Assignment Overview

Before beginning this assignment, make sure you have gone
carefully through all of the required readings for this module.  It is
very important to carefully absorb the general concepts as well as the
numerical examples in the background readings.  For this assignment, you
will have to answer some purely conceptual questions, as well as some numerical
problems.  For conceptual questions, make sure to thoroughly explain your
answers and to cite specific readings from the required background materials to
explain your answers.  For numerical problems, make sure to show all of
your work and explain how you arrived at your answers (partial credit can be
given if you get the final answer wrong but do some of the steps correctly).

Case Assignment

Part A: Conceptual questions

1.   Suppose you own a pet shop.  Your sales are
decent but a marketing consultant tells you that you could increase your sales
and be able to charge a higher price if you spend some money on local
television ads.  If the consultant is right, will advertising lead to an
increase in quantity demanded?  Or a shift in the demand curve? 
Both?  Neither?  Explain your answer and make sure to cite at least
one of the required readings in your answer.

2.   You are the owner of a furniture factory. 
You normally produce 100 pieces of furniture a day because that is how much you
can produce given the amount of qualified workers in your town and the amount
of reasonably priced wood that you can purchase locally.  Then one day you
get an order from a large national retail chain who wants to purchase 200
pieces of furniture a day from you.  You are hesitant, as you will have to
pay higher wages to get some qualified workers to move to your town.  You
also will need to pay higher prices for wood because you will no longer be able
to rely solely on local suppliers and will have to spend more on shipping wood
from other towns.  But you drive a hard bargain and the retail chain
agrees to pay one and a half times your normal price.  Does this situation
describe a change in quantity supplied?  A shift in the supply
curve?  Both?  Neither? Explain your answer and make sure to cite at
least one of the required readings in your answer.

3.   Suppose marijuana has just been legalized in your
state.  Nobody in your home town wants to start a marijuana business, as
this would be too much of a stigma.  But being an MBA student, you know a
good business opportunity when you see one and decide to take a stab. 
Shortly after starting up your business, you gain a loyal following of
customers and start raking in some steep profits.  However, the local
government decides that they want a cut of your profits and starts charging a
20% sales tax on marijuana.  Do you think this would lead to a 20% or
greater loss in sales?  Do you think marijuana in this situation would be
facing inelastic or elastic demand?  Explain your reasoning, and make sure
to cite at least one of the required readings regarding elasticity.

Part B Quantitative Problem

Suppose the demand function for a new smartphone can be
expressed as QD =  1000 – 1.5P with QD being quantity demanded and P being
price.  The supply function can be expressed as QS = 50 + 2P

Fill out the following table using the above equations:

Price

Quantity Demanded

Quantity Supplied

Surplus Amount or Shortage Amount

200

 

 

 

220

 

 

 

240

 

 

 

260

 

 

 

280

 

 

 

300

 

 

 

320

 

 

 

340

 

 

 

Now answer the following questions:

1.   What is the equilibrium price?  You can
compute this either using Microsoft Excel, or by using algebra from the
equations above and solving for a price where quantity supplied equals quantity
demanded. Show your work by either showing the algebra steps or by showing how
you used Excel to calculate.

2.   Suppose the supply function changes to 100 +
2P.  What is the new equilibrium? Show your work by either showing the
algebra steps or by showing how you used Excel to calculate.

Assignment Expectations

·        Answer the
assignment questions directly.

·        Stay focused on the
precise assignment questions. Do not go off on tangents or devote a lot of
space to summarizing general background materials.

·        For computational
problems, make sure to show your work and explain your steps.

For short answer/short essay questions, make sure to reference
your sources of information with both a bibliography and in-text citations. See
the Student Guide to Writing a
High-Quality Academic Paper, including pages 11-14 on in-text citations. Another resource
is the “Writing Style Guide,” which is found under “My Resources” in the TLC
Portal.
 
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Reply in a scholarly and substantive manner to at least two of your classmates (at least 150 words)

Suggest why you might see things differently.

Ask a probing or clarifying question.

Share an insight from having read the colleague’s posting.

Offer and support an opinion.

Validate an idea with your own experience.

Make a suggestion.

Expand on the colleague’s posting.

Ask for evidence that supports the posting.

Always be respectful and collegial. (Amanda). Performing an initial fitness assessment is a good tool to use when an individual wants to gage where they need to begin an exercise program. Assessment techniques will help someone determine their level of physical fitness and help to develop an exercise program (Hoeger and Hoeger, pg. 28). Ongoing assessments are just as important as well. These assessments had help an individual determine who to proceed with an exercise program and make adjustments along the way. There are four different components that comprise the physical fitness assessment. This includes cardiorespiratory endurance, muscular fitness (strength and endurance), muscular flexibility, and body composition (Hoeger and Hoeger, pg. 28). Checking cardiorespiratory endurance is important because it helps in prevention of chronic conditions. This is usually assessed by a run or walk test. Assessing muscular fitness is important because it has an impact on the one’s quality of life. Muscular fitness has a direct impact on weight loss, balance, bone density, and psychological well-being (Hoeger and Hoeger, pg. 35). Muscular fitness can be assessed by such things as a bench jump, abdominal crunch, and modified push-ups. Assessing muscular flexibility is important because it promotes healthy muscles and joints. This can be assessed through a modified sit-and-reach test and finger touch test. Body composition is the final component and it is important because it signals if an individual is overweight, underweight, or falls within normal weight standards. Assessing body composition is done through checking skinfold thickness, determining body mass index, and checking waist circumference. A full fitness assessment is the best way to measure where and individual needs to start on their fitness journey. (Rocco) To start off a client on their journey of fitness excellence, a general health assessment evaluation is important. So an initial fitness assessment is done so that there is no harm done to the client. This gets to know who the trainer is dealing with, what ailments or injuries a client may have, and to establish any goals that the client has for themselves, and for you as the trainer and what goals you have for the client. Another important point of an initial assessment is to see where your body is and what strain it can take. Ongoing fitness assessments are important because it is a continuous evaluation of the client. If your client is seeing improvements, the improvements will motivate them into wanting to continue training and want to improve. Ongoing assessments are great for the trainer because you can see if what you are doing is improving the client. If you are not seeing results, then you may need to change some things up, whether a new workout approach or nutrition. Some testing components are the body composition tests, such as body mass index and skinfold measurements. Cardio endurance testing like the twelve minute run test or the VO2 max testing, are both great. The push-up test is great for upper body strength. Testing for body composition is important to see how much body fat you have. So, set a goal for yourself for how much you would like to lose. Cardio endurance testing is great to test your endurance, and it is easy because all you need is a treadmill or just to run on the street.

 

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