Paper Presentation on Marginal Revenue Product
And Optimal Employment Level:
An Illustration of Student Involvement
Dr. Eugene Steadman, Jr.
Averett University
7Th Annual Economics Teaching Conference
Gulf States Economic Association
New Orleans, Louisiana
October 27, 2011
Background
Many students have trouble grasping how marginal revenue product (MRP) and marginal cost (MC) concepts relate in hiring the optimal number of employees, under differing sets of employment conditions. From my experience, when students become personally involved in applications of these concepts and have a stake in the outcome, they understand better the concepts. On end-of-course final exams where these concepts are tested, the students perform quite well in critically thinking their way to correct answers.
In order to help achieve the desired student learning outcomes from economic courses, I create a hypothetical holiday wreath business, for which I am the owner. In the classroom, I point out an area where I have purchased and installed a wire-bending machine that processes and welds the wreath assembly support structure. From the assembly of materials and the processing of welded support structures for the holiday wreaths, the assembly of a wreath goes through another eight workstations to attain the final product. In total, there are 10 workstations, each of which has to be performed by student workers that I will employ from the class. The ten workstations are shown in Figure I.
I presume that my students know what a holiday wreath is, and have little trouble envisioning it. I explain that it has pine cones, ribbons, bows, berries, and frosted parts from spraying glitter paint on parts of the wreath. Quality control, assembly, and shipping to the customer are briefly reviewed in the description of my business.
Then, starting with the first student as my first employee, I ask the class how many wreaths do they think the first student can make, based on an eight-hour workday. Over many classes, the consensus is that a total of six wreaths could be completed. Essentially, this entails over an eight-hour period, the performance of 10 X 6 = 60 workstation tasks; about one and one-third hours, on average, for each wreath to be completed and shipped.
Starting with the second student, they are asked about how many wreaths two students can complete in one day. Some students express the view that it must be 2 X 6 = 12 wreaths, based on the first student’s performance; but in general, most students grasp the fact that the two students can divide the 10 workstations into 5 stations each, and thus become more proficient at each of the fi ...
Download at: https://goo.gl/HStjo9
Operations Management 1st edition
Operations Management
Operations Management Spring 2013
Cachon & Terwiesch
Gerard Cachon Solutions
Solution Manual for Operations Management 1st Edition by Cachon
An Introduction to Operations
Over 10,000 Solution Manual and Test Bank are available
Sal and Mario's Pepperoni Delight Restaurant sells only pepperoni pizza. To understand their business finances, the document introduces key concepts like revenue, expenses, profit, fixed costs, and variable costs. It then explains the important concept of break-even point, where total revenue equals total expenses and profit is zero. The document provides an example of calculating break-even point for Sal and Mario's pizza business. It determines their break-even sales units as 1,273 pizzas and break-even sales dollars as $12,730. Understanding these financial fundamentals is important for successfully starting and running any business.
Department for Education Fellowship ApplicationKevin P. Hudson
I recently applied for the Department for Education Fellowship, but instead of providing the usual hyped up CV and begging letter of suitability, I created something a little different.
This application provides a brief insight into my thinking of how to strategically improve the education system via the model of the startup business.
This module discusses helping learners discover their "Version 2.0" self and their future career. It involves learners doing an activity where they draw symbols representing their current track, future job, and other career-related aspects on a drawing of their hand. This allows them to reflect on how prepared they are for the future. The module emphasizes developing skills like work ethics, personality, and understanding rights/responsibilities for both employees and employers. It discusses intrinsic and extrinsic motivators and how learners' goals and personalities can help meet societal needs through their chosen careers. Learners are guided to recognize factors that will help them transition successfully from school to work.
USE OF TECHNOLOGY IN EDUCATION, BUT AT WHAT COST?IJITE
Use of technology in the field of education has been a blessing. Faster grading, quicker notes /
media availability for students, interactive communication outside of classrooms with students
and faculty, online courses etc. have added to the enhancement of our education system. But
when technology is pushed in teaching without proper thought, it becomes a black box approach
at the cost of intuition, commonsense, and overall understanding of the concepts. Instead of
supplementing technology in the process of learning, it has been used in making the black box
approach more common. When we can shift the question from “How to educate with
technology?” to “How to teach people best, and how should we design learning experiences in
light of existing technology?”, then learning becomes a way to quench curiosity, and passion for
learning will become a never ending pursuit for students. Models and textbook theories can help
build the knowledge base, but they miss the context [5,7]. Students take them at face value
without thinking through the real world implications. This is a recipe for failure since the
industry expects business school students to tell the story with a strong reference to the context. A
simplistic understanding of the formulas is what students’ need instead of a plug and solve
formula based teaching method.
The document discusses acceleration initiatives at Chabot College to help students progress more quickly through remedial course sequences to transfer-level courses. It provides evidence that Chabot's accelerated models have saved the college millions of dollars compared to traditional multi-level sequences and have increased student success rates. The document advocates applying lessons from Chabot's experience to scale acceleration efforts more broadly through comprehensive institutional responses including various acceleration models that integrate support services to better serve students.
The document contains a list of 74 ideas for helping students transition from school to work. The most practical idea is to create a school-work transition kit or guide with guidelines and materials like videos and workshop ideas to help students and lecturers. The most disruptive idea is to create a workspace at school where students can work autonomously on real client projects before graduating and be graded by educators and clients. The favorite idea is to create a "First Job Experience" program where students who have had their first job can mentor others and share their experiences through a web platform for students and employers.
USE OF TECHNOLOGY IN EDUCATION, BUT AT WHAT COST? IJITE
Use of technology in the field of education has been a blessing. Faster grading, quicker notes /
media availability for students, interactive communication outside of classrooms with students
and faculty, online courses etc. have added to the enhancement of our education system. But
when technology is pushed in teaching without proper thought, it becomes a black box approach
at the cost of intuition, commonsense, and overall understanding of the concepts. Instead of
supplementing technology in the process of learning, it has been used in making the black box
approach more common. When we can shift the question from “How to educate with
technology?” to “How to teach people best, and how should we design learning experiences in
light of existing technology?”, then learning becomes a way to quench curiosity, and passion for
learning will become a never ending pursuit for students. Models and textbook theories can help
build the knowledge base, but they miss the context [5,7]. Students take them at face value
without thinking through the real world implications. This is a recipe for failure since the
industry expects business school students to tell the story with a strong reference to the context. A
simplistic understanding of the formulas is what students’ need instead of a plug and solve
formula based teaching method.
Download at: https://goo.gl/HStjo9
Operations Management 1st edition
Operations Management
Operations Management Spring 2013
Cachon & Terwiesch
Gerard Cachon Solutions
Solution Manual for Operations Management 1st Edition by Cachon
An Introduction to Operations
Over 10,000 Solution Manual and Test Bank are available
Sal and Mario's Pepperoni Delight Restaurant sells only pepperoni pizza. To understand their business finances, the document introduces key concepts like revenue, expenses, profit, fixed costs, and variable costs. It then explains the important concept of break-even point, where total revenue equals total expenses and profit is zero. The document provides an example of calculating break-even point for Sal and Mario's pizza business. It determines their break-even sales units as 1,273 pizzas and break-even sales dollars as $12,730. Understanding these financial fundamentals is important for successfully starting and running any business.
Department for Education Fellowship ApplicationKevin P. Hudson
I recently applied for the Department for Education Fellowship, but instead of providing the usual hyped up CV and begging letter of suitability, I created something a little different.
This application provides a brief insight into my thinking of how to strategically improve the education system via the model of the startup business.
This module discusses helping learners discover their "Version 2.0" self and their future career. It involves learners doing an activity where they draw symbols representing their current track, future job, and other career-related aspects on a drawing of their hand. This allows them to reflect on how prepared they are for the future. The module emphasizes developing skills like work ethics, personality, and understanding rights/responsibilities for both employees and employers. It discusses intrinsic and extrinsic motivators and how learners' goals and personalities can help meet societal needs through their chosen careers. Learners are guided to recognize factors that will help them transition successfully from school to work.
