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Question: Payday Lending 1a) A firm's estimated long-run total cost function is LRTC = 160Q - .6Q2 + .002Q3. Suppose the firm is producing 100 units of output. The cost elasticity is __ You can use Excel spreadsheet or otherwise to answer this question.

b) A research study published in Social Science Medicine, "Production Functions for General Hospitals," estimated the following general hospital production function in the Netherlands: Q = 5*Staff.34*Beds.64*Drugs.04*Specialists.02, where Q is a measure used by the authors for patient care. : You completed a $2.5M RFP for electronic components.

You will need 25 units over the next five (5) years and these items have a very long lead time.

It is mandatory that all suppliers are authorized distributors, anyone who is not will be disqualified.

The manufacturer is based in Germany and they alone will decide who will be an authorized distributor.

All Proponents were advised of their status, the successful Proponent was ABC Company. Their Proposal will save you close to $450,000 - this is the difference between ABC's price and the second place Proponent.

ABC has never done business with your organization, they will be a new supplier and they are located outside of the country.

The curren... [11:51 PM, 11/6/2021] Flo: Research has shown that reflective practitioners are more skilled in areas of problem-solving and critical thinking. Throughout your program of study, you are asked to reflect on how you completed tasks and how this reflection will inform future decisions about similar tasks, providing ample opportunity to practice thinking skills ("thinking about thinking").

Briefly discuss the thinking strategies you used before beginning and as you worked through the assignment. What thinking strategies were most beneficial? How will you use or evidence these strategies in the future? Moving beyond this single experience, reflect on the process you use to complete tasks whether in school or in the workplace. Think about the major assignments you have completed thus far... [11:52 PM, 11/6/2021] Flo: 1. For the Case Study , follow the outline implied by this GRADING...

1. For the Case Study, follow the outline implied by this GRADING RUBRIC:

FOLLOWS THIS RUBRIC OUTLINE

Guideline - Follow the outline by using each subtitle in the first column in your Case analysis. Collect your thoughts under every subtitle. elaborate on your rationale in each section.

please apply and follow the outline implied within this Rubric:

Identify the facts

Identify Ethical Dilemma and Ethical Reasoning Theories

Identify stakeholders and obligations

Identify core (professional) values/virtues

Identify operational and accounting issues

Identify alternative options

Identify consequences of options

Case 2-9 Racially Charged Language Inhibits Inclusive Cultures

Leaving home for the first time and going off to college is an exciting and stressful time for tens of thousands of students across the U.S. each year. Leaving the familiarity of family, friends, and community behind and entering an often much more diverse community filled with people with different social, political, religious, racial, national, and sexual orientation backgrounds can create challenges. Luckily, there is currently an effort across the United States to reduce the impact of potential biases by educating people on and promoting the benefits of having diversity in communities, businesses, schools, and social groups people belong to. These efforts are more commonly known as Equity, Diversity, and Inclusion (EDI) Initiatives. One example of a college that seems to have it right with respect to EDI policies is the University of Wisconsin, Eau Claire. A brief review of those policies and programs appear in Exhibit 1.

EXHIBIT 1

Equity, Diversity, and Inclusion Policies and Programs at UWEC

Faculty and staff at the University of Wisconsin, Eau Claire (UWEC) have incorporated EDI initiatives into their core mission. The core mission is to create (an) inclusive community where all students thrive and find the programs and support needed to reach their full potential. Too often, members of underrepresented groups feel alienated and/or are unconsciously or consciously discriminated against resulting in them transferring schools or dropping out completely.

To operationalize this mission, the faculty, staff, and administration came together setting goals surrounding student enrollment and retainment specifically for underrepresented groups. The faculty have a common language surrounding EDI within all course syllabi and encourage all their students to help make the classroom environment more welcoming and inclusive to all. They have all agreed to participate in EDI initiatives in some way and to have that participation be a part of their annual performance review. In 2017, they created the first office of EDI and hired an Assistant Chancellor of Equity, Diversity, and Inclusion to lead the effort.

UWEC has also developed a 12-week training program called Circles of Change to start an open in-person dialogue about race throughout the region the university is located within. Launched as a pilot in the Spring of 2017, the fall of 2017 had more than 120 people participating in Circles of Change action groups, gathering weekly to discuss race relations on campus and in the community.

