What role does Medicare and Medicaid play in meeting the health care needs of the American public? Which portion of Medicare is universal? What elective option does Medicare offer? (150-200 words)

 

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Part 1-Analytical Report

Write a short analytical report (3 – 4 pages) on two topics: shortages / scarcity and point elasticity / arc elasticity and specifically address the following points:

1. Design a study of a production function for a steel mill and another one for a call center, which variables would you use, and what statistical method would you select for each function? In general, compare and contrast the production function for a product and one for a service center.
2. Comment briefly on the following methods of cost estimation:
   1. Engineering cost
   2. Survivorship principle

Part2 – Quantitative Analysis Case

Write a Quantitative Analysis report on the following problems:

1. The owner of a car wash is trying to decide on the number of people to employ based on the following short-run production function:   Q = 6L – 0.5L2
         Where Q = Number of car washers per hour L = Number of workers
   1. Generate a schedule showing total product, average product, and marginal product, Plot this schedule on a graph.
   2. Suppose the price of basic car wash (no undercoating, no waxing treatment, etc) in his area of business is $5. How many people should he hire if he pays each worker $6/hour?
   3. Suppose he considers hiring students on a part-time base for $4/hour. Do you think he should hire more workers at this lower rate? Explain.
2. You are given the following cost functions:
         TC = 100 + 60Q – 3Q2 + .1Q3
         TC = 100 +60Q + 3Q2
         TC = 100 + 60Q
   1. Compute the average variable cost, average cost, and marginal cost for each function. Plot them on a graph.
   2. In each case, indicate the point at which diminishing returns occur. Also indicate the point of maximum cost efficiency (i.e. the point of minimum average cost). Is this company operating in stage II?
   3. For each function, discuss the relationship between marginal cost and average variable cost and between marginal cost and average cost. Also discuss the relationship between average variable cost and average cost.

Below is a recommended outline.

1. Cover page (See APA Sample paper)
2. Introduction
   1. Purpose of paper
   2. Thesis sentence
3. Body (Cite sources using in-text citations.)
   1. Main point 1
      1. Example or evidence
      2. Evidence (support from the literature)
      3. Student’s original thoughts and ideas about the section’s content and a concluding thought
   2. Main point 2
      1. Example or evidence
      2. Evidence (support from the literature)
      3. Student’s original thoughts and ideas about the section’s content and a concluding thought
   3. Main point 3
      1. Example or evidence
      2. Evidence (support from the literature)
      3. Student’s original thoughts and ideas about the section’s content and a concluding thought
4. Conclusion – Summary of main points
   1. Lessons Learned and Recommendations as needed

 

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5 Questions (Short Essays; 100 – 150 words each)

1. What are the differences between an Executive Agency and an Independent Agency? Also give an example of both.
2. Locate the homepage for the Agencies you have identified in Question 1 and give me their URL (web address; e.g., http://www.etc)
3. Do you agree or disagree with the Whitman v. American Trucking Association case (page 1322). Explain your answer.
4. Are all documents obtainable under the Freedom of Information Act (FOIA)? If not, list three types of documents that do not have to be disclosed.
5. Review the paragraph on “Deregulation versus Re-regulation” . Should the airline industry be re-regulated? Yes or No. Please discuss your answer.

 

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PART 1– Analytical Report

Write a short analytical report (4 pages) on how organizations with market power set the price of their product in a mass market in accordance with the prompt below. In this topic, you have to introduce different price strategies that involve price discrimination.

Go to the library and find and read the following articles.

Vara, V. (2017). How frackers beat OPEC: the surprising ingenuity of the American shale-oil industry–and its huge global consequences. The Atlantic, (1). 20.

Oil & gas firms call for extension of pricing freedom to existing fields. (2016). FRPT- Chemical Snapshot, 14-16.

Ford, N. (2016). Winners and losers in an era of cheap oil: the impact of low oil and gas prices varies from country to country but the effects are not as straightforward as might be expected. African Business, (431). 51.

You may also find helpful information at:http://www.economist.com/topics/oil-prices

The Organization of Petroleum Exporting Countries (OPEC) is a cartel that attempts to keep oil prices high by restricting output. As part of that process, each member nation is assigned a production quota; most members have nationalized their oil industry so that the government controls overall production. However, member nations routinely exceed their production targets. Explain why OPEC often has difficulty keeping output low and prices high.

Public utility companies (you may stay with the topic of oil/gas) customarily charge more to business customers than to residential customers. Discuss this price discrimination as it relates to gas and oil.

What kind of changes do you predict will impact the oil industry based on the following trends in new energy sources: fracking, hydrogen fuel cells, biomass or bio fuel, solar, or a break-through in car batteries for electric cars? What are these market types and how does that matter to the pricing and production of oil.

For all of the industries that you discuss in this paper, state which of the four market types that it is (Perfect Competition, Monopoly, Monopolistic Competition or Oligopoly).

Ensure that you include Porter’s Five Forces Model in describing the pricing effects or strategies from these newer industries (or you may select one and discuss it in depth).

Part 2 – Quantitative Analysis Case

Write a Quantitative Analysis report on the following problems:

1. The manufacturer of high-quality flatbed scanners is trying to decide what price to set for its product. The costs of production and the demand for product are assumed to be as follows:
         TC = 500,000 + 0.85Q + 0.015 Q2
         Q = 14,166 – 16.6P
   1. Determine the short-run profit-maximizing price.
   2. Plot this information on a graph showing AC, AVC, MC, P, and MR.
2. An amusement park, whose customer set is made up of two markets, adults, and children, has developed demand schedules as follows:

Price($)QuantityAdultsChildren51520614187131681214911121010101198128613741462

The marginal operating cost of each unit of quantity is $5. (Hint: Because marginal cost is a constant, so is average variable cost, Ignore fixed cost.). The owners of the amusement park want to maximize profits.

1. Calculate the price, quantity, and profit if
   1. The amusement park charges a different price in each market
   2. The amusement park charges the same price in the two markets combined.
   3. Explain the difference in the profit realized under the two situations.
2. (Mathematical solution) The demand schedules presented in Problem 2 can be expressed in equation form as follows (where subscript A refers to the adult market, subscript C to the market for children, and subscript T to the markets combined)

      QA = 20 – PA
      QC = 30 – 2PC
      QT = 50 – 3PT

Solve these equations for the maximum profit that the amusement park will attain when it charges different prices in the two markets and when it charges a single price for the combined market.

Part3

This Has To Be 150 Words

In certain industries, firms buy their most important inputs in markets that are close to perfectly competitive and sell their output in imperfectly competitive markets. Cite as many examples as you can of these types of businesses. Explain why the profits of such firms tend to increase when there is an excess supply of the inputs they use in their production process.

 

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