Economics 512 Homework IV (25 Points) Fall 2016 Do Pro.docx

Economics 512
Homework IV (25 Points)
Fall 2016
Do Problems 1, 2, 3, Below and 7-4, 7-10, 7-11, 9.3, 6-7, and
Risk Analysis Questions
#3,5 and 8.
1. You make decorative stones for landscaping. A ton of coarse
stones requires 2 hours
of crushing, 5 hours of sifting, and 8 hours of drying. A ton of
fine stones requires 6
hours of crushing, 3 hours of sifting, and 2 hours of drying. The
coarse stones sell for
$400 per ton. The fine stones sell for $800 per ton. In a work
week your plant is capable
of 36 hours of crushing, 30 hours of sifting, and 40 hours of
drying.
Use the graphical method first, to answer a. below. Then use
your spreadsheet to verify
your answer and get the numbers you need for b. and c. For full
credit for your graph,
draw the constraints and at least one iso-revenue line. Draw a
circle or an arrow to
indicate the optimal point.
Determine:
a. How much of each kind of stones you should make to
maximize your revenue.
b. How much revenue you'll make at the maximum.
c. How much it would be worth to you to get another hour of

crushing time, sifting time,
or drying time.
2. You make three kinds of computers: Cheap, Good, and
Deluxe. These sell for $1500,
$2000, and $2800. The Cheap model requires 3 hours for circuit
board installation and 1
hour to fit the peripheral equipment. The Good model requires 1
hour for circuit boards
and 5 hours for peripherals. The deluxe model requires 3 hours
for circuit boards and 2
hours for peripherals. You have 120 hours available for circuit
board work and 60 hours
for fitting peripherals. Determine:
a. How much of each kind of computers you should make to
maximize your revenue.
b. How much revenue you'll make at the maximum.
c. How much it would be worth to you to get another hour of
circuit board assembly time
or peripheral fitting time.
This time you'll have to rely on your spreadsheet rather than the
graph method. Why?
fr~cLJ c+f;"c-~ eD~-- (Yk{(IV'(-ZI~') 6~+·~ e~.,-~
.......-
Class A Class A Class A Class B Class B Beef Stocker
cotton milo wheat milo wheat cows steers
Units (acre) (acre) (acre) (acre) (acre) (head) (head)
Gross Margin $/UDlt S150 S100 $115 $85 $70 $205 $70 MAX

Class A land acre 1 1 1 0 0 0 0 LE
Class Bland acre 0 0 0 1 1 05 0 LE
Pasture acre 0 0 0 0 0 6 3 LE
Labor hour 4 3 2.5 3 25 6 1 LE
Rotation LimIt acre 1 0 0 0 0 0 0 LE
291
(c) lOx + 5y :::; 50
2y:::; 15
Jx:::; 9
x~O
v>O
(d) x + y:::; 40
2x + y:::; 60
Jx + Jy _ 60
x 0
y~O
7-2. Graph the fe~~sihle region defined h)' the following set ot
Inequalities:
x + y.s; 40
2x + 4y :::; 100
3y .s; 60
x ~ 0
y~O

Using a graphic approach. determine thar poinr in the feasihle
region (i.e.,
the values ot x and y) that minimizes e:(h of the following
ohtective
functions:
(<I) ,- x 3y
(b) z = 6x + 4y
7-3. Given the following linear progr,lm,
maximize n = 4Q .• + JQB
suhjeu to the followlIlg machine-time constraints:
Q" + 2QB .s;100
2Q" + QB:::; 80
and the nonnegallvity constr:lints
Q4,QB~0
(a)
(b)
(c)
Solve the program using hoth an algehraic and graphic
approach.
Check 10 be sure that the optimal v.llues of the decision
v:Hiahles are the
same for hoth solutions.