USE OF TECHNOLOGY IN EDUCATION, BUT AT WHAT COST?IJITE
Use of technology in the field of education has been a blessing. Faster grading, quicker notes /
media availability for students, interactive communication outside of classrooms with students
and faculty, online courses etc. have added to the enhancement of our education system. But
when technology is pushed in teaching without proper thought, it becomes a black box approach
at the cost of intuition, commonsense, and overall understanding of the concepts. Instead of
supplementing technology in the process of learning, it has been used in making the black box
approach more common. When we can shift the question from “How to educate with
technology?” to “How to teach people best, and how should we design learning experiences in
light of existing technology?”, then learning becomes a way to quench curiosity, and passion for
learning will become a never ending pursuit for students. Models and textbook theories can help
build the knowledge base, but they miss the context [5,7]. Students take them at face value
without thinking through the real world implications. This is a recipe for failure since the
industry expects business school students to tell the story with a strong reference to the context. A
simplistic understanding of the formulas is what students’ need instead of a plug and solve
formula based teaching method.
The document discusses acceleration initiatives at Chabot College to help students progress more quickly through remedial course sequences to transfer-level courses. It provides evidence that Chabot's accelerated models have saved the college millions of dollars compared to traditional multi-level sequences and have increased student success rates. The document advocates applying lessons from Chabot's experience to scale acceleration efforts more broadly through comprehensive institutional responses including various acceleration models that integrate support services to better serve students.
The document contains a list of 74 ideas for helping students transition from school to work. The most practical idea is to create a school-work transition kit or guide with guidelines and materials like videos and workshop ideas to help students and lecturers. The most disruptive idea is to create a workspace at school where students can work autonomously on real client projects before graduating and be graded by educators and clients. The favorite idea is to create a "First Job Experience" program where students who have had their first job can mentor others and share their experiences through a web platform for students and employers.
USE OF TECHNOLOGY IN EDUCATION, BUT AT WHAT COST? IJITE
Use of technology in the field of education has been a blessing. Faster grading, quicker notes /
media availability for students, interactive communication outside of classrooms with students
and faculty, online courses etc. have added to the enhancement of our education system. But
when technology is pushed in teaching without proper thought, it becomes a black box approach
at the cost of intuition, commonsense, and overall understanding of the concepts. Instead of
supplementing technology in the process of learning, it has been used in making the black box
approach more common. When we can shift the question from “How to educate with
technology?” to “How to teach people best, and how should we design learning experiences in
light of existing technology?”, then learning becomes a way to quench curiosity, and passion for
learning will become a never ending pursuit for students. Models and textbook theories can help
build the knowledge base, but they miss the context [5,7]. Students take them at face value
without thinking through the real world implications. This is a recipe for failure since the
industry expects business school students to tell the story with a strong reference to the context. A
simplistic understanding of the formulas is what students’ need instead of a plug and solve
formula based teaching method.
Use of Technology in Education, But at What Cost?IJITE
Use of technology in the field of education has been a blessing. Faster grading, quicker notes /
media availability for students, interactive communication outside of classrooms with students
and faculty, online courses etc. have added to the enhancement of our education system. But
when technology is pushed in teaching without proper thought, it becomes a black box approach
at the cost of intuition, commonsense, and overall understanding of the concepts. Instead of
supplementing technology in the process of learning, it has been used in making the black box
approach more common. When we can shift the question from “How to educate with
technology?” to “How to teach people best, and how should we design learning experiences in
light of existing technology?”, then learning becomes a way to quench curiosity, and passion for
learning will become a never ending pursuit for students. Models and textbook theories can help
build the knowledge base, but they miss the context [5,7]. Students take them at face value
without thinking through the real world implications. This is a recipe for failure since the
industry expects business school students to tell the story with a strong reference to the context. A
simplistic understanding of the formulas is what students’ need instead of a plug and solve
formula based teaching method.
Use of Technology in Education, But at What Cost?IJITE
Use of technology in the field of education has been a blessing. Faster grading, quicker notes / media availability for students, interactive communication outside of classrooms with students and faculty, online courses etc. have added to the enhancement of our education system. But when technology is pushed in teaching without proper thought, it becomes a black box approach at the cost of intuition, commonsense, and overall understanding of the concepts. Instead of supplementing technology in the process of learning, it has been used in making the black box approach more common. When we can shift the question from “How to educate with technology?” to “How to teach people best, and how should we design learning experiences in light of existing technology?”, then learning becomes a way to quench curiosity, and passion for learning will become a never ending pursuit for students. Models and textbook theories can help build the knowledge base, but they miss the context [5,7]. Students take them at face value without thinking through the real world implications. This is a recipe for failure since the industry expects business school students to tell the story with a strong reference to the context. A simplistic understanding of the formulas is what students’ need instead of a plug and solve formula based teaching method.
This module discusses key concepts of ratio and proportion, specifically solving problems involving direct, inverse, and partitive proportion. It begins with expectations and a pre-test to assess prior knowledge. Examples of each proportion type are provided and explained. Activities have students practice applying the concepts. A post-test concludes the module to evaluate learning. The overall goal is for students to gain proficiency in representing and solving real-world situations using different proportion approaches.
The document provides lecture notes on microeconomics principles. It introduces some key concepts in microeconomics including households as both consumers and producers, opportunity cost, and marginal analysis. As an example, it analyzes the relationship between average income and average consumption, noting that consumption increases at 57 cents for every $1 increase in income based on the slope of the line, and that consumption would still be $13,539 even if income fell to zero. The notes aim to help students understand economic problems and decisions using concepts like opportunity cost and marginalism.
ICFAI Economics for Managers - work booksmumbahelp
This document provides an introduction to differentiated learning tools that are designed to aid participants in flexible learning programs who have limitations on the time they can spend learning. It describes four unique learning tools - bullet notes, case studies, workbooks, and PEP notes - and explains how they are formatted to introduce concepts, illustrate them through real-life examples, ask questions to help absorption of learning, and share industry experiences. The tools are meant to enhance analytical skills through application-focused learning that can be accessed in short bursts of time as needed. Using these tools is intended to help students stay motivated and facilitate completing their programs earlier.
Why Be A Teacher Essay. Why did you decide to become a teacher essayFelicia Gonzales
Sample Essay On Why I Want To Be A Teacher. Essay on Teacher in English for Kids and Students | 500 Words Essay on .... essay examples: Why I Want To Be A Teacher Essay. Being A Teacher Essay – Telegraph. Essay on how to become a good teacher - Becoming A Teacher Essay.
In this ebook, you will learn what innovative colleges, students, and employers are doing with their experiential practical learning to succeed in the 21st century.
Student Name
Professor White
ENGL-1301-81015
18 November 2018
Sources for Final Paper
“Employers Value Experience Over Grades, Data Suggests” by Kayla Canne contains
statistics that reinforce my argument that having internship or work experience within a student’s
field of study can increase his/her chances of getting hired after graduating. The author
references a survey done by The Chronicle of Higher Education and American Public Media
Marketplace which used a sample size of 704 employers. In other words, the data collected from
the survey is large enough to be credible.
I plan to use the article “The Value of Engaged Students” by Adam Peck and Michael
Preston because it contains data from the National Association of Colleges and Employers which
shows that a shockingly low percentage of employers surveyed believed that students were
adequately prepared for their careers right after college. In other words, most employers believed
new graduates are not prepared for the workforce. This article takes a deeper look into how
valuable soft skills obtained outside of the classroom either through work experience or
cocurricular activities are to potential employers. I will use this to explain the value of soft skills
in addition to hands-on learning.
The article “Effects of Business Internships on Students, Employers, and Higher
Education Institutions: A Systematic Review” by Gisela Sanahuja Vélez and Gabriela Ribes
Giner reviews the benefits of internships for business majors, which is consistently one of the
most popular majors chosen by college students. The article also explores benefits that
Commented [WJ1]: Student has included the name of the
article and the author in the first sentence.
Commented [WJ2]: She explains how she will use the
information in the article
Commented [WJ3]: What the claim of the article is (or
what she plans to use from the article).
employers receive from hiring a student who has completed an internship and benefits for
universities that promote internships. I will use this article to explain how important internships
can be for students in order to get a job after graduation.
