Illustrate the budget line faced by Ian, with “other goods” on the vertical axis and lattes on the horizontal axis. If he chooses to consume 15 lattes a month, how much does he spend on other goods? Using an indifference curve, illustrate the choice.

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ECONOMICS 110/111

Ian is a Queen’s student who has $120 to spend every month on two goods, lattes and a composite good representing “all other goods”. Assume initially that the price of a latte is $4 and the price of “other goods” is normalized to $1.

  1. (a) Illustrate the budget line faced by Ian, with “other goods” on the vertical axis and lattes on the horizontal axis. If he chooses to consume 15 lattes a month, how much does he spend on other goods? Using an indifference curve, illustrate the choice.
  2. (b) Suppose the price of lattes increases to $6. Illustrate the new budget line. Suppose Ian’s new choice is to consume 12 lattes. How much does he spend now on other goods? Illustrate this new point with an indifference curve. Is he better off or worse off after the price change?
  3. (c) Can you tell whether Ian thinks of “other goods” as normal or inferior? What about lattes? [Hint: explain the income and substitution effects of the price change]
  4. (d) Using the information concerning the price change from parts (a) and (b) illustrate Ian’s demand curve for lattes, assuming that it is linear. Calculate and illustrate the change in consumer surplus as a result of the price increase.
  5. (e) SupposeIan’sparentsfeelbadforhimandoffertopay$30/monthfora“lattemembership”cardthat would allow him to purchase lattes at the original price. Explain why he would prefer it if his parents just sent him $30/month.

 

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How many acres of farm land will not be cultivated at the optimal solution?

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Bradley Family

(a) Let X1 = # of acres of corn and X2 = # of acres of tobacco

Corn Tobacco Resources Available
300 520
Land 1 1 <= 410
Budget 105 210 <= 52500
Govt. Restriction 0 1 <= 100 Government Restriction

X1 X2
Decision Variables

Objective function

(b)
Do the Bradleys use the entire 100 acre tobacco allotment?

(‘c) Should the Bradleys’ lease extral land from their neighbor at $110 per acre?
What is the maximum price the Bradleys’ should pay their neighbor? And how much land shoud they lease?

maximum price
# of acres of land

(d) For each dollar they borrow , how much additional profit will they make?
If they borrowed a additional $1000, would the number of acres of corn and tobacco they plant change?

 

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what should be included in the plan for project completion?

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Design Brief: I am a digital media asset manager for a production company..

mainly focus on assessment task 3 – the project to include task 1’s skills. the questions from assessment task 2 i have completed.

Assessment task 3 Project needs to include evidence of me working as a media asset manager for a production company. 1: i need to create a management system to track and manage all media elements the production team have created. 2: shows proficient use of information tracking and repository systems. 3::accurate record keeping, updating and tracking 4: attention to detail 5: ability to work effectively as a member of a production team. 6: easily identifiable assets for each member of the team. Project checklist:is in the PDF I have posted

assessment 2: questions.. (i have already answered these questions so have not posted a pic ) what is a content management system ? why is it important to record information about documents and media assets? what should be included in the plan for project completion? what is involved in finalising a project?

 

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Research and discuss the differences between leaders and managers.

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Principles of Business Management
Leaders vs. Managers

Please complete ONE of the following assignments, incorporating ideas and concepts from the week’s lecture and/or articles. Please feel free to incorporate outside resources as well. When submitting your assignment, please indicate which of the three options you have chosen. For Options 2 and 3, please make sure to double space your papers.

https://content.grantham.edu/at/icons/paintbrush.png Option 1: Get Creative
Design and format a 10 – 15 slide Microsoft PowerPoint presentation on one of the learning objectives found in the Getting Started – This Week’s Activities folder for this week. The requirements below must be met for your presentation to be accepted and graded:

· Design and format each slide for a presentation.
· The notes sections must total a minimum of 250 words for the entire presentation. Use these sections to explain and support information provided on your slides.
· Include a cover slide and reference slide (these slides do not count toward the 10 – 15 slide requirement).
· At least 60% of your paper must be original content/writing.
· No more than 40% of your content/information may come from references.
· Use at least two references from outside the course material, preferably from EBSCOhost. Text book, lectures, and other materials in the course may be used, but are not counted toward the two reference requirement.
· Identify sources on slides that contain reference material (data, dates, graphs, quotes, paraphrased words, values, etc.) and list them on a reference slide.

Reference material (data, dates, graphs, quotes, paraphrased words, values, etc.) must be from sources like scholarly journals found in EBSCOhost, online newspapers such as The Wall Street Journal, government websites, etc. Sources such as Wikis, Yahoo Answers, eHow, etc. are not acceptable.

https://content.grantham.edu/at/icons/website.png Option 2: News Flash
Choose an article from EBSCOhost that relates to at least one of the learning objectives for this week. You must summarize the article, and explain the connection between the article and at least one learning objective. Clearly state the learning objective(s) in the introduction.

The requirements below must be met for your News Flash to be accepted and graded:

Write between 500 – 750 words (approximately 2 – 3 pages) using Microsoft Word.
Use APA style
Use font size 12 and 1” margins.
Include a cover page and reference page.
At least 60% of your paper must be original content/writing.
No more than 40% of your content/information may come from references.
Include at least one external reference other than the article being summarized, preferably from EBSCOhost. Text book, lectures, and other materials in the course may be used, but are not considered an external reference.
Identify reference material (data, dates, graphs, quotes, paraphrased words, values, etc.) in the body of the paper and list them on a reference page.

Reference material (data, dates, graphs, quotes, paraphrased words, values, etc.) must come from sources such as scholarly journals found in EBSCOhost, online newspapers such as, The Wall Street Journal, government websites, etc. Sources such as Wikis, Yahoo Answers, eHow, etc. are not acceptable.

https://content.grantham.edu/at/icons/document.png Option 3: Traditional Paper
Research and discuss the differences between leaders and managers.

The requirements below must be met for your paper to be accepted and graded:

Write between 500 – 750 words (approximately 2 – 3 pages) using Microsoft Word.
Use APA style.
Use font size 12 and 1” margins.
Include cover page and reference page.
At least 60% of your paper must be original content/writing.
No more than 40% of your content/information may come from references.
Use at least two references from outside the course material, preferably from EBSCOhost. Text book, lectures, and other materials in the course may be used, but are not counted toward the two reference requirement.

Reference material (data, dates, graphs, quotes, paraphrased words, values, etc.) must be identified in the paper and listed on a reference page. Reference material (data, dates, graphs, quotes, paraphrased words, values, etc.) must come from sources such as, scholarly journals found in EBSCOhost, online newspapers such as The Wall Street Journal, government websites, etc. Sources such as Wikis, Yahoo Answers, eHow, etc. are not acceptable.

 

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