Set up the aSSOCiated dUJl prohlell1 and solve algehrai<:all)'.
Check to be
sure that the value ot the optimized ohjeulve function is the
S:lme for
both the primal and dU31 problems.
Wh,t is the opportunity cosr of one hour of time on e:lch of the
machines)
, I'
7 -4. The officer In ch:Hge of :I mtlit:lry mess h:lll has been
ordered to Jesign .1
minimum COSt surVival type me31 thar could he used in the
evenr of :I seflous
emergency. The meal is to consist only ot milk 3nd ground heef
but muSI
provide the following nutrient-units: calories-JOO. protein-l50.
,Ind
vit3mlns--100. The nutrient contenr per ounce of e3ch food is as
follows:
292 1110PRODUCTION AND COST
Milk Ground Beet Minimum Unl1s
Calories 20 15 300
Prole in 10 25 250
Vltam:ns 10 4 100
Milk can be purchased ar $0.02 per ounce, and rhe price of
ground beef is
$0.04 per ounce.
(a) Use linear programming ro derermine rhe composirion of

rhe lowesr cosr
meal (i.e., ounces of milk and beef) and rhe cosr of rhar meal.
(b) Ser up rhe associared dual problem and explain how rhe
shadow price
(i.e., rhe value) of calories. prorein, and viramins would be
derermined.
7-5. Narional Publishing produces rexrbooks In planrs In
Bosron, Arlanra, Sr.
Louis, Denver, and San Francisco rhar are rhen shipped ro
disrriburion cenrers
In Newark, Chicago, Dallas, and Los Angeles. Narional is
publishing a new
managerial economics text and musr supply irs distriburion
faciliries. The
relevanr dara on quanriry demanded ar each disrriburion cenrer,
producrion
capaciry ar each planr, and cosr of shipping a book from each
planr ro each
disrriburion cenrer are shown below:
Distribution Center
Manufacturing (1) (2) (3) (4) Production
Plant Newark Chicago Dallas Los Angeles Capacity
Shipping Costs per Unit
----
I BOslon $0.20 SO.35 $040 $0 GO 40 .000
2 Atlanta 0.35 0.40 0.45 0.50 10.000
3 SI. LOUIS 0.30 020 030 OAO 15.000
4. Denver 0.50 0.40 0.30 0.30 15,000
5 San Francisco 070 0.50 045 0.20 20.000

Demand 20.000 40.000 30.000 10.000
--_._-
The presidenr of Narional wanrs ro know how to supply each
disrriburion
cenrer ro minimize rhe roral shipping cosrs of meering rhe
demands ar each
cenrer. Ser up rhe rransportarion linear program ro solve this
problem.
7-6. The Economics Deparrmenr at Sourhern Srare Universiry
produces rwo
producrs-reaching, measured in srudenr-credir hours raughr (H),
and
research, measured In pages published in professional journals
(P). In any
academic rerm, rhe departmenr has 8,250 faculry hours ro
devore ro reaching
-----
----
2~4 1110PRODl'CTION AND CO' r
required in each area (in minures) and the total minutes
available per
pruduction period are shown below.
Transistor
A
8
C

Total Time
available in
area (minutes)
J
I
?
3.500
Time Required in Area (minutes)
3 5
2 ~ 2
4 J ~
I 4 4
2 000 3.000 5.000 3.000
- - -.
(a) Determine the profit-maximizing production rates for the
three prud-
uCts. What is the maximum profit?
(b) Determine the shadow price (i.e., opportunity cOSt) of
one minute ,j(
time in each of the production areas of rhe plant.
7-'-}_ Harjkari Motors, [nc., has built twO plants and rhree
region;d distribution
Centers in the Ulllred States and Canada. Use the following
Information 10
determine shipmellts from e:lch planr ro each warehouse and

rhe productioll
rate at each plant rhar will Illinimiz.e transpOrtation cosrs.
Whar is Ihe
mimmum cost)
~Maxim~~-
, Production
Plant Rate
GlOc:nrall 90 000
Dallas 240.000
-" -1-
""" To I
From '-, . Seattle
---~-
-- - -~--
Number
DistributIOn of Cars
Cenler Required
'--=1--
Seanle 70.000
Los Angeles 120 000
New York 140.000
S_h_'P_i_n!l_C_OS_I_per Car
Los Angeles New York

C,r,cinnati 310 380 ~90
Dallas 260 190 290
._-~
7-10. Eastern rvbrkering muSt selecr a mix of advertising
in order to reach ;1
nllnimum of 1 million adult males, Z million adult females, 0.5
million senior
cirizens, Jnd 1.5 million children. The cosr rer unir and number
of each ry!'c'
of person reached by the various advertising media arc shown
below. TI1<:
295 7%>L1NEAR PROGRA,tIMINGCOST
Ie per cost per unit of adverrising is: television, $200i radio,
$15; magazines, $90i
and newspapers, $30.
Number of People Reached per Unil
Television Radio Magazine Newspaper
Adult males 100 5 50 30
Adult females 300 20 160 5
Senior citizens 40 10 5 25
Children 100 40 10 5
Dctcrminc the number of units of each kind of adverrising that
will mcet the
standards outlined above at minimum cost. What IS the
minimum cost?
lrod- 7-11. Hardcastle Buildcrs, Inc., builds single-family