The article “Student Employment as a Model for Experiential Learning” by Jacquelyn H.
Fede, Kathleen S. Gorman, and Maria E. Cimini explains how to gain work experience through a
university job when an unpaid internship is not an option. I plan to use this article to explain that
students who cannot partake in internships due to the need for a steady income are still able to
learn valuable, transferable skills by being employed through the university they attend. These
skills such as communication, teamwork, and problem solving led to greater employment
opportunity for the students after graduating.
I intend to use the article “Those Low Grades in College May Haunt Your Job Search” by
David Koeppel as a counterargument to my claim that experience combined with G.
1. The document provides information about the AFTERSCHO☺OL Centre for Social Entrepreneurship and its PGPSE program for developing social entrepreneurs.
2. The 3 year program can be pursued along with other degrees or in distance learning mode, with flexible specializations and industry-oriented curriculum.
3. It aims to promote entrepreneurship, social development, and spirituality through workshops, case studies, projects, and teachings based on principles from top B-schools.
Michael HricikENG 162This assignment will be about 2-3 double-sp.docxARIV4
Michael Hricik
ENG 162
This assignment will be about 2-3 double-spaced
typed pages
Customer Service Evaluation
I am going to have you evaluate customer service at your current place of employment, or you can focus on a previous place of employment. You are looking at the service mainly as an employee, though you can also look at the service as a student or customer as well. You can focus a specific department or area at your place of employment, or you can look at the company/institution as a whole. For instance, I have worked at WCCC for twenty years. One area of the college that I feel is especially effective is the Continuing Education Division. I have taken about eight classes, my children have taken numerous classes, and so has my wife. I also have had quite a few past and current students take non-credit classes. I am looking at this as both an employee and as a customer. The overall variety of classes offered is quite varied. The instructors are usually excellent (I took an Intro to Acting course, and I really enjoyed it). The courses are usually offered at convenient times and places. Moreover, the staff in the Continuing Education Division is accessible and informed.
Conversely, I previously worked at department store in Greensburg called Joseph Horne’s. Compared to Kaufmann’s, it was lacking in several areas. It had old-fashioned cash registers, which were not always accurate. At times, the merchandise selection was lacking and changed little from season to season. In addition, the prices seemed to be too high, though there were sales at times. It did have quite a few loyal customers, but it was no longer able to compete with other similar stores.
So, as I have stated above, you can choose one area or department where you work, or have currently work. On the other hand, you can focus on the organization as a whole. What I would like you to do is evaluate a total of four different points of criteria. Some common areas are: response to customer needs, level of organization, the effectiveness of the management of the department or area, the knowledge of the employees, the ability to solve problems, the level of resources of the department, the teamwork of employees, etc.
As an insider, I would like you to rate how well the area, department, or the organization does.
This is what you will need to do:
1. Use an effective title to express your “attitude” or opinion. Something like UPS Isn’t Always on Time or
The Olive Garden is Cooking
2. In your introduction, indicate the name of the place or organization that you intend to evaluate. You can state how long you have worked there, or how long you had been there. Indicate the position or position that you held. State the department, area, or name of the organization that you intend to evaluate. Finally, state your overall opinion or thoughts on the organization as a whole. Keep in mind that you can rate certain points very highly, and you can rate ...
Quantitative MethodsChoosing a Sample.pptxChoosing a Samp.docxamrit47
This document provides an overview of descriptive statistics concepts including measures of central tendency, variability, and shape. It defines key terms like mean, median, mode, range, variance, standard deviation, and discusses how these measures are used to describe the distribution of data in a sample or population. Examples are given to demonstrate how to calculate and interpret these descriptive statistics. Histograms and measures of skewness are also introduced as ways to examine the shape of a distribution.
The document appears to be a table with two columns: "No. of Failures" and "Frequency". It seems to list the number of failures of something alongside their corresponding frequencies, but without more context or data in the table itself, it is difficult to determine what specifically is being counted or measured.
Nonclassified DataIn order to maintain transparency and et.docxhallettfaustina
Nonclassified Data
In order to maintain transparency and ethical standards of research, researchers may file a Freedom of Information Act (FOIA) request to obtain all nonclassified data on a subject. Why is this legislation important? Do you think it is working? Why or why not.
Crime Mapping
Crime mapping has been used for
intelligence-led policing
: using data, analysis, and criminal theory to guide police allocation and decision making. Give some examples of ways this is used in your community. Explain if it is working. What are some other ways that you think it should be used in your Community? Give examples and how it would be effective in policing.
Importance of Reviewing Communications
Describe a situation when you may have sent something electronically (email) or turned something in when the lack of review or proofreading was brought to your attention by yourself or others. Discuss any repercussions you faced due to the communication not being reviewed. Explain the importance of reviewing any form of communication prior to disseminating it.
Who Reviews Your Work?
In our everyday life (school, work, or home) we use some form of communication. Who reviews your communication before it is sent, or do you review the communication of others and your own? Describe how you would ensure the communication is “good to go” or ready to disseminate to others.
.
No plaigarism!!! Due Saturday @ 12pm!Example included and worksh.docxhallettfaustina
No plaigarism!!! Due Saturday @ 12pm!
Example included and worksheet attached.
Use the
Source Evaluation Worksheet
to submit an annotated bibliography of 5 sources that you intend to use in your paper. Prepare a citation, annotation, and evaluation for each source.
You may collect the worksheets together as one document or you may submit a separate worksheet for each source.
.
Not all EBP projects result in statistically significant results. De.docxhallettfaustina
Not all EBP projects result in statistically significant results. Define clinical significance, and explain the difference between clinical and statistical significance. How can you use clinical significance to support positive outcomes in your project?
the project topic is after discharge follow up
.
Nonprofit v Criminal JusticeCriminal justice organizations and.docxhallettfaustina
Nonprofit v Criminal Justice
Criminal justice organizations and nonprofit organizations have a lot of factors and/or characteristics that are similar as well as different. These types of organizations are out there for members of society to help those who are in need as well as gain that experience necessary to fulfill that spot they need within themselves and their life.
To start off, “nonprofit organizations occupy a unique third sector with diverse resource dependencies, arising mainly from private donations and labor, but subsidized by government exemption of certain public tax obligations to encourage charitable activity (Oelbrger, 2016)”. With that being said, a non profit organization, such as the Masonic family, which is a very controversial idea, raises money for those charities such as Shriners Hospital as well as military troops who are actively deployed. Not only this, but they also award their members with scholarships for doing good deeds around their community. I know this personally as my dad is an active Mason.
Criminal justice organizations have many goals as well. Their goals consist of helping those around their community and the country. One of the goals mentioned by the Department of Justice (2018) is to “prevent Crime, Protect the Rights of the American People, and Enforce Federal Law”. As criminal justice employees, they are putting their life on the line whereas daily to help serve their people. Whereas, nonprofit organizations are helping those in their community by serving them with needs that they have, that do not require putting their life on the line.
Both organizations however, are doing what they need to do to help support those around their community. They are both helping their community and those in need when it is needed. Between protection, or fundraisers, or support financially, these organizations do what they have to do to ensure that they are getting their name out there in a positive manner, of course.
.
