there is still a shortage of registeredengineers in Malaysia since our population is approximately 32.7 million. Discuss the impact of a shortage in registered Graduate Engineers and ProfessionalEngineers to the nation. a) You are required to provide at least three (3) different impactsand include any credible references to support your discussion.b) Recommend at least four methods to increase the number of registered ProfessionalEngineers in Malaysia.(Answer must be at least 1500 words)You work for a Nova Scotia Company trying to successfully enter the cranberry market in Australia.Conduct an analysis on the entry country (Australia) based on the following; Can people and goods travel between major population centers? How adequate are the highways, trains, and air and water transportation? Are the ports adequate for container ships? What is the availability of the Internet to business and general population, and the adequacy of land line communications versus cell phones should be noted here?A local college is deciding whether to conduct a campus beautification initiative that would involve various projects, such as planting trees and remodeling buildings, to make the campus more aesthetically pleasing. For the students of the college, the visual appearance of the campus is and . Thus, the visual appearance would be classified as a public good. Suppose the college administrators estimate that the beautification initiative will cost $3,900. To decide whether the initiative should be undertaken, administrators conduct a survey of the college's 370 students, asking each of them their willingness to pay for the beautification project. The average willingness to pay, as revealed by the survey, is $13. The benefit of the beautification initiative, as suggested by the survey, is . Because the estimated benefit is than the cost, the college administrators undertake the beautification initiative. The calculation of the benefit of the beautification…