"The goal is to help make the Chippewa Valley a more welcoming place for everyone."

As discussed in Chapter 2, some people have unconscious biases and stereotypical beliefs that can lead to making poor decisions. This can be magnified by instances of bias on college campuses. Many colleges and universities across the country have implemented freshman orientation programs to help students transition into college life and to make them feel welcome.

There is a need for diversity and inclusivity training. During 2017, there were many reported instances of racial bias through the use of racial slurs on college and university campuses. Many were reported during the September to December 2017 period, magnifying the growing need for EDI programs on campus. The following examples were chosen not only to illustrate the hateful speech but to describe admirable responses by the universities affected.

1. At Eastern Michigan University, racial fliers promoting a white supremacist organization were found posted on several buildings. Officials removed them because they ran counter to the school's values. According to a spokesperson, "The fliers and the hateful, racist causes they promote run completely counter to Eastern's core values of diversity, inclusiveness and respect."1

2. At Cabrini University in Radnor, PA, a number of instances were reported of the words

"N-word go away" written on the dormitory room door of a female black student and a second occurrence stating "go away too" just a few days later. The reaction of the university was: "As we ensure a thorough investigation into the incident, we want to remind everyone that hate has no home on our campus hate speech of any kind goes against who we are as an institution and as a diverse community of learners."2 page 112

3. A few racial incidents occurred between October and December 2017 at Framingham State University in Framingham, MA. In one such incident, a flyer defaced with racially offensive writing was found under an African-American student's door. The President of

the University responded: "Framingham State University draws strength from its diversity. We are an institution where individuals of differing cultures, perspectives, and experiences are welcomed, respected, valued, and supported. In response to recent events, we must not allow those with hate in their hearts to divide us. The best way to stand up to this type of vile behavior is by uniting as a community against it."3

4. Flyers containing a racist slogan and anti-African-American imagery were found at the University of Texas at Austin. The flyers depict a racist caricature of a black man holding a knife and bear the words "Around blacks . . . never relax." The University was quick to condemn such hatred and pointed to their new Hate and Bias Policy that addresses such issues.4

A good illustration of a proactive response to incidents of hatred occurred at the University of

Hartford in West Hartford, CT. In response to an incident of racial harassment and bullying, Gregory Woodward, president of the University, stated that "the harsh reality is that racism in America is part of our reality. It is here on our campus and on campuses across the country. We are a reflection of society at large. It is disturbing and inexcusable and needs our constant attention and vigilance. We must all speak up, speak out, and be relentless in our pursuit of a more inclusive environment for our students. Acts of racism, bias, or other abusive behaviors will not be tolerated in any way, shape, or form on this campus."5

Questions

1. Identify which biases and/or stereotypes might exacerbate the type of behavior described in this case.

2. What responsibility does a college or university have in ensuring all students feel safe and welcome at their institutions? Answer this question using the Rights Theory and theories of Justice.