houscs and condominium
aparrments of various sizes. The profit per unit on each of these
is as follows:
tC of
Condominium A $3,000
Condominium B $2,ROO
House C $3,900
House 0 $6,200
Because of a very tight labor markct, Hardcastle has not been
ablc [Q increase
its number of skilled employecs (I.e., carpenters, bricklayers,
plumbers, and
roofers). The following data indicate the units of time available
for each
of the workers and the number of units required for each type of
housing
unit built.
Units 01 Time Required per Unit for
Each Housing Type Unils 01
Time
Labor Type Condo. A Condo. B House C House 0 Available
Carpenters
Bricklayers
Plumbers
95
40
20
110
50

50
105
45
60
160
70
90
5,000
4,000
2.500
Roofers 25 14 30 50 1,500
(a) To maximize profit, how many units of each type of
housing should bc
ouilt) What is the maximum profit)
(b) What is thc shadow price per unit for each type of l;loor)
Assuming that
the wage rate is the same for all types of labor, and that the firm
could
add J unit of labor, what type should be hired)
7-12. Mid-South Securities invests funds fat a vaflety of
institutional accounts. A
new account, the Southern Teamsters Union, has $14,250,000 in
cash to be
~
~('-

Table 9.3. Present Value of Cash HOI'IS for Three Hypothetical
Investments
~ (
Year
°
2
3
1,
Total.
, '" t-
1;;. J - :( (,
,J I
.: j
I') JI.-- I •
,
Con-
version
Fa"tor
(1.08)-n
(1 )
1. ():j)

.926
.857
.794
.735
.681
.,
.'. l.' ' , ,
(, ,-." .',
Project A Project 2 Project C
Projected
Net Cash Present
Flo'l Value
(po) P (1.08)-nn
(6) (7)
-:120,000 -$20,000
10,000 9,2w
3,000 6,856
6,000 4,764
3,000 2,205
1,000 681

:;; 8,000 ~; 3,766
G l ~ r' 1·,..1l_ /
Projected Projected
Net Cash Present Net Cash Present
Flow Value Flo,l Value
(p 0) P (1.08)-0 (P n
) F (1.08)-n
0 0
(2 ) 0) (1. ) (5)
-:120,000 -$20,OCD -$20,000 -$20,000
2,000 1,852 6,000 5,556
4,OCO 3,428 6,000 5, 142
6,000 1,,761, 6,000 4,764
8,000 5,880 6,000 4,410
10,000 6,810 5,OCO 3,405
$10,(0) S 2,73"- $ 9,000 $ 3,277
f.; / '. '- . ... ,,: - ,( I _' 4- ~ Lj ,:~,
I
-~ .. l " II " L. '"J.,' tl - .- . J' .
I? '

~- -
ro
t:n he following problems can be solved using the
microcomputer program TOOLSc; l ,J .allahle with the study
guide, or uSing other computer software.
National Communications offers discount long-distance
telephone service to
businesses in the southeastern United States. To meet the
improved service
offered by its competitors, National muSt upgrade its entire
switching system.
Three alternative systems are availahle. The initial cost and
estimated net
year-end cash flows over the ten-year lives of the systems are
shown below,
Use both the net present value (NPV) and internal rate of return
(lRR) criteria
to determine which system should he selected. The firm's cost
of capital is
13.4 percent.
System Interstate Scrambler Regent
Inilial cost $300,000 $135,000 $130,000
Nel profits (year)
1
2
3
4
5

6
7
8
9
10
45,620
51,900
55,800
60,100
61,000
60,000
55,900
52,000
50.600
40,200
- 40,000
-22.000
-6,900
5,500
30,200
40,800
60.400
80,200
90,000
75,400
5.200
8.100
10,500
8,100