Noah DeWaalTuesday16 Jun at 1538Manage discussion entryFou.docxhallettfaustina
Noah DeWaal
Tuesday16 Jun at 15:38
Manage discussion entry
"Four Horsemen" describes the ways in which our world is slowly folding on itself. It categorizes the four horsemen as a wrongful banking system, escalating violence, an abundance of poverty, and deletion of the world's resources. All these topics are the signs that we have truly doomed ourselves as a nation and as a planet. The underlying kingpin here is money. Everyone, including the government, lives, and works to earn and spend money. There are a variety of different paths to obtain that currency and the banks are at the heart, banks that create this money out of thin air. The film starts by speaking of empires and power. Nations want to be in positions to be on top as a means of security and credibility. Top nations control our world and those who are not, strive to become one. From historic times to now, people and groups want to become the most powerful, and when they do, they obtain all the resources they can do benefit their empires and the leaders become wealthy and untouchable. There is usually one common factor within one's rise to power, and that is money. It earns resources and credibility which makes others become submissive to you. We are supposed to be living within a free market system where everyone has a fair piece of the pie, but that is rarely true today. The way the banks function and government spending only amasses debt that will in turn be paid by the American people. Some of these people live in poverty, meaning they cannot even live anymore. People are expected to pay more for items as the price level rises while many incomes are not following suit. This system leaves those who are poor behind making it nearly impossible for them to catch up. As stated before, government spending can leave a budget deficit that needs to be repaid. Most of these expenditures, however, are on war and violence. International affairs, terrorism, and national crime are all credible threats, and a lot of money goes into limiting it. The resources used to support these organization makes them more powerful and it has transitioned peacekeeping into utter force and violence. Here at home and abroad, war rages daily. From small to large scale conflict is being solved in horrific ways and many innocent people are dying along the way. At the root of all of it, is money and power. A lot of this is also politically inclined. We live in a society in which people are paid just to influence politicians to pass acts that will in turn create more money for people who already have a lot of it. Wealth drives our nation, without it, one is just swept under the carpet. People have worked way too hard to obtain wealth while those in control can create it like none other. This exponential growth has depleted Earth's resources and we are running out fast. With no resources, what is there to gain anymore. The Four Horsemen are the warning signs that our systems are heavily flawed and need to be chan.
No Plagiarism4-6 slides (excluding Title and Reference slides).docxhallettfaustina
No Plagiarism
4-6 slides (excluding Title and Reference slides) with notes that are a minimum of 150 words per slide.
Leaders face many hurdles when leading in multiple countries. There are several examples of disastrous public relations fallout that have occurred when companies have outsourced work to other nations. When determining where to move offshore as a company, the leaders of the organization must make several decisions.
Using course theories and current multinational organizations that have locations in several countries, convey your own thoughts on the subject and address the following:
What leadership considerations must an organization weigh in selecting another country to open a location such as a manufacturing plant?
How might leaders need to change leadership styles to manage multinational locations?
What public relations issues might arise from such a decision?
How would you recommend such a company to demonstrate their social responsibility to their headquarters country as well as any offshore locations?
.
North American Philosophical Publications Prejudice i.docxhallettfaustina
North American Philosophical Publications
Prejudice in Jest: When Racial and Gender Humor Harms
Author(s): David Benatar
Source: Public Affairs Quarterly, Vol. 13, No. 2 (Apr., 1999), pp. 191-203
Published by: University of Illinois Press on behalf of North American Philosophical
Publications
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Public Affairs Quarterly
Volume 13, Number 2, April 1999
PREJUDICE IN JEST: WHEN RACIAL AND
GENDER HUMOR HARMS
David Benatar
central questions in the sparse literature on the ethics of humor
are: 1) What makes a piece of humor racist or sexist? 2) Are jokes
that embody negative racial and gender stereotypes necessarily racist
and sexist? Because these issues have tended to be discussed separately
it has not been noted that some answers to the first question render the
second question moot. My answer to the first question does not have this
effect. It will draw on an account of humor ethics that I provide and
defend against rival views of racist (and sexist) humor. I shall then
proceed to answering the second question.
An Account of Humor Ethics
How can humor be immoral? Briefly, the answer is that it is immoral
where it is intended to harm people or where there are good grounds for
expecting it to harm people, and where the harm in question is wrong-
fully inflicted. Following Joel Feinberg, I understand harm in terms of
negative effects on people's interests. However, my understanding of
harm is, in two ways, broader than the one for which he opts in his work
about the moral limits of the criminal law.1 Firstly, because in the cur-
rent context I have a more expansive interpretation of what interests
are, my understanding of harm includes what he calls hurts, offenses
and other disliked states which are insufficiently severe to warrant be-
ing termed harms for his purposes. Because I am concerned with the
morality of humor rather than with the moral limits of legally restrict-
ing it, the inclusion of less severe though nonetheless disliked states is
more appropriate. Secondly, for Professor Feinberg, a harm is some-
thing that is wrongfully inflicted. That definition is th.
Non-governmental Organizations (NGOs) are essential as they fulfill .docxhallettfaustina
Non-governmental Organizations (NGOs) are essential as they fulfill a purpose that is traditionally addressed by a government (Balteanu & Marcu, 2014). In order for an NGO to be impactful and serve its purpose, it will require support and involvement from those it has been organized to help, as well as maintain financial and management autonomy, devoid of the governmental influence (Johnson & Stoskopf, 2010). Political and social instability has made it difficult for NGO's to fulfill their purpose to meet the needs of the communities they have pin pointed as their focus (Balteanu & Marcu). During unrest experienced by many countries, residents who need shelter, food, and medical care, benefit from what NGO's to provide (Balteanu & Marcu). Without the government, military, or religious backing of the NGO's purpose, the NGO will not be able to fulfill it's intent (Balteanu & Marcu).
Resident of unstable regions through out the world, are without food, shelter, and medical care due to the preoccupation with control, whether through the government, military, or religious factions. The unstable governments within these regions are either unwilling or unable to care for the needs of their citizens or have taken away their ability to care for themselves. NGO's have the ability to provide for the needs of the people and help them sustain, if allowed.
In general, what is the impact of political and social instability on non-government organizations?
.
Nonverbal CommunicationCOLLAPSEDescribe a scenario in which a .docxhallettfaustina
This document discusses nonverbal communication and how it can differ from verbal communication. It prompts the reader to describe a scenario where what someone says verbally differs from their nonverbal cues, such as voice, volume, pitch, rate, pauses, variety, pronunciation, articulation, and dialect. The document also provides instructions for responding to peers in an online forum, including reflecting on concepts, providing an example, stating a takeaway, and properly citing sources in discussions that are at least 250 words.
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when technology is pushed in teaching without proper thought, it becomes a black box approach
at the cost of intuition, commonsense, and overall understanding of the concepts. Instead of
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Use of Technology in Education, But at What Cost?IJITE
Use of technology in the field of education has been a blessing. Faster grading, quicker notes / media availability for students, interactive communication outside of classrooms with students and faculty, online courses etc. have added to the enhancement of our education system. But when technology is pushed in teaching without proper thought, it becomes a black box approach at the cost of intuition, commonsense, and overall understanding of the concepts. Instead of supplementing technology in the process of learning, it has been used in making the black box approach more common. When we can shift the question from “How to educate with technology?” to “How to teach people best, and how should we design learning experiences in light of existing technology?”, then learning becomes a way to quench curiosity, and passion for learning will become a never ending pursuit for students. Models and textbook theories can help build the knowledge base, but they miss the context [5,7]. Students take them at face value without thinking through the real world implications. This is a recipe for failure since the industry expects business school students to tell the story with a strong reference to the context. A simplistic understanding of the formulas is what students’ need instead of a plug and solve formula based teaching method.
This module discusses key concepts of ratio and proportion, specifically solving problems involving direct, inverse, and partitive proportion. It begins with expectations and a pre-test to assess prior knowledge. Examples of each proportion type are provided and explained. Activities have students practice applying the concepts. A post-test concludes the module to evaluate learning. The overall goal is for students to gain proficiency in representing and solving real-world situations using different proportion approaches.
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Student Name
Professor White
ENGL-1301-81015
18 November 2018
Sources for Final Paper
“Employers Value Experience Over Grades, Data Suggests” by Kayla Canne contains
statistics that reinforce my argument that having internship or work experience within a student’s
field of study can increase his/her chances of getting hired after graduating. The author
references a survey done by The Chronicle of Higher Education and American Public Media
Marketplace which used a sample size of 704 employers. In other words, the data collected from
the survey is large enough to be credible.
I plan to use the article “The Value of Engaged Students” by Adam Peck and Michael
Preston because it contains data from the National Association of Colleges and Employers which
shows that a shockingly low percentage of employers surveyed believed that students were
adequately prepared for their careers right after college. In other words, most employers believed
new graduates are not prepared for the workforce. This article takes a deeper look into how
valuable soft skills obtained outside of the classroom either through work experience or
cocurricular activities are to potential employers. I will use this to explain the value of soft skills
in addition to hands-on learning.
