What is the difference between unethical and unlawful behavior?

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This is a two-part assignment!

Upon successful completion of this module, you will be able to:

  • Understand the scope of managerial economics.
  • Understand the nature and function of profit.
  • Perform maximization and minimization analysis.
  • Examine new management tools for optimization.

Part 1 (In three-hundred-word count, respond to the following prompts:

  1. Before Sarah quit her job as a carpenter, she was earning $35,000 per year. She rented a building for $12,000 per year and opened a cabinet shop. She spends $148,000 per year for labor, materials, utilities, and advertising.
  • How much revenue will the business have to earn in order to break even in terms of business profit?
  • How much revenue will the business have to earn in order to break even in economic terms?
  • Suppose that Sarah buys the building. Now how much will the business have to earn in order to break even in economic terms?
  1. What is the difference between unethical and unlawful behavior? Please provide examples for both behaviors in your discussion.
  1. According to Milton Friedman, “Business has only one social responsibility – to make profits (as long as it stays within the legal and moral rules of the game established by society). Few trends could so thoroughly undermine the very foundations of our society as the acceptance by corporate officials of a social responsibility other than to make as much money for their stockholders as possible.” Explain why you agree or disagree with such a statement.

Additional information:

Milton Friedman was the recipient of the Nobel Memorial Prize in Economic Sciences in 1976.

“Not looking to your own interests but each of you to the interests of the others” (Philippians 2:4, NIV).

Target’s community giving: “Target has a long-standing tradition of strengthening families and communities through innovative programs and partnerships. Since 1946, we have contributed 5 percent of our annual income to support families and communities, and today we remain one of very few companies that maintain this level of sustained giving. Target gives more than $3 million each week to the communities in which we do business. Our giving is directed both by Target and by the Target Foundation, each with specific areas of focus and commitment” (Target Corporate Responsibility Report 2007, p. 3).

The paper must fully meet the following:

  • The prompt must fully addressed/answered in the thread.
  • The thread is at least 300 words
  • References at least three peer-reviewed sources (published with the last four years), one biblical integration, and one reference from the textbook
  • Provide integration of a biblical concept that supports the paper. Biblical integration is more than just quoting a verse. Be sure to explain the biblical principle seen in the verse and how that principle may be applied to the issue at hand.
  • The Bible, NIV, KJV, and NKJV are all acceptable for use in this order.
  • All sources are cited in current APA format.
  • Proper spelling and grammar are used.
  • Sentences are complete, clear, and concise

Part 2 – You are required to answer a set of questions that are taken from the end-of-chapter discussion questions and problems. Use the attached spreadsheets to complete each Questions for Critical Thinking assignment.

From the end-of-chapter discussion questions (DQ) and problems (P)

Salvatore Chapter 1:

  1. Discussion Questions: 9.
  2. Problems: 6, 15, and spreadsheet problem (p. 39)

Note:

  1. P15(d): Change “… for $50,000 more than …” to “… for $50,000 less than …” Compare the present value of economic profit in each of the next three years and the loss of $50,000 in the third year using 15% as the discount rate.
  1. The spreadsheet problem (b): Calculate a mean, …. to statistically describe the data of both variables, Time and Age.

Froeb et al. Chapter 3:

  1. Individual problems: 3-1 and 3-3.

Salvatore Chapter 3:

  1. Discussion Questions: 9.
  2. Problems: 1(a), 7, and 9.

Note:

  1. DQ9: Does maximum sales (revenue) equal maximum profit (see figure 3-4)?
  2. Revised P1(a): Derive the total-revenue, average-revenue, and marginal-revenue schedules from Q = 0 to Q = 4 by 1s.

Average revenue (AR) = total revenue (TR)/Q

Marginal revenue (MR) = change in total revenue/change in Q

Write a memo from the credit department manager to Robin Sylvester explaining the reasoning behind requiring a new credit customer to be in business for at least six months.

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Wholesale Health Supply sells a variety of medical equipment and supplies to retailers. When a new retailer is approved for credit, one of the criteria is that the retailer must have been in business for at least six months. Good Earth Foods placed a large order with Wholesale Health Supply and requested credit terms. Wholesale Health Supply faxed a credit request form to Good Earth Foods, and the buyer at Good Earth Foods faxed the completed form back to Wholesale Health Supply. Robin Sylvester, the sales manager at Wholesale Health Supply, saw the credit application and noticed Good Earth Foods had only been in business for two months. Thinking she might lose the order if Good Earth Foods wasn’t extended credit, Robin authorized the shipment. She figured by the time the credit department rejected the application, Good Earth Foods would have received the order and the vice president would override the rejection to keep a new customer. Robin was sure that everything would turn out alright.
1. Do you think Robin’s decision to ship the order was unethical? Why or why not?
2. What would you have done if you were in Robin’s position?
3. Write a memo from the credit department manager to Robin Sylvester explaining the reasoning behind requiring a new credit customer to be in business for at least six months.
4. In small groups, discuss ways to prevent a situation like this from happening.

Explain the importance of standardized protocols or systems when a practice has multiple offices in a given geographic area and employees are expected to rotate among different offices.

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4 to 6 paragraphs

A medical assistant is asked to work in a newly opened office that is also owned by the physician. The expansion has been discussed for many months and is well anticipated. The medical assistant has proven a good employee in medical office A, and this is why she has been asked to work in the new office. The hope is that the assistant will be as effective in office B as in office A. Once she arrives at the new office, the medical assistant quickly realizes that the systems and protocols, she has become an expert in, will have to be significantly modified for use in the new office.

Explain the importance of standardized protocols or systems when a practice has multiple offices in a given geographic area and employees are expected to rotate among different offices.

objective : Outline procedures for basic medical office clerical tasks, such as scheduling patient appointments, recording charges and payments, transcribing medical notes, and filing medical records.

Explain the success or failure of this project recommendation, the team process, roadblocks, and lessons learned.

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past year at your hospital or laboratory. Submit a word document and a flow chart (word, excel, or hand drawn/imaged) demonstrating the following in a clear, concise summary:
(No organization, laboratory, or personnel names should be submitted – only positions or responsibilities related to the PI project should be detailed)

1. As medical laboratory technician explain your role, or the laboratory role, in this process and how it related to the overall team goal.

2. Review the process steps and what quality management process(es) were utilized.

3. Discuss the facts and data reviewed, and recommendation(s) made – was there appropriate representation on the team, where all factors considered in any process change made?

4. How was the recommendation(s) implemented and monitored, including any new training or education.

5. Submit a flow chart of the old and new process.

6. State the time frame needed from beginning to end of project, and any time efficiencies learned for the next team project.

7. Explain the success or failure of this project recommendation, the team process, roadblocks, and lessons learned.