3. Why is it important for EDI policies to be implemented in the workplace? Refer to the Deloitte surveys in answering this question. [11:59 PM, 11/6/2021] Flo: Guidelines on Assessment 1 This individual assessment for Business Communication will both explore your understanding of cultural frameworks for global communication and nurture your skills to have a better, clearer, and effective way to communicate in a highly diversified environment. As Business Communication increasingly reaches beyond borders, the mastery of one of the most celebrated study of cultures and applying it qualitatively in life will enhance your communication skill. One of the most extensively utilized frameworks for studying cultural variations and one of the most widely used model for intercultural communications is the model devised by prominent cultural theorist Geert Hofstede. The differences in culture across nations have been displayed along five dimensions in this framework, which may be used to forecast the cultural disparities between countries. The model was created after considerable study into cultural differences across nations, as well as polls of thousands of workers in both the West and the East. Power distance, masculinity vs. femininity, long-term orientation vs. short-term thinking, individuality vs. collectivism, individualism vs. collectivism, and uncertainty avoidance are the five dimensions along whereby the cultural variations are mapped. The model treats cultural differences between civilizations in a thorough and extensive manner. In this individual project, you will- Research the most widely used dimensions of national culture developed by organizational theorist, Geert Hofstede. Compare and contrast two dimensions. Review and collect relevant data. Critically analyse the data. Reflectively apply with recommendations Take note of the following important guidelines that you need to address/include on your paper: A. This is the link to the website of the cultural dimensions of Hofstede. https://www.hofstede-insights.com/country-comparison/ B. Draw up your country of origin and another country of interest. C. Compare the two in terms of Masculinity/Femininity and Power Distance. D. Write reflective recommendations on what you needed to behaviorally adjust if you are working or managing a business in the country of interest. E. Mention one real-life example to help demonstrate your understanding of the assigned dimensions. For example, how Hofstede defined/described the dimension in relation to your experience as a person within that dimension. Does his study affirm or contradicts your experience? F. It is an analysis that we are after, not a descriptive story of the dimensions. The analysis has to have depth. G. Make suggestions OR recommendations on how to improve intercultural communications from your realization of the study (how to reduce power distance and gender gaps and improve the quality of communications) and the application to your real-life example. Submission: Once you are finished, submit the Word File through the the email address provided for by the administration. FORMAT: Report Format You are free to utilize your own framework/structure but make sure you include the EXECUTIVE SUMMARY, RECOMMENDATIONS, and CONCLUSION.

Firms in an industry view their residual demand as kinked at the market price p*, so that demand for each firm i is given by D i(p)=D(p)/N for pp* and Di(p)=0 for p>p*. (D(p) is market demand and N is the number of firms). a) Describe what is necessary for firms to have kinked demand curves with a kink at the market price p*.

b) What market prices could be equilibrium prices given such kinked demand curves?