The article “Effects of Business Internships on Students, Employers, and Higher
Education Institutions: A Systematic Review” by Gisela Sanahuja Vélez and Gabriela Ribes
Giner reviews the benefits of internships for business majors, which is consistently one of the
most popular majors chosen by college students. The article also explores benefits that
Commented [WJ1]: Student has included the name of the
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Commented [WJ2]: She explains how she will use the
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employers receive from hiring a student who has completed an internship and benefits for
universities that promote internships. I will use this article to explain how important internships
can be for students in order to get a job after graduation.
The article “Student Employment as a Model for Experiential Learning” by Jacquelyn H.
Fede, Kathleen S. Gorman, and Maria E. Cimini explains how to gain work experience through a
university job when an unpaid internship is not an option. I plan to use this article to explain that
students who cannot partake in internships due to the need for a steady income are still able to
learn valuable, transferable skills by being employed through the university they attend. These
skills such as communication, teamwork, and problem solving led to greater employment
opportunity for the students after graduating.
I intend to use the article “Those Low Grades in College May Haunt Your Job Search” by
David Koeppel as a counterargument to my claim that experience combined with G.
1. The document provides information about the AFTERSCHO☺OL Centre for Social Entrepreneurship and its PGPSE program for developing social entrepreneurs.
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Michael Hricik
ENG 162
This assignment will be about 2-3 double-spaced
typed pages
Customer Service Evaluation
I am going to have you evaluate customer service at your current place of employment, or you can focus on a previous place of employment. You are looking at the service mainly as an employee, though you can also look at the service as a student or customer as well. You can focus a specific department or area at your place of employment, or you can look at the company/institution as a whole. For instance, I have worked at WCCC for twenty years. One area of the college that I feel is especially effective is the Continuing Education Division. I have taken about eight classes, my children have taken numerous classes, and so has my wife. I also have had quite a few past and current students take non-credit classes. I am looking at this as both an employee and as a customer. The overall variety of classes offered is quite varied. The instructors are usually excellent (I took an Intro to Acting course, and I really enjoyed it). The courses are usually offered at convenient times and places. Moreover, the staff in the Continuing Education Division is accessible and informed.
Conversely, I previously worked at department store in Greensburg called Joseph Horne’s. Compared to Kaufmann’s, it was lacking in several areas. It had old-fashioned cash registers, which were not always accurate. At times, the merchandise selection was lacking and changed little from season to season. In addition, the prices seemed to be too high, though there were sales at times. It did have quite a few loyal customers, but it was no longer able to compete with other similar stores.
So, as I have stated above, you can choose one area or department where you work, or have currently work. On the other hand, you can focus on the organization as a whole. What I would like you to do is evaluate a total of four different points of criteria. Some common areas are: response to customer needs, level of organization, the effectiveness of the management of the department or area, the knowledge of the employees, the ability to solve problems, the level of resources of the department, the teamwork of employees, etc.
As an insider, I would like you to rate how well the area, department, or the organization does.
This is what you will need to do:
1. Use an effective title to express your “attitude” or opinion. Something like UPS Isn’t Always on Time or
The Olive Garden is Cooking
2. In your introduction, indicate the name of the place or organization that you intend to evaluate. You can state how long you have worked there, or how long you had been there. Indicate the position or position that you held. State the department, area, or name of the organization that you intend to evaluate. Finally, state your overall opinion or thoughts on the organization as a whole. Keep in mind that you can rate certain points very highly, and you can rate ...
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intelligence-led policing
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In our everyday life (school, work, or home) we use some form of communication. Who reviews your communication before it is sent, or do you review the communication of others and your own? Describe how you would ensure the communication is “good to go” or ready to disseminate to others.
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No plaigarism!!! Due Saturday @ 12pm!
Example included and worksheet attached.
Use the
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You may collect the worksheets together as one document or you may submit a separate worksheet for each source.
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To start off, “nonprofit organizations occupy a unique third sector with diverse resource dependencies, arising mainly from private donations and labor, but subsidized by government exemption of certain public tax obligations to encourage charitable activity (Oelbrger, 2016)”. With that being said, a non profit organization, such as the Masonic family, which is a very controversial idea, raises money for those charities such as Shriners Hospital as well as military troops who are actively deployed. Not only this, but they also award their members with scholarships for doing good deeds around their community. I know this personally as my dad is an active Mason.
Criminal justice organizations have many goals as well. Their goals consist of helping those around their community and the country. One of the goals mentioned by the Department of Justice (2018) is to “prevent Crime, Protect the Rights of the American People, and Enforce Federal Law”. As criminal justice employees, they are putting their life on the line whereas daily to help serve their people. Whereas, nonprofit organizations are helping those in their community by serving them with needs that they have, that do not require putting their life on the line.
Both organizations however, are doing what they need to do to help support those around their community. They are both helping their community and those in need when it is needed. Between protection, or fundraisers, or support financially, these organizations do what they have to do to ensure that they are getting their name out there in a positive manner, of course.
.
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Noah DeWaal
Tuesday16 Jun at 15:38
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"Four Horsemen" describes the ways in which our world is slowly folding on itself. It categorizes the four horsemen as a wrongful banking system, escalating violence, an abundance of poverty, and deletion of the world's resources. All these topics are the signs that we have truly doomed ourselves as a nation and as a planet. The underlying kingpin here is money. Everyone, including the government, lives, and works to earn and spend money. There are a variety of different paths to obtain that currency and the banks are at the heart, banks that create this money out of thin air. The film starts by speaking of empires and power. Nations want to be in positions to be on top as a means of security and credibility. Top nations control our world and those who are not, strive to become one. From historic times to now, people and groups want to become the most powerful, and when they do, they obtain all the resources they can do benefit their empires and the leaders become wealthy and untouchable. There is usually one common factor within one's rise to power, and that is money. It earns resources and credibility which makes others become submissive to you. We are supposed to be living within a free market system where everyone has a fair piece of the pie, but that is rarely true today. The way the banks function and government spending only amasses debt that will in turn be paid by the American people. Some of these people live in poverty, meaning they cannot even live anymore. People are expected to pay more for items as the price level rises while many incomes are not following suit. This system leaves those who are poor behind making it nearly impossible for them to catch up. As stated before, government spending can leave a budget deficit that needs to be repaid. Most of these expenditures, however, are on war and violence. International affairs, terrorism, and national crime are all credible threats, and a lot of money goes into limiting it. The resources used to support these organization makes them more powerful and it has transitioned peacekeeping into utter force and violence. Here at home and abroad, war rages daily. From small to large scale conflict is being solved in horrific ways and many innocent people are dying along the way. At the root of all of it, is money and power. A lot of this is also politically inclined. We live in a society in which people are paid just to influence politicians to pass acts that will in turn create more money for people who already have a lot of it. Wealth drives our nation, without it, one is just swept under the carpet. People have worked way too hard to obtain wealth while those in control can create it like none other. This exponential growth has depleted Earth's resources and we are running out fast. With no resources, what is there to gain anymore. The Four Horsemen are the warning signs that our systems are heavily flawed and need to be chan.
No Plagiarism4-6 slides (excluding Title and Reference slides).docxhallettfaustina
No Plagiarism
4-6 slides (excluding Title and Reference slides) with notes that are a minimum of 150 words per slide.
Leaders face many hurdles when leading in multiple countries. There are several examples of disastrous public relations fallout that have occurred when companies have outsourced work to other nations. When determining where to move offshore as a company, the leaders of the organization must make several decisions.
Using course theories and current multinational organizations that have locations in several countries, convey your own thoughts on the subject and address the following:
What leadership considerations must an organization weigh in selecting another country to open a location such as a manufacturing plant?
How might leaders need to change leadership styles to manage multinational locations?
What public relations issues might arise from such a decision?
How would you recommend such a company to demonstrate their social responsibility to their headquarters country as well as any offshore locations?
.