10,500
8,100
10,500
88.100
105,000
115,200
5-8. Margaret Tarnutzer manages the annual bazaar at the
Pacific United Church.
The most recent bazaar resulted in profits of $10,000, but
shoppers had to be
turned away because the church recreation room is roo small.
Given
population and income growth in the area, profits could be
expected
increase by 10 percent each year if the church could be
expanded. A local
contractor estimates that such an expansion would COSt
$35,000. The market
Interest rate is 10.125 percent, and the church will be rorn down
at the end of
ten years to make room for a football stadium. Should the
investment be
made?
6-9. The Sloan Corporation is considering two projects with
the following cash
flows:
End 01 Year:
Project 0 2 3~. 5
X $- 100,000 $125.000 0 a 0 a
y -100.000 0 0 0 0 $228,000

(a) Compute the net present value for each project using
discount rates of 5,
634 PART FIVE Regulation, Risk Analysis, and Capital
Budgeting
the rate of return, but also gives rise to a foreign-
exchange risk because the foreign currency can
depreciate during the time of the investment. Such
foreign-exchange risk can be covered by hedging. This
is usually accomplished with a forward or a futures
contract. A forward contract is an agreement to
purchase or sell a specific amount of a foreign currency
at a rate specified today for delivery at a specific future
date. A futures contract is a standardized forward
contract for predetermined quantities of the currency
and selected calendar dates.
8. Risk often results from lack of or inadequate
information. Asymmetric information (i.e., when one
party to a transaction has less information on the
quality of the product or service offered for sale than
the other party) gives rise to the problem of adverse
selection (low-quality products or services driving
high-quality products or services out of the market).
The problem of adverse selection can be overcome by
acquiring or providing more information. Moral
(). hazard refAS to the increa,sed probability of a loss
t I> l:' A",,-t.} It S·IS
DISCUSSION QUESTIONS

when an economic agent can shift some of its costs to
others. Insurance companies try to overcome this
problem by specifying the precautions that an
individual or firm must take as a condition for
insurance. A principal-agent problem arises because
the agents (managers) of a firm may seek to
maximize their own benefits (such as salaries) rather
than the profits or value of the firm, which is the
owners' or principals' interest. The problem can be
overcome by the firm offering big bonuses to its top
managers based on the firm's long-term performance
and profitability. There are four types of auctions:
(I) the English or ascending bid (2) the first-price
sealed bid, (3) the second-price sealed bid, and
(4) the Dutch or descending bid. These differ on
whether the bidding is simultaneous or sequential,
sealed or unsealed, and on the amount that the bidder
is required to pay. Auctions can give rise to the
winner's curse, or overpaying for an item by placing
the winning bid. This can be avoided by adopting a
prudent bidding approach and not overbidding.
A' What is the meaning of risk, uncertainty, expected 7. What is
the meaning of a risk-adjusted discount
V value, probability distribution, standard deviation, rate? A
risk-return trade-off function? A risk
and coefficient of variation? premium? What is their usefulness
in adjusting the
2. What is the distinction between a discrete and a valuation
model of the firm or of a project for risk?
continuous probability distribution? How is the 8. What is the
meaning of the certainty-equivalent
probability that an outcome will fall within a given coefficient?

What is its relationship to utility
range of outcomes determined? What is the usefulness theory
and risk aversion? How is the certainty-
of probability distributions in risk analysis? equivalent
coefficient used to adjust the valuation
0
3. What is the value of the standard deviation and coefficient
model for risk?
of variation if all the outcomes of a probability 9. What is the
number of possible outcomes in a
distribution are identical? Why is this so? What does this
decision tree depicting the choice between five
mean? How does the max.i.m.ization decision of a manager
different plant sizes and four possible ways that
differ in the case of certainty and risk? competitors may react
under each of three different
V
4. What is the meaning of diminishing, constant, and economic
conditions? How is the probability of
increasing marginal utility of money? each outcome
determined?
5. Why is maximization of the expected value not a 10. What is
meant by simulation? By sensitivity
/ valid criterion in decision making subject to risk? analysis?
When is simulation most useful and used?
V Under what conditions would that criterion be valid? 11. Why
is decision making under uncertainty
6. What is the expected utility of a project with a 40
necessarily subjective? Why is the maximin
percent probability of gaining 6 utils and a 60 criterion a very

conservative decision rule? Under
percent probability of losing I util? Should the what conditions
might this decision rule be
manager undertake this project? What if the payoff appropriate?
of the project were the same as above, except that the 12. What
is the rationale behind the minimax regret
utility lost were 4 utils? ~Ule? What are some less formal and
precise
BIBL 364
Thematic Panel 5 (Acts 12:25–16:5)
Evaluation of Thematic Development
Student:
Column 1
Paragraphs
Column 2
Immediate Context (Stories or Speeches)
Column 3
Major Points
Column 4
Panel Title and Thematic summary statement
12:25
13:1–3
13:4–12

