Category: Economics

L7-P2: (5 pt) Calculate the MPS row values, when assumptions are: Min Lot size, MLS \( =30 \) [pcs], Min unit of production, MUP \( =5 \) [pcs], Safety Stock SS = 20; begin{tabular}{|l|l|l|l|l|l|l|l|l|} hline multirow{2}{*}{} & multicolumn{2}{|c|}{} & 1 & 2 & 3 & 4 & 5 & 6 \ hline & Week & 22 & 23 & 24 & 25 & 26 & 27 & 28 \ hline Forecasted Demand by Weeks & FD & 14 & 15 & 24 & 15 & 18 & 16 & 15 \ hline Customer Orders & CO & 6 & 23 & 19 & 20 & 16 & 11 & 16 \ hline Projected on hand inventory & POH & 20 & & & & & & \ hline Safety Stock & SS & 20 & & & & & & \ hline Net Requirements & NR & & & & & & & \ hline Master Production Schedule & MPS & & & & & & & \ hline end{tabular} Answers write in above table.
1
2
3
4
5
6
Week
22
23
24
25
26
27
28
Forecasted Demand by Weeks
FD
14
15
24
15
18
16
15
Customer Orders
CO
6
23
19
20
16
11
16
Projected on hand inventory
POH
20
Safety Stock
SS
20
Net Requirements
NR
Master Production Schedule
MPS

The diagram below represents the market for fire extinguishers. Use the diagram to illustrate the areas of consumer surplus and producer surplus generated in this market.
Instructions: Use the tool provided ‘CS’ to identify the area of consumer surplus. This will drop a small triangle with three endpoints onto the graph. Drag the endpoints to the appropriate positions to identify the area of consumer surplus. Then use the tool provided ‘PS’ and follow the same procedure for producer surplus.
Tools: CS, PS
Legend: Demand, Supply
Market for Fire Extinguishers

Agreement and disagreement among economistsSuppose that Hubert, an economist from a college in Pennsylvanis, and Kate, another economist from a nonprofit institution in the Midwest, are both guests on a popular science podcast. The host of the podcast is facilitating their debate over government intervention. The following dialogue represents a portion of the transcript of their discussion:
Kate: The usefulness of government intervention in the economy is a long-standing issue that economists continue to debate.
Hubert: I feel that government involvement in the economy should be reduced because government programs cause more harm than good.
Kate: While I do agree that government programs can be inefficient, I really think they are necessary to help the less fortunate.
The disagreement between these economists is most likely due to ◻ differences in values
Despite their differences, with which proposition are two economists chosen at random most likely to agree?
Wariffs and import quotas generally reduce economic welfare.
Lawyers make up an excessive percentage of elected officials.

Real-Time Data Analysis Exercise*
*Real-time data provided by Federal Reserve Economic Data (FRED), Federal Reserve Bank of Saint Louis. Using data from the St. Louis Federal Reserve, analyze the relationship between changes in M2 and inflation. M2SL is the Series ID for the M2 money supply. CPIAUCSL is the Series ID for the Consumer Price Index. Click the following link to view the M2 money supply data from FRED.
(i) Using the Series IDs M2SL and CPIAUCSL, plot the annual percent change in M2 and annual inflation from 1960 to the present.
(i) The change in the M2 money supply for 2014 (shown as 2014-01-01 in FRED) was %. (Round your response to two decimal places.) The inflation rate for 1993 (shown as 1993-01-01 in FRED) was %. (Round your response to two decimal places.)

From the list on your right select the letter that contains the word, phrase, name, etc that best matches the word, phrase, name, etc listed on the left.
1. Affirmative action
2. Requires that men and women be given equal pay for equal work in the same establishment Minimum wage laws
3. Equal Pay Act of 1963 A process of negotiation between firms and labor unions regarding wages, compensation, working conditions, and other factors affecting workers The DREAM Act (Development, Relief, and Education for Alien Minors Act) Government-mandated, government-sanctioned and voluntary private programs that tend to focus on access to education and employment, granting special rights to historically excluded groups
4. May increase demand for unionized labor Collective bargaining
5. A law granting workers the right to unionize
6. Companies in many states could legally refuse to hire a black worker regardless of the credentials or experience of that worker
7. Legislative proposal providing path to legal residency to qualifying immigrants who entered the United States as minors (before the age of 16)

Representabues Warman of Califorsa and Masky of Massachusetts proposed a lass lo limit greenhouse gas emssions from electricity geseration and require electricty producers to generale a minum percentage of power using revewable luels, with some rights to ent lo be auclioned. The Congressonal Budget Office estimative that the government would receive Stes bilion flom auctions and would spend Salts billion on incentue programs and comperisation for hogher energy proces. Clecticity producers would sound s208 millon a yar to comply with the new nules. (Think of these dollar anounts as dollars’ worth of other goods and services.)
Is the 5221 billon that the government would spend on incentue programs and compensation for higher energy prices part of the oppontunty cost of producing electricity?
Expendtare on noestive programs q, part of the opportunity cost of producing electricity.
Conpensalion for higher energy proos. q, pat of the opportanity cost of producing electricity.

From the list on your right select the letter that contains the word, phrase, name, etc that best matches the word, phrase, name, etc listed on the left. Each time you match two items, pause and think: Do the two items you linked make sense when put together based on what you learned in this course?
Question 26 options: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
Price ceiling set below equilibrium
Where buyers’ and sellers’ plans are in balance or in agreement
The total amount of goods and services consumers are willing and able to purchase at a given price.
A rise in income brings a decrease in demand
Other things remaining the same or other things being equal
Natural disaster
An increase in the price of X leads to a decline in demand for Y
The area below the demand curve and above the market price
Positive or direct relationship between price and quantity supplied, ceteris paribus
Minimum wage