North American Philosophical Publications Prejudice i.docxhallettfaustina
North American Philosophical Publications
Prejudice in Jest: When Racial and Gender Humor Harms
Author(s): David Benatar
Source: Public Affairs Quarterly, Vol. 13, No. 2 (Apr., 1999), pp. 191-203
Published by: University of Illinois Press on behalf of North American Philosophical
Publications
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Public Affairs Quarterly
Volume 13, Number 2, April 1999
PREJUDICE IN JEST: WHEN RACIAL AND
GENDER HUMOR HARMS
David Benatar
central questions in the sparse literature on the ethics of humor
are: 1) What makes a piece of humor racist or sexist? 2) Are jokes
that embody negative racial and gender stereotypes necessarily racist
and sexist? Because these issues have tended to be discussed separately
it has not been noted that some answers to the first question render the
second question moot. My answer to the first question does not have this
effect. It will draw on an account of humor ethics that I provide and
defend against rival views of racist (and sexist) humor. I shall then
proceed to answering the second question.
An Account of Humor Ethics
How can humor be immoral? Briefly, the answer is that it is immoral
where it is intended to harm people or where there are good grounds for
expecting it to harm people, and where the harm in question is wrong-
fully inflicted. Following Joel Feinberg, I understand harm in terms of
negative effects on people's interests. However, my understanding of
harm is, in two ways, broader than the one for which he opts in his work
about the moral limits of the criminal law.1 Firstly, because in the cur-
rent context I have a more expansive interpretation of what interests
are, my understanding of harm includes what he calls hurts, offenses
and other disliked states which are insufficiently severe to warrant be-
ing termed harms for his purposes. Because I am concerned with the
morality of humor rather than with the moral limits of legally restrict-
ing it, the inclusion of less severe though nonetheless disliked states is
more appropriate. Secondly, for Professor Feinberg, a harm is some-
thing that is wrongfully inflicted. That definition is th.
Non-governmental Organizations (NGOs) are essential as they fulfill .docxhallettfaustina
Non-governmental Organizations (NGOs) are essential as they fulfill a purpose that is traditionally addressed by a government (Balteanu & Marcu, 2014). In order for an NGO to be impactful and serve its purpose, it will require support and involvement from those it has been organized to help, as well as maintain financial and management autonomy, devoid of the governmental influence (Johnson & Stoskopf, 2010). Political and social instability has made it difficult for NGO's to fulfill their purpose to meet the needs of the communities they have pin pointed as their focus (Balteanu & Marcu). During unrest experienced by many countries, residents who need shelter, food, and medical care, benefit from what NGO's to provide (Balteanu & Marcu). Without the government, military, or religious backing of the NGO's purpose, the NGO will not be able to fulfill it's intent (Balteanu & Marcu).
Resident of unstable regions through out the world, are without food, shelter, and medical care due to the preoccupation with control, whether through the government, military, or religious factions. The unstable governments within these regions are either unwilling or unable to care for the needs of their citizens or have taken away their ability to care for themselves. NGO's have the ability to provide for the needs of the people and help them sustain, if allowed.
In general, what is the impact of political and social instability on non-government organizations?
.
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No plagiarism Research paper should contains following content.docxhallettfaustina
No plagiarism
Research paper should contains following content
1) Abstract - Summarize the major elements of the paper
2) Introduction- provide context and rationale for the study
3)Materials- Describe the experimental design so it is reproducible
4) Methods -Describe the experimental procedures
5) Results-summarize the findings without interpretation
6)Discussion- interpret the findings of the study
7)Summary- summarize the findings
8)Acknowledge- give credits to those
9) References- list all scientific papers books and website that you cited
Paper should be in API Style
Requirements: 20 pages
.
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Shell Oil operated in Nigeria and faced accusations related to corruption, bribery, involvement in the death of an activist poet, and taking advantage of weak local regulations. The case study prompts the student to answer questions about factors contributing to high corruption in Nigeria, Shell's role in the poet's death and the impact, whether Shell took advantage of weak local oversight, and recommendations for ethical operations in societies with weak institutions. The response must be 650 words excluding the questions, follow APA style formatting, and include 3 scholarly references.
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No plagiarism very important
In a few short paragraphs, explain which cloud services you use (Google, Amazon, iCloud, Verizon, Microsoft One, Dropbox, etc) and what type of information you store (docs, photos, music, other files?). How much space do you have and what does this cost per month?
Need in word document with apa format with citations
.
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No plagiarism very important
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Need responses to reply my teamates discusions
.
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No plagiarism very important
5-CEHv9 Module 03 Scanning Networks.pdf
Select one network scanning software tool (there is a list in your required reading slides) and explain in detail how it works and how detects network vulnerabilities. Provide the site where you obtained your information and include that in your assignment write-up. (in word document).
Need citations
.
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No plagiarism very important
Need responses to my teamates discussions
question:Social engineering is the art of manipulating people so they give up confidential information. The types of information these criminals are seeking can vary, but when individuals are targeted the criminals are usually trying to trick you into giving them your passwords or bank information, or access your computer to secretly install malicious software - that will give them access to your passwords and bank information as well as giving them control over your computer.
Explain a scenario where you or someone you know may have unknowingly given too much personal information to a stranger. How could this situation been avoided?
Reference Article Link:
https://www.webroot.com/us/en/resources/tips-articles/what-is-social-engineering
.
No More Backstabbing... A Faithful Scheduling Policy for Multi.docxhallettfaustina
No More Backstabbing... A Faithful Scheduling Policy for Multithreaded Programs
Kishore Kumar Pusukuri, Rajiv Gupta, Laxmi N. Bhuyan
Department of Computer Science and Engineering
University of California, Riverside
Riverside, USA 92521
[email protected], [email protected], [email protected]
Abstract—Efficient contention management is the key to
achieving scalable performance for multithreaded applications
running on multicore systems. However, contention manage-
ment policies provided by modern operating systems increase
context-switches and lead to performance degradation for
multithreaded applications under high loads. Moreover, this
problem is exacerbated by the interaction between contention
management policies and OS scheduling polices. Time Share
(TS) is the default scheduling policy in a modern OS such as
OpenSolaris and with TS policy, priorities of threads change
very frequently for balancing load and providing fairness in
scheduling. Due to the frequent ping-ponging of priorities,
threads of an application are often preempted by the threads
of the same application. This increases the frequency of
involuntary context-switches as wells as lock-holder thread
preemptions and leads to poor performance. This problem
becomes very serious under high loads.
To alleviate this problem, in this paper, we present a
scheduling policy called Faithful Scheduling (FF), which dra-
matically reduces context-switches as well as lock-holder thread
preemptions. We implemented FF on a 24-core Dell PowerEdge
R905 server running OpenSolaris.2009.06 and evaluated it
using 22 programs including the TATP database application,
SPECjbb2005, programs from PARSEC, SPEC OMP, and
some microbenchmarks. The experimental results show that FF
policy achieves high performance for both lightly and heavily
loaded systems. Moreover it does not require any changes to
the application source code or the OS kernel.
Keywords-Scheduling; priorities; contention; context-
switches
I. INTRODUCTION
The advent of multicore architectures provides an attractive
opportunity for achieving high performance for a wide
variety of multithreaded applications. However, exploiting
the system density, and the parallelism they offer, to improve
performance of multithreaded applications is a challenging
task. This is because multithreaded application performance is
sensitive to the implementations of synchronization primitives
and contention management policies. Therefore the key
to achieving high performance for multithreaded applica-
tions running on multicore systems is to use appropriate
synchronization primitives along with efficient contention
management policies. Contention management policies are
either based on spinning, or blocking, or a combination
of both. Spinning resolves contention by busy waiting,
therefore waiting threads respond to lock handoffs very
quickly. However, spinning threads can wastes CPU resources
and prevent the lock-holder thread from runnin.
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No plagiarism very important
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Need responses to reply my teamattes and need references for all of them
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This presentation is intended for high level executives of the company and should be brief but comprehensive.
See attachment for more information.
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NO PLAGIARISM !
Write 3 pages of descriptive essay about why you should visit and spend time in Denali National Park which is located in Alaska, USA.
Outline
1. Introduction
2. Reason 1 and explain, example
3. Reason 2 and explain, example
4. Reason 3 and explain, example
5. Reason 4 and explain, example
6. Reason 5 and explain, example
7. Conclusion
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Reimagining Your Library Space: How to Increase the Vibes in Your Library No ...Diana Rendina
Librarians are leading the way in creating future-ready citizens – now we need to update our spaces to match. In this session, attendees will get inspiration for transforming their library spaces. You’ll learn how to survey students and patrons, create a focus group, and use design thinking to brainstorm ideas for your space. We’ll discuss budget friendly ways to change your space as well as how to find funding. No matter where you’re at, you’ll find ideas for reimagining your space in this session.
