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Question 1 In a perfectly competitive market in equilibrium, consumers may receive a net benefit from their purchases in the market. This net benefit is measured by the: A) Excess demand. B) Consumer surplus. C) Price elasticity of demand. D) The price of the good. Question 2 The price of electricity fell by 10 percent and consumption increased by 8 percent. The elesticity of demand for electricity was___ and we would say that electricity demands was____. A) 1.25; inelastic B) 0.8; inelastic C) 0.8; elastic D) 1.25; elastic Question 3 Suppose the price of gasoline increases but motorists in the portland area spend more on gasoline. This situation: A) Proves that the law of demand does not apply in Portland. B) Means that the demand for gasoline is inelastic. C) Must be due to an increase in an excise tax on gasoline. D) Means that the demand for gasoline is elastic. Question 4 Which of the following is the best example of an equilibrium? A) During the morning rush hour, it takes 45 minutes to drive into downtown on the freeway but only 30 minutes on side streets. B) Two sections of the same course meet at the same time across the hall from each other. Both instructors are ewually competent. One section is overcrowded while the other section has empty seats. C) A new game console has just gone on the market but it is impossible to find one for sale in the Portland area. D) The ARCO Station charges $3.65 for gas while, across the street, the shell station charges $3.95. A line of cars waits at the ARCO station but there is no line at the shell station.

Using Ford Motor Company evaluate the "Award Application Summary" as a business case. You are the director of strategic planning and business intelligence for your chosen company. You are conducting an evaluation of your chosen company for an upcoming annual report. Your goal is to demonstrate skill and expertise in making strategic decisions based on your expert analysis and evaluation of the strategic position of your company. You will be submitting this report to the C-level executives for review. Use the following criteria to make strategic decisions for your chosen award-winning organization.

Provide background information about your chosen company, including topics such as the company name, industry sector in which the company operates, products, and target market. Elaborate and use research. Provide a high-level synopsis of the organizational design of your chosen company from a strategic management perspective. Explain which one of the five generic competitive strategies best characterizes your chosen company's strategic approach to competing successfully for the next 3 years. Explain how and why. From a management perspective, formulate and explain your company's offensive or defensive strategy to improve its market position in the next 3 years. Explain whether your company will be a first mover, a fast follower, or a late mover to ensure competitive advantage. Does your company engage in outsourcing? If so, what do you see as the pros and cons of outsourcing for your company? Should strategic alliances be involved? Explain. Demonstrate leadership communication skills. Be persuasive and descriptive in your communication style.

Suppose the demand for a good in a competitive market is given by P=20-Q. The supply for the good is P=2+Q, but this supply curve reflects only private costs. Suppose that in addition to the private costs, the production of this good also creates pollution, which imposes a cost of 4 per unit of the good produced. Draw the demand, supply, and social cost curves on the diagram below (labeling the axes), and find the market equilibrium and the optimal outcome price and quantity. Then fill in the blanks below.

In this scenario, the market price will be __ and the market quantity will be _, creating consumer surplus of __ and producer surplus of _, for a total surplus of __. However, the market outcome also causes the external pollution cost of __, and when we subtract this from the total surplus we are left with a net surplus of __. The optimal price for this good would be __ and the optimal quantity would be _. This could be achieved by imposing a Pigouvian tax of __ per unit. Were this case, the consumer surplus would then be _ and the producer surplus would be __, for a total surplus of __. The tax revenue generated is equal to the amount of the damage from the negative externality, which is _. The difference between the optimal net surplus and the net surplus under the market conditions tells us how much deadweight loss the market failure causes:

Aaron will be taking two important tests next week, one in math and the other in econ. Aaron knows that he has to devote his time and "attention" (energy, focus, etc) in order to do better in each test. Specifically, he can increase his math score x by 1 every time he spends 2 hours and 1 attention on math, while his econ score y increases by 1 every time he spends 1 hour and 3 attention units (as in reality, math is fairly labor-intensive, while econ requires focus, creativity, etc). Until the tests, Aaron has only 200 hours and can spend only 300 attention units (i.e., this is the point at which he will become completely exhausted). His preferences over (x,y) are given by U(x,y) = xy. (a) Aaron's time and attention constraints can be mathematically formulate as follows: 2x + y 200 and x + 3y 300. Provide an economic interpretation of each inequality (including what is the economic meaning of each term). (b) Aaron's utility maximization problem is given by max(x,y) xy s.t. 2x + y 200 and x + 3y 300. Write down the Lagrangian function that corresponds to this problem, using 1 and 2 as Lagrangian multipliers for each inequality constraint, and take the first-order condition of the Lagrangian function. (c) Is is possible that 1 = 2 = 0 at Aaron's optimal choice? (d) What about 1 > 0 and 2 = 0? Given this information, find x, y, and 1by solving the system of equations from the first-order conditionand check whether the solution satisfies the second constraint x + 3y 300. (e) What about 1,2 > 0? Given this information, find x, y, 1, and 2, and check whether (indeed) 1,2 > 0

Khaled is a preschool teacher working at a public school, but he is considering quitting his job to start a daycare facility of his own. Indicate which of the four types of interdependency is most relevant to each factor in Khaled's decision. Use the market for daycare facilities as Khaled's market of interest.

a. Khaled knows there are few daycare facilities in the area, but many families looking for daycare.

What example of dependencies is this scenario?

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b. An increase in graduation rates for teachers saturates the market for preschool teachers. This decreases the wages of teachers.

What example of dependencies is this scenario?

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c. If Khaled opens his own facility, he will be responsible for taxes, insurance, licensing, and facility upkeep, among other things. However, as a teacher Khaled will only need to keep up his teaching license. In addition, Khaled will not be able to take a long vacation in the summer if he runs a daycare center.

What example of dependencies is this scenario?

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d. Khaled is up for a raise in the next 6 months at his teaching job.

What example of dependencies is this scenario?