13:13–15
13:16–19
13:20–22
13:23–25
13:26–31
13:32–37
13:38–41
13:42–43
13:44–45

13:46–48
13:49–52
14:1–7
14:8–10
14:11–13
14:14–18
14:19–23
14:24–28
15:1–5

Column 1
Paragraphs
Column 2
Immediate Context (Stories or Speeches)
Column 3
Major Points
Column 4
Panel Title and Thematic summary statement
15:6–11
15:12–21
15:22–29
15:30–35
15:36–41
16:1–5
Copy and paste the down arrow ( ) into boxes in Columns 2 and
3 to show that a unit of material is continuing.

Copy and paste the left arrow ( ) into boxes to show where a
unit of material ends.
Page 1 of 2
Completing the Thematic Panel Assignment
Analyzing a Thematic Panel
Before doing anything else, open and review the first thematic
panel template.
After reviewing the template, carefully read the Thematic Panel
Instructions in the assignments folder of the course.
Once you’ve done that, this presentation should further clarify
the assignment.
What is a Thematic Panel?
Periodically in Acts, Luke inserts a “summary statement” or
“progress report.” These statements occur at
2:42-47
6:7
9:31
12:24
16:5
19:20
28:30–31.
What is a Thematic Panel?
These 7 statements divide Acts into 7 segments or “panels.” A
terrific way to really gain a new mastery of the content of Acts
is to analyze each of the panels, seeing how the components
(paragraphs; stories and speeches) fit together to develop the

various themes in Acts.
How to complete the analysis of each panel:
Step One
Before looking at the individual panels, read Acts straight
through at a single sitting, if possible.
This will help you to get a real feel for the scope and power of
the book of Acts.
Step One
Now, read again the panel you’re analyzing, preferably from a
different translation.
After reading straight through the panel, you’re ready to begin
your analysis.
Step Two
As you read each paragraph as it is identified in Column 1 of
the assignment template, ask yourself, “What is the main point
of this paragraph?”
In the first paragraph of Panel 1, Jesus proves to His disciples
that He has risen from the dead, instructs them about the
kingdom, and promises the soon coming of the Holy Spirit.
This can be your summary statement for the paragraph.
Step Twocolumn 1
ParagraphsColumn 2
Immediate Context
(Stories or Speeches)Column 3

Major PointsColumn 4
Panel Title and Thematic summary statement1:1–5 Jesus proves
to His disciples that He has risen from the dead, instructs them
about the kingdom, and promises the soon coming of the Holy
Spirit.
1:6–111:12–141:15–171:18–221:23–262:1–42:5–132:14–
212:22–282:29–362:37–402:41–47
Step Two
In the second paragraph of Panel 1 (1:6-11), there are two main
actions: Jesus charges His disciples with the witnessing mission
(The Great Commission), and Jesus ascends to Heaven.
This can be your summary statement for the second paragraph.
Follow this pattern through Column 1.
Note: No arrows are used in Column 1 (see the bottom of the
template). Every paragraph is given a separate summary
statement.
Step Twocolumn 1
ParagraphsColumn 2
Immediate Context
Spirit.
1:6–11 Jesus charges His disciples with the witnessing mission
(The Great Commission), and Jesus ascends to Heaven.
1:12–141:15–171:18–221:23–262:1–42:5–132:14–212:22–
282:29–362:37–402:41–47

Step Three
Column 2 is the Immediate Context column.
Immediate Contexts show the logical connections between
paragraphs.
In Acts, Immediate Contexts are stories or speeches.
In Panel 1, the first two paragraphs of chapter 1 logically fit
together to form a story. What is the main theme of the story?
Step Twocolumn 1
ParagraphsColumn 2
Immediate Context
Spirit.
1:1-11
Before ascending into heaven, the resurrected Jesus gives the
Great Commission to His disciples.1:6–11 Jesus charges His
disciples with the witnessing mission (The Great Commission),
and Jesus ascends to Heaven.
–141:15–171:18–221:23–262:1–42:5–132:14–212:22–
282:29–362:37–402:41–47
Step Three
Note that the Immediate Context “title” is placed in the block
by the first paragraph, and a left-
the block by the second paragraph. The left-pointing arrow
indicates that the segment has come to an end.

