Brad operates a hardware store. He maintains the books using the cash method. At the end of the year, his accountant computes his accrual basis income that is used on his tax return.

For 2018, Brad had cash receipts of $2,200,000, which included $750,000 collected on accounts receivable from 2017 sales. At the end of 2018, he had $910,000 in accounts receivable from customers, all from 2018 sales. Brad paid cash for all of the purchases. The total amount he paid for merchandise in 2018 was $1,100,000. At the end of 2017, he had merchandise on hand with a cost of $165,000. At the end of 2018, the cost of merchandise on hand was $140,000.

Brad's accrual basis gross receipts for 2018 are $.

The cost of goods sold for 2018 under the accrual method is $.

The gross profit from merchandise sales for 2018 under the accrual basis is $.

 

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Question1 (800words,20points)

There were about 88,000 persons on the waiting list for organs, mostly kidneys, for transplant operations in the United States in the year 2005 (UNOS, 2005). In the UK, approximately 6000 people are waiting for organs – and fewer than 3000 transplants are performed each year (UK Transplant, 2005). In most countries there is a persistent shortage of organs resulting in a substantial loss of life and health.

(a) (4 points):Why do you think these shortages exist?

(b)(6 points): Suppose organs are available in a free market. However, buyers do not know the true quality of the organs that the sellers offer, and therefore must rely on the price of an organ (e.g. kidney) as an indicator of its quality.

Explain how the demand curve will look like in this market. Discuss the nature of the market equilibriumusing an appropriately labelled supply-demand diagram, and comment on the role of government in this market.

(c)(2 points):Continuing with this hypothetical case (of a market for organs), do you expect the marketdemand curve for organs to be price elastic or price inelastic? What about the supply curves? Explain why. (check that your responses are consistent with the supply and demand curves drawn in part (b))

(d)(4 points):“We should allow a market for human organs where purchase and sale of organs for transplant surgery can be conducted just like any other economic goods”. Critically assess this statement from an economicpoint of view.

(e)(4 points):Discuss a behavioural bias that may prevent many willing donors from donating organs. Discuss, providing evidence, a ‘nudge’that has proven successful in increasing organ donation.

END OF QUESTION 1

Question2 (800words,20points)

For the third consecutive years life expectancy at birth in the U.S. declined again in 2019. This is a dismal trend not seen since World War I. See:https://www.webmd.com/mental-health/news/20191126/life-expectancy-shrinks-for-americas-working-age-adults#1

a) (10 points):Discuss the broad socio-economic disparities in life-expectancy observed in this report.

b) (10 points):Do you think stress due to socio-economic inequality has contributed to this unnatural trend? Explain, and illustrate with evidence.

END OF QUESTION 2

Question 3 (800words,20points)

“The emergency room is always busier on full moon nights”. There has been a reasonably widespread belief among medical professionals in the last decade that suicide rate rises with lunar phase.

a) (4 points): Is there any scientific evidence to validate this claim (cite at least two authentic journal articles).

b) (4 points): If the claim is valid, explain why there might be a higher incidence of suicide on full moon. If not, what behavioural bias is responsible for such views? Explain.

c) (4 points): Briefly discuss another example in healthcare where such bias may be present.

d) (8 points): What role does “present-bias” play in patients’ health-related (e.g. lifestyle) choices? Provide an example that has not been already discussed in class.

END OF QUESTION 3

 

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1. Jackson Laboratory is a non-profit, independent, world-renowned genetic research institute founded in 1929. Located in Bar Harbor, Maine, it had a budget of $80 million and 1,200 employees, including 32 in IT. Jackson Laboratory decided to install an ERP system with a $5 million budget and a one-year time frame. Despite the installation challenges, the project’s actual cost was close to the budget and took only about six months longer than expected. Jackson Lab’s major installation challenge was the integration of its unique mousedevelopment functions into Oracle’s ERP system. One of the problems faced by Jackson stemmed from an internal HR issue (i.e., the risk that the action or inaction of the software provider would hinder the implementation). Jackson Lab coped with these challenges by modifying the ERP system to accommodate its business process, placing special emphasis on training, seeking a fixed-fee contract with Oracle, and purchasing a surety bond to reduce project risk. The surety bond was issued by an entity on behalf of a second party, guaranteeing that the second party would fulfil an obligation or series of obligations to a third party.

 

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SYSTEM ENGINEERING QUESTION: compare and contrast System Acquisition, Production and Procurement Life Cycle Process, Blanchard and Fabrycky’s Process, INCOSE’s SIMILAR, and the “Vee” model

 

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