Calvin is a fully naive hyperbolic discounter with = 0.5 and = 1 and = 1. Hobbes is a fully sophisticated hyperbolic discounter with = 0.5 and = 1 and = = 0.5. They lives for three periods: t = 0, 1, and 2. They derive utility from consumption in each period. They have the same instantaneous CRRA utility from consuming an amount ct 0 (i.e. ct < 0 is not possible) in period t : p u(ct) = ct for t = 0, 1, 2 Accordingly, their discounted lifetime utility from the perspective of period t = 0, 1 is given by p Ps=2 p Ut(c0, c1, c2) = ct + s=t+1 cs and their discounted lifetime utility at t = 2 is simply pc2. We also defne their long-term lifetime utility as p p p W(c0, c1, c2) = c0 + c1 + c2 which for instance captures their discounted lifetime utility from a period preceding 0, without distortion from present bias. Calvin and Hobbes start with wealth of e0 = $1500 at t = 0. They can keep their wealth in a checking account, which has no interest and would allow them to withdraw money at any time. That is, if they put $x into their account in period 0, they could withdraw up to $x at period 1. Similarly, if they put $x into their account in period 1, they could withdraw up to $x at period 2. They receive a paycheck of y = $1200 at t = 2, which is known and perfectly anticipated by both of them at all times. Finally, they have access to a payday lending service: they can borrow up to $600 in period 1, but they have to repay twice the borrowed amount on their payday in period 2 (i.e., they can borrow with an interest rate of 100% between these two periods). 1. Let's frst consider a third fctional character, Susie, who is not present biased, and does not discount the s=2 p future. Her utility at any period t = 0, 1, 2 is P cs Susie also starts with $1500 at t = 0, has access to s=t the checking account, and anticipates receiving $1200 in period 2, but has no access to payday lending. Derive Susie's consumption in period 0, 1 and 2. In particular, show that Susie does not use the checking account from period 1 to period 2. 2. Explain (with no formal derivation) why this means that neither Calvin nor Hobbes would use the checking account from period 1 to period 2. Given this result, we will now work under the (non-binding) assumption that the checking account is only available from period 0 to period 1, for simplicity. 1 3. Let e1 0 denote the amount of money in Calvin's (or Hobbes') checking account when he enters period 1. Assume e1 y. Derive the amount that he decides to borrow from the payday lending service, b, as a function of e1. Show that he will consume an equal amount in periods 1 and 2, i.e. c1 = c2. 4. Using the result from the previous question, derive the amount of money e that Hobbes, who is fully sophisti- S 1 cated, decides to put in his checking account in period 0. Hint: Do not worry about checking corner solutions, i.e. assume that eS y in order to use the answer to the previous question, and just verify that the value obtained 1 indeed verifes this inequality. 5. How much will Hobbes end up borrowing from the payday lending service and consuming in each period? 6. Now, let's consider Calvin, who is fully naive ( = 1). In period 0, how much does Calvin predict he will borrow from the payday lending service in period 1 if he were to leave e1 in his checking account? 7. Derive the amount e that Calvin decides to leave in his checking account in period 0. Hint: Do not worry N 1 about checking corner solutions, i.e. assume that 4eN y in order to use the answer to the previous question, 1 and just verify that the value obtained indeed verifes this inequality. 8. How much will Calvin end up borrowing from the payday lending service and consuming in each period? 9. Discuss how Calvin's and Hobbes' consumption paths dier. Compute their long-term lifetime utilities, compare them, and discuss intuitively why they are ordered in this way. 10. Now, assume that no payday lending service is available. Derive the amounts left in the checking account in period 0 by Calvin and Hobbes. 11. Derive the full consumption paths of Calvin and Hobbes in the absence of payday lending. Compare their long-term lifetime utilities to the values found in question 9. Discuss this comparison. 12. Suppose that in period 0, a referendum is organized to ask Calvin and Hobbes whether they want the government to implement a policy that shuts down payday lending. The policy would require some administrative costs which would result in a tax of $1 levied at the end of period 1. The two options to vote for are Yes and No. What would Calvin vote? What would Hobbes vote? (assuming they are both selfsh and only care about improving their own utility). Discuss what this example suggests for the real world problem of regulating payday lending. For the rest of the problem, we consider a world where a shock just hurt Calvin and Hobbes before the time analyzed in the problem, so that their initial wealth is now e0 = $200. Note that the conclusions from question 2 also apply here so it's still correct to simply assume that there is no checking account from period 1 to period 2. 13. Noting that answers to questions 3 and 6 are unchanged, show that neither Calvin nor Hobbes leave anything in their checking accounts in period 0. 14. Compute Calvin and Hobbes' resulting consumption path. 15. As in question 10, derive the amounts left in the checking accounts in period 0 by Calvin and Hobbes if no payday lending service is available. Derive the resulting consumption paths. 16. Compare the long-term lifetime utilities of Calvin and Hobbes with and without access to the payday lending service now that their initial wealth e0 is lower. Why is this comparison yielding a dierent conclusion than in question 11?

[11:37 PM, 11/6/2021] Flo: 1a) A firm's estimated long-run total cost function is LRTC = 160Q - .6Q2 + .002Q3. Suppose the firm is producing 100 units of output. The cost elasticity is __ You can use Excel spreadsheet or otherwise to answer this question.

b) A research study published in Social Science Medicine, "Production Functions for General Hospitals," estimated the following general hospital production function in the Netherlands: Q = 5*Staff.34*Beds.64*Drugs.04*Specialists.02, where Q is a measure used by the authors for patient care. Suppose a hospital currently utilizes the following inputs: Staff =20, Beds = 120, Drugs = 60, Specialists =10. Use a spreadsheet to find the following or otherwise. If the hospital increases its specialists by one (1), that is, employs an ... [11:50 PM, 11/6/2021] Flo: You completed a $2.5M RFP for electronic components.

You will need 25 units over the next five (5) years and these items have a very long lead time.

It is mandatory that all suppliers are authorized distributors, anyone who is not will be disqualified.

The manufacturer is based in Germany and they alone will decide who will be an authorized distributor.

All Proponents were advised of their status, the successful Proponent was ABC Company. Their Proposal will save you close to $450,000 - this is the difference between ABC's price and the second place Proponent.

ABC has never done business with your organization, they will be a new supplier and they are located outside of the country.

The curren... [11:51 PM, 11/6/2021] Flo: Research has shown that reflective practitioners are more skilled in areas of problem-solving and critical thinking. Throughout your program of study, you are asked to reflect on how you completed tasks and how this reflection will inform future decisions about similar tasks, providing ample opportunity to practice thinking skills ("thinking about thinking").

