How Wolverine Airlines terminal counter operations

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  1. Jane Smith has been hired by Wolverine Airlines to redesign their terminal counter operations, where customers check in (check baggage, receive boarding passes, and change flight details if necessary). The airline is very sensitive to their customers’ time spent waiting for service and being served; many customers dislike waiting in these queues, are anxious about missing their flights, etc. Wolverine currently has three counters, each staffed by a single employee, and a single FCFS queue for all customers to join. Seeing how Wolverine currently configures their queues, Jane thinks that they have got it all wrong. Jane redesigns the queues so that there is a dedicated queue and a dedicated server for each of the customer classes (economy, business, and first class). No customers cross between servers. Each of the three serving employees takes an average of 3 minutes to check in customers. Assume arrivals follow a Poisson process and service time is exponentially distributed. Without any knowledge on the arrival rates of Economy class (E), Business Class (B), or First Class (F) passengers, can you argue about which system design is better from both a system and an arbitrary customer perspective? Provide a comprehensive answer by relating to the pertinent performance measure of interest.

Braden works alone at a very popular dog salon called “Pup-Style” which always has customers waiting for service. Each customer requests Braden’s signature “wash, dry, and style” package for their pet. It takes Braden exactly 10 minutes to wash and dry the pet and exactly 12 minutes to style. For all parts of this question, define the “process” for a single customer to begin once the customer hands over the pet for a wash and ends once the style is complete. Assume the process is operating at capacity.

a. What is the capacity of the process (in customers per minute)?

b. Suppose Braden gets tired of working alone and hires another pet stylist, Helmut, to help. Since Braden doesn’t yet have confidence in Helmut’s styling abilities, he is hired to handle washing and drying. Helmut can wash and dry the pet in 12 minutes. Hand-off times are negligible. What is the capacity of the process now (customers/minute)?

c. Within a short period, Helmut becomes very efficient and can now wash and dry a pet in 8 minutes (faster than Braden). Braden still takes 12 minutes to style a pet. What is the capacity of the process now (customers/minute)?

d. After a trial period, Braden is happy with Helmut’s performance and decides both of them should take their own customers (that is, each will alone handle washing, drying and styling for their respective customers). Customers express no preference between the two stylists and simply choose the next one available. Assume it takes Helmut exactly 20 minutes to wash, dry and style a pet. What is the capacity of the process now?

e. Assuming Braden and Helmut are working at their full capacity, what is the average cycle time of a customer through the process (in minutes)?

BLANCHARD CASE STUDY 55%
Read Case study below to answer questions

  1. What is wrong with the way that the EOQ and ROP quantities have been determined for each of the five items mentioned in the case? Justify your answer by considering all the relevant possible angles (e.g., model choice, demand data, cost data, etc.) 25%
  2. Assuming that an EOQ/ROP system is an appropriate way to run this system, how would you correct the EOQ/ROP quantities for the five items? (also use the table format to explain) 10%
  3. What are the advantages and/or disadvantages of your (updated) EOQ/ROP system, and the actual system used for scheduling bottling runs at Blanchard? Which system do you prefer? Again, justify your answer by considering all the relevant possible angles. 15%
  4. What should Hank Hatch recommend to his boss, Toby Tyler? What improvements can be made? 5%

Sample Solution

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Slideshow

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Select an existing social entrepreneur, entrepreneur and intrapreneur and present the difference between each type of entrepreneur.

Selection of these different types of entrepreneurs can be made from the Internet or other periodicals as Business Week, Forbes Magazine, etc.

Step #1: Create a slide presentation using transition, animation, slideshow, and narration techniques to replicate a live presentation.    Suggested Slides

A) Cover Slide ( Name of Project, Your Name,  and Date)

B) Define and Discuss ( The differences between a  social entrepreneur, entrepreneur , and intrapreneur)

C) Your example of a social entrepreneur-  you must clearly align your reasoning for identifying this individual as a social entrepreneur.  You should not only cite your opinion but also  authoritative reference materials that identify this individual as a social entrepreneur and examples of this individual’s social entrepreneurial activities .

D) You should not only cite your opinion but also  authoritative reference materials that identify this individual as an entrepreneur and examples of this individual’s entrepreneurial activities

E) You should not only cite your opinion but also  authoritative reference materials that identify this individual as an intrepreneur (as possible)  and examples of this individual’s entrepreneurial activities

F) Reflection- what were your key take aways from this project
A slideshow

Ministry of health in a developing country.