Remember also to put the reference for the segment before the
title in the block by the first paragraph.
If an Immediate Context is longer than two paragraphs, the
block by the first paragraph has the title, the block by the last
paragraph has the left-pointing arrow, and the intervening
blocks have downward-pointing arrows. These down-pointing
arrows indicate that the segment is continuing.
Step Four
Column 3 is the Major Points column. Major Points are logical
collections of Immediate Contexts.
Ask yourself, “Which stories and speeches fit together here to
make the next larger unit?”
In Panel 1, you’ll see that all of chapter 1 of Acts is about the
final preparations for the launch of the church on its witnessing
mission; therefore, the Immediate Contexts of chapter 1 fit
together into one Major Point.
Step Threecolumn 1
ParagraphsColumn 2
Immediate Context
Panel Title and Thematic summary statement1:1–5
Jesus proves to His disciples that He has risen from the dead,
instructs them about the kingdom, and promises the soon
coming of the Holy Spirit.
1:1-11

Before ascending into heaven, the resurrected Jesus gives the
Great Commission to His disciples. 1:1-26
Final preparations are made to launch the church and its
witnessing mission.1:6–11
Jesus charges His disciples with the witnessing mission (The
Great Commission), and Jesus ascends to Heaven.
–14 –17 –22 –26 –42:5–
132:14–212:22–282:29–362:37–402:41–47
Step Five
Column 4 is where you identify the themes for the whole panel.
The author of our textbook identifies 8 major themes that Luke
develops in Acts.
Ask yourself, “Which theme or themes is Luke developing in
this panel?”
Write a thematic title for the whole panel that captures what
Luke is accomplishing in the panel.
After that, write a statement (probably a sentence or two) that
summarizes the thematic development that occurs in the panel.
This will be more detailed than a simple title can be.
Step Five
Ask yourself, “What are the recurring and emphasized elements
in this panel?”
In Panel 1, the resurrection of Jesus is clearly one. He proves it
to His disciples in chapter 1; it is the centerpiece of Peter’s
sermon in chapter 2. The outpouring of the Holy Spirit is a
second recurring element. The Spirit’s coming is promised in
1:5; that He will empower for the witnessing mission is assured
in 1:8; His arrival is narrated in 2:1-4; Joel’s prophecy of His
outpouring is quoted by Peter in 2:16-21; the crowd is made to

see that His outpouring—of which they are witnesses—proves
that the resurrected Jesus has been exalted by God to the place
of honor at His own right hand; and in 2:38-39 the crowd is
assured that the Holy Spirit’s indwelling is for all who
believe—both that day and in the future. Identify the others in
this panel, and look for such emphasized elements as you
complete each panel.
Step Five
Notice that the number of titles decreases and the number of
arrows increases as you move from left to right across the
template from Column 1 to Column 3. Arrows are not used in
columns 1 and 4.
It might help to think of this assignment as a “reverse outline.”
Column 4 is your “Roman numeral” main point for the panel.
Column 3 contains your “capital letter,” first-level sub-points.
Column 2 contains your “Arabic numeral,” second-level sub-
points.
Column 4 contains your “small letter,” third-level sub-points.
Step Five
I. Column 4 theme(s) for the panel.
A. Final preparations are made to launch the church and
its witnessing mission, 1:1-26. (Column 3
first Major Point of the panel.)
1. Before ascending into heaven, the resurrected
Jesus gives the Great Commission to His
disciples, 1:1-11 . (Column 2 first immediate context)
a. Jesus proves to His disciples that He has risen
from the dead, instructs them about the kingdom, and
promises the soon coming of the Holy Spirit, 1:1–5.
(Column 1 first paragraph)

b. Jesus charges His disciples with the
witnessing mission (The Great Commission), and Jesus
ascends to Heaven, 1:6-11. (Column 1 second paragraph)
2. Column 2 second immediate context.
B. Column 3 second Major Point of the panel
Step Five
Perhaps thinking of the assignment this way will help you.
Do not submit an outline, though. Complete the template for
the panel as directed.
This is unlike anything else you’ve ever done. It will be
worth the effort, though, I promise! By the time you complete
Module 7, you will have an in-depth understanding of the
content of Acts, the major themes Luke makes throughout the
book, and how he structures the content—even from the
paragraph level—to present those themes.
Instructions
Evaluation of Thematic Development
Acts 1:8 serves as the key verse of the book. Jesus’ words give
an “inspired outline” for Acts, as the witnessing mission is
launched in Jerusalem (Acts 1–7), spreads throughout Judea and
Samaria (Acts 8–12), and then advances across the
Mediterranean world to the capital city of Rome.
This geographic advance of the church is not Luke’s only
indication of his structure for the book. Acts divides neatly into
2 parts, focusing in the first12 chapters upon Peter’s witness of
the resurrected Jesus. Then Acts focuses upon Paul witnessing
for the resurrected Jesus in chapters 13–28. Luke carefully
draws parallels between the ministries of these two men (Peter