Briefly discuss the thinking strategies you used before beginning and as you worked through the assignment. What thinking strategies were most beneficial? How will you use or evidence these strategies in the future? Moving beyond this single experience, reflect on the process you use to complete tasks whether in school or in the workplace. Think about the major assignments you have completed thus far... [11:52 PM, 11/6/2021] Flo: 1. For the Case Study , follow the outline implied by this GRADING...

1. For the Case Study, follow the outline implied by this GRADING RUBRIC:

FOLLOWS THIS RUBRIC OUTLINE

Guideline - Follow the outline by using each subtitle in the first column in your Case analysis. Collect your thoughts under every subtitle. elaborate on your rationale in each section.

please apply and follow the outline implied within this Rubric:

Identify the facts

Identify Ethical Dilemma and Ethical Reasoning Theories

Identify stakeholders and obligations

Identify core (professional) values/virtues

Identify operational and accounting issues

Identify alternative options

Identify consequences of options

Case 2-9 Racially Charged Language Inhibits Inclusive Cultures

Leaving home for the first time and going off to college is an exciting and stressful time for tens of thousands of students across the U.S. each year. Leaving the familiarity of family, friends, and community behind and entering an often much more diverse community filled with people with different social, political, religious, racial, national, and sexual orientation backgrounds can create challenges. Luckily, there is currently an effort across the United States to reduce the impact of potential biases by educating people on and promoting the benefits of having diversity in communities, businesses, schools, and social groups people belong to. These efforts are more commonly known as Equity, Diversity, and Inclusion (EDI) Initiatives. One example of a college that seems to have it right with respect to EDI policies is the University of Wisconsin, Eau Claire. A brief review of those policies and programs appear in Exhibit 1.

EXHIBIT 1

Equity, Diversity, and Inclusion Policies and Programs at UWEC

Faculty and staff at the University of Wisconsin, Eau Claire (UWEC) have incorporated EDI initiatives into their core mission. The core mission is to create (an) inclusive community where all students thrive and find the programs and support needed to reach their full potential. Too often, members of underrepresented groups feel alienated and/or are unconsciously or consciously discriminated against resulting in them transferring schools or dropping out completely.

To operationalize this mission, the faculty, staff, and administration came together setting goals surrounding student enrollment and retainment specifically for underrepresented groups. The faculty have a common language surrounding EDI within all course syllabi and encourage all their students to help make the classroom environment more welcoming and inclusive to all. They have all agreed to participate in EDI initiatives in some way and to have that participation be a part of their annual performance review. In 2017, they created the first office of EDI and hired an Assistant Chancellor of Equity, Diversity, and Inclusion to lead the effort.

UWEC has also developed a 12-week training program called Circles of Change to start an open in-person dialogue about race throughout the region the university is located within. Launched as a pilot in the Spring of 2017, the fall of 2017 had more than 120 people participating in Circles of Change action groups, gathering weekly to discuss race relations on campus and in the community.

"The goal is to help make the Chippewa Valley a more welcoming place for everyone."

As discussed in Chapter 2, some people have unconscious biases and stereotypical beliefs that can lead to making poor decisions. This can be magnified by instances of bias on college campuses. Many colleges and universities across the country have implemented freshman orientation programs to help students transition into college life and to make them feel welcome.

There is a need for diversity and inclusivity training. During 2017, there were many reported instances of racial bias through the use of racial slurs on college and university campuses. Many were reported during the September to December 2017 period, magnifying the growing need for EDI programs on campus. The following examples were chosen not only to illustrate the hateful speech but to describe admirable responses by the universities affected.