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Empirical Question
You have recently been elected minister of health in a developing country. Congrats! After reading news about the 2019 Noble Prize for Economics being awarded to Abhijit Banerjee, Esther Duflo and Michael Kremer, you have been inspired to adopt their evidence-based approach. You resolve to allocate your health budget toward programs that deliver the greatest health improvement “bang for buck”. Your announce this intention and the Twitterati likes and nods approvingly.
A group of epidemiologists sees your announcement and seeks a meeting with you. They argue that your best bet is to invest in improving the health of young children and pregnant women. You are puzzled by this and worry that they just want you to fund their research.
(a) Why might small improvements in the maternal and early-life health environment have long- run impacts?

(b) The epidemiologists say you should therefore allocate more of the health budget to an early- life nutrition program. To persuade you, they show you empirical evidence indicating a strong negative correlation between birth weight and adult earnings. Would this evidence convince you? If not, explain why and discuss the likely direction of bias.

(c) The epidemiologists say that the 2019 Nobel Prize has made it easier for them to raise money for experimental studies. So, if you don’t believe them, they will run an experiment and get back to you. How would you respond to them?

One of the epidemiologists shares with you the results from a study in several Scandinavian countries including Norway, where babies are classified as being Very Low Birth Weight if they are born below 1500 gms and given additional nutrition during the first month of life. The following graph and regression table illustrates the main empirical result. The regression specification estimated is
𝑦𝑖 = 𝛼 + 𝛽(𝐵𝑖𝑟𝑡h 𝑤𝑒𝑖𝑔h𝑡 𝑗𝑢𝑠𝑡 𝑏𝑒𝑙𝑜𝑤 1500𝑖) + 𝛾𝐷𝑒𝑚𝑜𝑔𝑟𝑎𝑝h𝑖𝑐 𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑠𝑖 + 𝜀𝑖
The key outcome variable is the 10th grade math score and the units of that variable are in standard deviations relative to the mean. So, a score of 0.1 indicates that the person scored 0.1 standard deviations above the mean.

(d) The epidemiologists think you do not know any econometrics, so they smugly ask you to interpret the graph and regression table, assuming they can impress you. How would you respond when they ask you to interpret the graph and regression table?

(e) During a cabinet meeting later in the day, the education minister – who is a career schoolteacher – presents a proposal. She is planning to double teachers’ pay and expects this to improve 10th grade scores by 0.1 standard deviations. The prime minister then asks you for your views. What would you say about the relative cost-effectiveness of the early-childhood intervention relative to this proposed policy change?
(f) Later that evening, you reflect on the Norway study and consider whether you should allocate more of the health ministry’s budget to neonatal nutrition programs. Comment on the internal validity and external validity of the Norway study. By internal validity, I mean, do you believe the results of the study and do you think of these estimates as causal? By external validity, I mean, do you expect to find similar effects if you ran a similar program in your own (poor) country? Also note that your country uses 2000 gms as the cutoff to classify children as Very Low Birth Weight.

(g) You decide to read the Norway study in more detail and learn that the neonatal nutrition intervention actually reduced infant mortality. You think, “this seems great! Two birds with one stone”. But then you begin to worry how this might affect the estimated effect on 10th grade math scores. How do you think this selective mortality would bias the estimated effect and why?

(h) You are eventually convinced that neonatal nutrition is something that your government should devote considerably more resources to, and give a speech about this issue at the annual convention of your political party. However, most of your party members don’t seem interested in this as they don’t think it will be a good political strategy. Explain why there may be limited political returns for early-life health investments.

Sample Solution

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Fed cooperate with the U.S. Treasury

