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Microeconomics: Principles & Policy

14th Edition
William J. Baumol + 2 others
Publisher: Cengage Learning
ISBN: 9781337794992
BuyFind

Microeconomics: Principles & Policy

14th Edition
William J. Baumol + 2 others
Publisher: Cengage Learning
ISBN: 9781337794992

Solutions

Chapter 1, Problem 1DQ
Textbook Problem

Think about a way you would construct a model of how your college is governed. Which officers and administrators would you include and exclude from your model if the objective were one of the following:

  1. To explain how decisions on financial aid are made
  2. To explain the quality of the faculty

Relate this to the map example in the chapter.

Expert Solution
To determine

(a)

To discuss a model based on how financial aids are made in the college.

Explanation of Solution

The model should consider the qualification, skills, and experience while making choices to include or exclude. It should follow a specified hierarchy so that the quality of work is checked properly and the model works smoothly.

Making out a model based on the decision of how the financial aids are to be made should have a simplified hierarchy, taking trustee and chairpersons for considering financial administration decision for working at an operational level.

The financial administration should involve principle, vice-principle, or other educational experts of college as the expenditure is to be incurred on educational activities so these can be very helpful while deciding how the financial aid should be made.

The chairperson should look at each and every expenditure made and ensure transparency in the financial activities of the institution.

Economics Concept Introduction

An economic model is theoretical, hypothetical simplified version of an economy that is based on certain login and quantitative techniques related to economic theories.

Expert Solution
To determine

(b)

To discuss a model based on the quality of the faculty in the college.

Explanation of Solution

The model should consider the qualification, skills, and experience while making choices to include or exclude and it should follow a specified hierarchy so that the quality of work can be checked properly and the model work smoothly.

While making out a model based on the decision about the quality of faculty should have a simplified hierarchy taking principle as the administrative head and quality of faculty should be high as they are responsible for the pride of the institution.

Hiring teaching staff should be based on the following:

  • Strong teaching background.
  • Staff should be able to fit in with new technology and methods of teaching.
  • Good knowledge of concerned subjects.

The management body of college plays an important role in the hiring of staff, promotion, salary, and student council so that the grievances of students can be addressed and required actions can be made.

Both trust and management play an important role in the smooth working of the college.

Economics Concept Introduction

An economic model is theoretical, hypothetical simplified version of an economy that is based on certain login and quantitative techniques related to economic theories.

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