A workshop hosted by the South African Journal of Science aimed at postgraduate students and early career researchers with little or no experience in writing and publishing journal articles.
Main Java[All of the Base Concepts}.docxadhitya5119
This is part 1 of my Java Learning Journey. This Contains Custom methods, classes, constructors, packages, multithreading , try- catch block, finally block and more.
This document provides an overview of wound healing, its functions, stages, mechanisms, factors affecting it, and complications.
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There are 4 phases of wound healing: hemostasis, inflammation, proliferation, and remodeling. This document also describes the mechanism of wound healing. Factors that affect healing include infection, uncontrolled diabetes, poor nutrition, age, anemia, the presence of foreign bodies, etc.
Complications of wound healing like infection, hyperpigmentation of scar, contractures, and keloid formation.
LAND USE LAND COVER AND NDVI OF MIRZAPUR DISTRICT, UPRAHUL
This Dissertation explores the particular circumstances of Mirzapur, a region located in the
core of India. Mirzapur, with its varied terrains and abundant biodiversity, offers an optimal
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The complex relationship between human activities and the environment has been the focus
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like India, rapid population growth and the emphasis on extensive resource exploitation can lead
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Therefore, human intervention has significantly influenced land use patterns over many
centuries, evolving its structure over time and space. In the present era, these changes have
accelerated due to factors such as agriculture and urbanization. Information regarding land use and
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Accurate understanding of land use and cover is imperative for the development planning
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help of Advanced technologies like Remote Sensing and Geographic Information Systems is
crucial for coordinated efforts across different administrative levels. Advanced technologies like
Remote Sensing and Geographic Information Systems
9
Changes in vegetation cover refer to variations in the distribution, composition, and overall
structure of plant communities across different temporal and spatial scales. These changes can
occur natural.
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A review of the growth of the Israel Genealogy Research Association Database Collection for the last 12 months. Our collection is now passed the 3 million mark and still growing. See which archives have contributed the most. See the different types of records we have, and which years have had records added. You can also see what we have for the future.
1. Paper Presentation on Marginal Revenue
Product
And Optimal Employment Level:
An Illustration of Student Involvement
Dr. Eugene Steadman, Jr.
Averett University
7Th Annual Economics Teaching
Conference
Gulf States Economic Association
New Orleans, Louisiana
October 27, 2011
Background
Many students have trouble grasping how marginal revenue
product (MRP) and marginal cost (MC) concepts relate in hiring
the optimal number of employees, under differing sets of
employment conditions. From my experience, when students
become personally involved in applications of these concepts
and have a stake in the outcome, they understand better the
concepts. On end-of-course final exams where these concepts
are tested, the students perform quite well in critically thinking
their way to correct answers.
In order to help achieve the desired student learning outcomes
from economic courses, I create a hypothetical holiday wreath
business, for which I am the owner. In the classroom, I point
out an area where I have purchased and installed a wire-bending
machine that processes and welds the wreath assembly support
structure. From the assembly of materials and the processing of
welded support structures for the holiday wreaths, the assembly
2. of a wreath goes through another eight workstations to attain
the final product. In total, there are 10 workstations, each of
which has to be performed by student workers that I will
employ from the class. The ten workstations are shown in
Figure I.
I presume that my students know what a holiday wreath is, and
have little trouble envisioning it. I explain that it has pine
cones, ribbons, bows, berries, and frosted parts from spraying
glitter paint on parts of the wreath. Quality control, assembly,
and shipping to the customer are briefly reviewed in the
description of my business.
Then, starting with the first student as my first employee, I ask
the class how many wreaths do they think the first student can
make, based on an eight-hour workday. Over many classes, the
consensus is that a total of six wreaths could be completed.
Essentially, this entails over an eight-hour period, the
performance of 10 X 6 = 60 workstation tasks; about one and
one-third hours, on average, for each wreath to be completed
and shipped.
Starting with the second student, they are asked about how
many wreaths two students can complete in one day. Some
students express the view that it must be 2 X 6 = 12 wreaths,
based on the first student’s performance; but in general, most
students grasp the fact that the two students can divide the 10
workstations into 5 stations each, and thus become more
proficient at each of the five workstations. Thus, the majority
of the class “sense” that more than 12 wreaths can be produced
by the two students. Over several classes, 14 wreaths has
proven to be a good number that all class members can agree
on. Given that the students intuitively realize that something is
happening between the two workers—that the second worker, at
the margin, produces eight additional wreaths, while the first
student only produced six wreaths—some suggest that the
3. second student must be more productive than the first. Again,
the majority of the class does not agree, and seize on the fact
that the students have divided the work, and thus have become
more efficient at their individual tasks.
Law of Diminishing (Marginal) Returns
Before proceeding further, the law of diminishing returns (or,
the law of diminishing marginal returns) is examined, and
explained in some detail. Basically, Figure II reflects this law,
and the students are pushed to understand its importance,
particularly from the fact that this law is the basis for variable
costs, as a function of output, for all known goods and services
companies, anywhere in the world today.
Main points emphasized are:
· During the stage of increasing returns, the line slope is
positive and increasing, up to an inflection point where the
curve, while still positive in slope, becomes less so. The curve
represents the effects from the division of labor and
specialization of tasks in producing products, and is covered by
most microeconomics textbooks.
· Total output continues to increase, even during the stage of
diminishing returns, up to the point where marginal productivity
is zero, when the curve becomes perfectly elastic (a horizontal
slope of 0). Past that point, the product output declines as more
of the variable input factor is employed, and the slope of the
line becomes negative.
· A key in the analysis, that is reinforced with students, is the
reason that the curve changes slope, i.e., the reason the
marginal productivity begins to decline. Simply put, according
to the law itself, the variable input factor is beginning to
“overwhelm” the fixed factors of production. In this case, as
the number of students are increased (the variable input factor),
the number of tasks each has to do becomes less, and they
4. become quicker/more efficient at doing each of their assigned
tasks. But, back at the front end in this case, the machine (the
fixed factor) can only operate at a certain speed, and can only
turn out so much wreath support structures, so that the increase
in the productivity begins to diminish for additional employees
as they are added. This is reached at the inflection point on the
curve. Finally, in the area where the diminishing returns turns
into negative returns, not only is the fixed machine not turning
out enough frames to supply to all the student workers that are
now only doing two work stations, as an example, the students
are beginning to “stand around” and get in each other’s way,
talking instead of working, so that the variable factor in and of
itself begins to be an impediment. Thus, output reverses, and
actually begins to fall. Sometimes, the illustration is used that
if I cram 1,000 students into the classroom with the one fixed
machine, we may not be able to turn out a single, completed
wreath. We’ve really gone backwards using the variable input
factor of student workers!
After this explanation, with the textbook as a reinforcement, we
quickly proceed around the room, considering up to the first
eight students to work on wreaths. Depending on the size of the
class, the students can be picked contiguously, or randomly.
The random approach can serve to keep the students “on their
feet and alert,” if required. Figure III is shown as the final
production numbers from each student being hired.
This point is stressed: all known production systems for goods
or services, anywhere in the world, follow this law. If a student
plans on going into business, either for themselves or to work
for an employer, it’s very wise to understand and appreciate the
importance of this law.
Marginal Returns and Marginal Revenue Product
Students understand that they have to pay a price for any good
or service. So, for this business, the price of each holiday
5. wreath is set at $25 each, no matter how many wreaths are
produced. Thus, each wreath sold has a marginal revenue of
$25, and the average revenue is also $25. Although it’s very
easy to make a classroom case for lowering the price of the
wreaths as the quantity is increased (that is, to follow the law of
demand whereby the demand curve is downward sloping), I
defer this aspect to a later part of the course, where I
demonstrate the concept of economies of scale. Basically at
that point, I inform the class that demand is so strong that we
are knocking down the wall to the adjourning classroom,
doubling the space, adding another machine, and actually
increasing the scale of the operation by 100%. Then, the
question is whether we have achieved an increasing, decreasing,
or constant returns to scale operation. Based on the answer, if
it is decided that we have achieved an increased economy of
scale, I then lower the prices for the holiday wreath. But,
regardless, since the focus of this paper is on marginal revenue
from a single variable factor of production, rather than
considering all factors to be variable as is the case in
considering economies of scale, the product price is assumed to
remain constant at $25.