1. At Eastern Michigan University, racial fliers promoting a white supremacist organization were found posted on several buildings. Officials removed them because they ran counter to the school's values. According to a spokesperson, "The fliers and the hateful, racist causes they promote run completely counter to Eastern's core values of diversity, inclusiveness and respect."1

2. At Cabrini University in Radnor, PA, a number of instances were reported of the words

"N-word go away" written on the dormitory room door of a female black student and a second occurrence stating "go away too" just a few days later. The reaction of the university was: "As we ensure a thorough investigation into the incident, we want to remind everyone that hate has no home on our campus hate speech of any kind goes against who we are as an institution and as a diverse community of learners."2 page 112

3. A few racial incidents occurred between October and December 2017 at Framingham State University in Framingham, MA. In one such incident, a flyer defaced with racially offensive writing was found under an African-American student's door. The President of

the University responded: "Framingham State University draws strength from its diversity. We are an institution where individuals of differing cultures, perspectives, and experiences are welcomed, respected, valued, and supported. In response to recent events, we must not allow those with hate in their hearts to divide us. The best way to stand up to this type of vile behavior is by uniting as a community against it."3

4. Flyers containing a racist slogan and anti-African-American imagery were found at the University of Texas at Austin. The flyers depict a racist caricature of a black man holding a knife and bear the words "Around blacks . . . never relax." The University was quick to condemn such hatred and pointed to their new Hate and Bias Policy that addresses such issues.4

A good illustration of a proactive response to incidents of hatred occurred at the University of

Hartford in West Hartford, CT. In response to an incident of racial harassment and bullying, Gregory Woodward, president of the University, stated that "the harsh reality is that racism in America is part of our reality. It is here on our campus and on campuses across the country. We are a reflection of society at large. It is disturbing and inexcusable and needs our constant attention and vigilance. We must all speak up, speak out, and be relentless in our pursuit of a more inclusive environment for our students. Acts of racism, bias, or other abusive behaviors will not be tolerated in any way, shape, or form on this campus."5

Questions

1. Identify which biases and/or stereotypes might exacerbate the type of behavior described in this case.

2. What responsibility does a college or university have in ensuring all students feel safe and welcome at their institutions? Answer this question using the Rights Theory and theories of Justice.

3. Why is it important for EDI policies to be implemented in the workplace? Refer to the Deloitte surveys in answering this question. [11:59 PM, 11/6/2021] Flo: Guidelines on Assessment 1 This individual assessment for Business Communication will both explore your understanding of cultural frameworks for global communication and nurture your skills to have a better, clearer, and effective way to communicate in a highly diversified environment. As Business Communication increasingly reaches beyond borders, the mastery of one of the most celebrated study of cultures and applying it qualitatively in life will enhance your communication skill. One of the most extensively utilized frameworks for studying cultural variations and one of the most widely used model for intercultural communications is the model devised by prominent cultural theorist Geert Hofstede. The differences in culture across nations have been displayed along five dimensions in this framework, which may be used to forecast the cultural disparities between countries. The model was created after considerable study into cultural differences across nations, as well as polls of thousands of workers in both the West and the East. Power distance, masculinity vs. femininity, long-term orientation vs. short-term thinking, individuality vs. collectivism, individualism vs. collectivism, and uncertainty avoidance are the five dimensions along whereby the cultural variations are mapped. The model treats cultural differences between civilizations in a thorough and extensive manner. In this individual project, you will- Research the most widely used dimensions of national culture developed by organizational theorist, Geert Hofstede. Compare and contrast two dimensions. Review and collect relevant data. Critically analyse the data. Reflectively apply with recommendations Take note of the following important guidelines that you need to address/include on your paper: A. This is the link to the website of the cultural dimensions of Hofstede. https://www.hofstede-insights.com/country-comparison/ B. Draw up your country of origin and another country of interest. C. Compare the two in terms of Masculinity/Femininity and Power Distance. D. Write reflective recommendations on what you needed to behaviorally adjust if you are working or managing a business in the country of interest. E. Mention one real-life example to help demonstrate your understanding of the assigned dimensions. For example, how Hofstede defined/described the dimension in relation to your experience as a person within that dimension. Does his study affirm or contradicts your experience? F. It is an analysis that we are after, not a descriptive story of the dimensions. The analysis has to have depth. G. Make suggestions OR recommendations on how to improve intercultural communications from your realization of the study (how to reduce power distance and gender gaps and improve the quality of communications) and the application to your real-life example. Submission: Once you are finished, submit the Word File through the the email address provided for by the administration. FORMAT: Report Format You are free to utilize your own framework/structure but make sure you include the EXECUTIVE SUMMARY, RECOMMENDATIONS, and CONCLUSION.