heals a lame man, Paul heals a lame man; Peter raises a woman
from the dead, Paul raises a boy from the dead; Peter confronts
Simon the sorcerer, Paul confronts Elymas the magician; etc.).
Perhaps the most helpful markers of Luke’s development of the
book’s content are the periodic “summary statements” or
“progress reports” that punctuate the narrative. The first and
most extensive summary comes at the end of chapter 2 (verses
42–47), closing the introductory portion of Acts. The
preparations for the witnessing mission have been completed by
Jesus (the indisputable proofs of His resurrection; the Great
Commission to His followers; the promise of the baptism by the
Holy Spirit to empower the witnesses; His ascension to the
Father’s right hand to receive and pour out the Holy Spirit) and
by His followers (obediently and prayerfully awaiting “the
promise of the Father”; discerning the one Jesus has chosen to
replace the betrayer as the 12th Apostolic witness). The
witnessing mission has been launched with great success, and
more than 3,000 believers now constitute the newborn church,
poised to go forward in obedience to Jesus’ command.
Chapter 3 begins the second “panel” of the unfolding story of
the church’s witness to the risen Lord. It ends with the summary
statement at 6:7. Succeeding “panels” of the story end with
summaries at 9:31, 12:24, 16:5, 19:20, and 28:30–31.
Instructions
In Modules/Weeks 1–7, you are provided with a template to
complete as you evaluate the thematic panels of the Acts
narrative. The template consists of 4 columns:
1. The paragraphs.
2. The immediate context units. In the Acts narrative, these are
stories and speeches.
3. The major points. These are thematically-related stories and
speeches.
4. The title and statement of the theme for the panel.
·
Prepare to begin your evaluation of a thematic panel by reading
through that section of Acts. The NIV text of Acts is already

included in your textbook, so choose a different translation. The
New American Standard Bible is an excellent choice and is
available online, as is the New English Translation. Reading
through the material several times from different translations
will help you grasp the scope of the panel and the themes Luke
is developing.
· Once you’ve read the panel through at least twice, you are
ready to begin filling out the template.
1. In Column 1 of the template
a. Write a brief statement of the main point of each paragraph.
b. The paragraphs are already identified for you on the
template. Do not change the paragraphing.
c. Column 1 will have titles in every block; it will contain no
arrows.
a. Identify how the paragraphs fit together to form immediate
contexts (stories or speeches).
b. Give each unit a title that captures its main thematic point.
Do not attempt to create titles that are novel or “cute.” Use the
arrows provided in the template to show which paragraphs are
included in each context and where that section of text ends.
For example, Peter’s testimony to the risen and exalted Christ
on the day of Pentecost is found in Acts 2:14–36. In the
template, you will place your thematic title for the speech in the
box in Column 2 beside Acts 2:14–21 (the first paragraph of the
speech).
c. In the box underneath the one in which you wrote the title,
you will then paste a downward-pointing arrow ( ), indicating
the speech continues.
d. Finally, in the next box in Column 2 (beside paragraph 2:29–
36) you will paste a left-pointing arrow ( ), indicating that the
speech ends with this paragraph.
e. Follow this pattern throughout the column.
a. Identify how the stories and speeches fit together to form
major points within the panel.

b. Give each major point a title that communicates its main
thematic emphasis.
c. This column will have more arrows and fewer titles than
Column 2.
a. Write a title and a statement that describes the primary
themes you see Luke developing in this panel of the Acts
narrative. Polhill delineates 8 major thematic emphases in Acts.
Ask yourself, “Which of the themes is Luke developing in this
panel?” Make sure that the titles in the immediate context and
major point columns reflect the themes introduced or developed
in them.
Your Thematic Panels are due by 11:59 p.m. (ET) on Monday of
Modules/Weeks 1–7.
Page 2 of 2

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