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https://www.federalreserve.gov/aboutthefed/educational-tools/lecture-series-the-federalreserve-after-world-war-II.htm
a) How did the Fed cooperate with the U.S. Treasury during and immediately after World
War II?
b) Describe the Fed-Treasury Accord and evaluate whether it was effective in improving
economic conditions. Discuss the implications of the agreement.
c) What was a “lean against the wind” policy? Was it effective in the 1950s and early 1960s?
d) Describe exacerbating factors other than monetary policy that may have contributed to
the high rates of inflation and numerous recessions from the mid-1960s through the
1970s
e) Describe the conditions leading up to the 1981-82 recession. Summarize monetary policy
before and during the recession. What were Chairman Volker’s goals?
f) Define the term “Great Moderation.” Give examples of its characteristics?
Question 2) Essay Question: Please watch the Milton Friedman video on “How to Cure
Inflation” posted under Week 11, Wednesday 11/4 : Write about a 300-word summary of the
views expressed by Prof. Milton Friedman. In particular, your summary needs to address how
Prof. Friedman describe the following: cause of inflation, costs of inflation on society , what the
Fed can do to cope up with the problem of inflation, and how Japan cured its inflation problem.
Also, describe your key takeaways from the debate, which parts you agreed with and which
parts you disagreed with.
Question 3) If the required reserve ratio is 100 percent, could the Federal Reserve still change
the money supply with open market operations? Explain whether they could or could not.
Question 4) Suppose the quantity of money is greater than the quantity of money demanded.
In the short run, what occurs to set the quantity of money equal to the quantity of money
demanded?
Question 5) Use the money demand and money supply model to show graphically and briefly
explain the effect on the interest rate if real GDP increases.
Question 6) Use the money demand and money supply model to show graphically and explain
the effect on interest rates of the Federal Reserve’s open market purchase of Treasury
securities.
ECN 102, Fall 2020
2
Question 7) The Fed conducts an open market sale of securities. Explain the effects of this
action in the short run on the nominal interest rate and in the long run on the value of money
and the price level.
Question 8) Suppose that banks launch an aggressive marketing campaign to get everyone to
use debit cards for every conceivable transaction. They offer prizes to new debit card holders
and introduce a charge on using a credit card. How would the demand for money and the
nominal interest rate change?
Question 9) If the velocity of circulation is constant, real GDP is growing at 3 percent a year, the
real interest rate is 2 percent a year, and the nominal interest rate is 7 percent a year, calculate
the inflation rate, the growth rate of money, and the growth rate of nominal GDP.
Question 10) In 2007, the United States was at full employment. The quantity of money was
growing at 6.4 percent a year, the nominal interest rate was 4.4 percent a year, real GDP grew at
1.9 percent a year, and the inflation rate was 2.9 percent a year.
a) Calculate the real interest rate.
b) Was the velocity of circulation constant? (Hint: Use the quantity theory of money.) If the
velocity of circulation was not constant, how did it change?
Question 11) If the velocity of circulation is growing at 1 percent a year, the real interest rate is 2
percent a year, the nominal interest rate is 7 percent a year, and the growth rate of real GDP is 3
percent a year, calculate the inflation rate, the growth rate of money, and the growth rate of
nominal GDP.
Question 12) Assume that the consumption function for an economy is C = 1000 + .75Yd. You
are told that the level of taxes in this economy is $1000 and transfer payments=0, NX=0.
Fill in the empty cells.
Real
GDP
C I G Planned
Expenditure
(AE)
Unplanned
Inventory
Change
5000 1000 1000
7000 1000 1000
9000 1000 1000
Question 13) Given the equations for C, I, G, and NX below, what is the short run equilibrium
level of GDP? Suppose for simplicity taxes and transfer payments=0.
C = 2,000 + 0.9 Yd, I = 2,500, G = 3,000, NX = 400
Question 14) Assume the following behavioral equations for a macroeconomy:
C = 100 + .9Yd , I = 50, Taxes = 100 and G = 40 Transfer payments=0
Calculate the short run equilibrium level of output.
ECN 102, Fall 2020
3
Question 15) a) Using the table below, calculate the unplanned change in inventories for each
level of GDP, and explain what will happen to GDP or production in the economy?
Real
GDP
Consumptio
n
Planned
Investmen
t
Government
Purchases
Net
Exports
Planned
Aggregate
Expenditure
Unplanned
Change in
Inventories
Real GDP
Will…
$2,000 $1,600 $250 $250 $100
2,500 2,000 250 250 100
3,000 2,400 250 250 100
3,500 2,800 250 250 100
b) Identify the level of real GDP at which the economy is in equilibrium. Explain why is that
particular level of real GDP the equilibrium in the short run?
c) Graphically show the short run equilibrium based on the above data with the help of the
Keynesian cross.
Question 16) Equations for C, I, G, and NX are given below. If the equilibrium level of GDP is
$21,500, what is the marginal propensity to consume? Suppose for simplicity taxes and transfer
payments=0.
C = 1,500 + (MPC) Yd,
I = 1,000,
G = 2,000,
NX = -200

Sample Solution

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