Given the assumption of a constant price, the students quickly
see that the marginal revenue is, indeed, $25--each wreath sold
brings in $25. From that point, the focus is on each student’s
financial contribution to the business: given the number of
students that might be employed, is each one creating enough
revenue to cover their employment costs? To “get at” that
answer, each of the student employees is asked how much
revenue have they brought in for the company? Intuitively,
again, they recognize that the amount of money they’ve each
brought in must be the price of each wreath ($25), multiplied by
the number of wreaths they produced, at the margin, during the
eight-hour shift. For the first student that produced only six
wreaths, the income brought in was 6 X $25, or $150. This
finding is then used to reinforce the concept of marginal
revenue product (MRP): MRP = MR X MP, or marginal
6. revenue product equals marginal revenue times marginal
productivity. This process is then repeated for all of the eight
students considered in the production of holiday wreaths. As
shown in Figure IV, without any labor costs yet considered and
due only to the law of diminishing returns, the optimal
employment of students is at six. Hiring more or less than that
number will lower the “profit” of $975 per day, or $234,000 per
year, as shown on the chart.
At this point in achieving learning outcomes, the students have
grasped well the law of diminishing returns, the concept of
marginal revenue, and the concept of marginal revenue product.
Marginal Cost
At this point, it now becomes appropriate to ask each student
what they would like to make, given the nature of the tasks
involved in making holiday wreaths. Again, over many classes,
the generally agreed wage is $7 per hour. For an eight-hour
day, the marginal cost to me as the employer becomes $56 per
day. I assume no part-time workers, no sick leave, no paid
vacation, and no benefits whatsoever. Simply, each additional
worker, at the margin, costs $56 per day. Given this new piece
of information so critical to running a successful business, that
is, the variable cost, the question becomes, how many students
should we now hire? At first, most students do not deduce how
to arrive at the correct answer, based on economic reasoning.
When I then ask how much money they must “bring in” to cover
their employment costs, given that my goal is to maximize
profits (that is, I won’t hire them if they cost me more than they
can create in revenue), they begin to see that, as an employer, I
will not hire any more students than those that can cover their
employment costs, through the sale of holiday wreaths that they
helped manufacture, at the margin. Using Figure V as a guide,
the students quickly realize that, given the labor costs I now am
incurring, I would not as a logical and rational employer, hire
any more than five of them. They realize that one of the “free”
7. volunteers is no longer going to be able to remain a part of the
holiday wreath business. In other words, the student “Karl”
cannot cover, at his marginal productivity, his costs of
employment to me.
The students then focus on the fact that profits have declined
from the old figure of $234,000, down to $154,800. This
reflects the added costs of $56 per day for five students, for 240
workdays, plus the loss of $12,000 in revenue from the sixth
student that is no longer working in the company.
To reinforce the learning that a “wise” employer will always
hire employees up to the point where the marginal revenue
product covers each employee’s marginal cost in order to
maximize profits, benefits costs are now added to the analysis.
The students demand health care and a 401-K benefit plan, for
an additional cost of $40 per day for each employed student.
Again, the students are asked to determine how many students
should I hire, given these new costs?
Using Figure VI, it again becomes clear that the optimal level
of employment remains at five students. No one loses their job,
but it is pointed out that the profit drops further, from the
original $234,000 down to the earlier $154,800, and now down
to a new level of $106,800. The latter difference is accounted
for from the additional cost of $40 per student per day, for 240
days.
At this point, the students have achieved critical thinking such
that they know, for a business to succeed, its variable cost
factors (such as student labor in this case) must be covered from
revenue generation by that factor, or the decision to employ that
variable factor of production will not be a good decision.
Minimum Wage Impacts
This illustration becomes quite a learning experience for many
students. Most students, at least in the beginning of explaining
the impacts from raises in the minimum wage, believe that
8. increases are a good thing, either for themselves or for someone
they know (e.g., a friend or relative). For many, working in a
fast-food restaurant or similar business is an underpaid
experience, and increases in the minimum wage are believed to
be justified and indeed, deserved. After the economics are
traced through, the students really begin to understand, ceteris
paribus, that jobs are lost somewhere in the economic system as
a result. This, of course, presumes nothing else is changed;
there is no additional training or education to economically
justify an increased wage.
Using Figure VII to illustrate this principle, the assumption is
made that the minimum wage is increased from the current $7
per hour, to $13 per hour, with the benefits unchanged. One can
always argue with the size of the increase in the wage, but that
is really not relevant to the purpose: any increase in the
minimum wage, without some economic justification, means
that somewhere (maintaining profit margins and so forth), some
costs have to be reduced, and that can only come from the
variable factor that has the increased cost. Thus, jobs are lost.
Further, for the wreath business, profits really fall, from
$106,800 in the prior case, all the way down to $53,760.
Besides having less workers, this has really eroded my
capability or incentive to invent in expanding my business, or
doing research on how better to make holiday wreaths. In the
area of “welfare economics,” this has clearly been a shift from
producer surplus (from the employer), to consumer surplus (the
employees).
Figure VII shows that we incur a 20% reduction in the
workforce. This is a hefty price to pay for a minimum wage
increase, but in my holiday wreath business, I am left with no
choice. Students can argue about getting a more efficient
machine, or training the workers to perform better, or installing
a better computerized way to track demand and materials
inventories, but all of those violate the basic premise: ceteris
9. paribus. On its face, simply put, “there is no free lunch” and
within the economic system, someone’s gain is another’s loss.
Thus, while Renee, Emily, David, and Zack get nice pay raises,
it’s too bad that Malika loses her job.
Students really begin to see the import of raising the minimum
wage from this example. When they do, they usually begin to
ask why government decision makers don’t understand this.
Why is this done at all? Why would any policy maker do
something that causes people to lose their jobs? I point out
that, in many cases, our public policy makers are not
economists. And, additionally, politics can involve many
powerful groups, and some groups such as labor unions may
well be in favor of a raise in the minimum wage. Why? Simply
put, it gives those groups more leverage to fight for increases in
the wage rates for their own specific constituency.
A final, but most important point is made here. To
economically justify an increase in the minimum wage, workers
need to be able to produce more in order to offset the increased
costs. This ability to produce more, in terms of better quality or
more quantities, or perhaps a higher level of goods and services,
can only come from training and education. In the final
analysis, then, by getting an undergraduate degree or a graduate
degree, college graduates have an economic basis for earning
more than a high school graduate. Essentially, salaries should
increase, consistent with the additional education earned.
Impacts from Illegal Immigration
Compared to the minimum wage increase whereby job losses are
incurred (for mostly lower level wage earners), the opposite
extreme is now demonstrated to the class, again using the
holiday wreath business. Ignoring the ethical implications, the
question is asked of the class, what will be the impact if I, as
the business owner, can employ illegal immigrants at a wage
rate of $4 per hour, with no benefits?
Given the assumption of identical productivity levels, that is,
10. illegal immigrants can make holiday wreaths just as well as
college students, no better or worse, Figure VIII reflects that I
should hire six immigrants. This means I can add two workers,
a 50% increase in my workforce, compared to the previous
situation of just having four student employees.
Further, looking at the profit level, I have increased from
$53,760, all the way up to $187,920. This is over a tripling of
profit! Given that I am in the business of maximizing profits,
there is little doubt that I will “lay off” all of the student
employees, and hire the illegal immigrants, again ignoring any
ethical implications and, of course, ceteris paribus.
Summary
At this point, due to the personal involvement of the class, the
students “get it.” They have grasped marginal productivity,
marginal revenue, marginal revenue product, marginal cost,
minimum wage increases and the impacts, and see the illegal
immigration issue as it impacts employment in this country. I
find that by involving each of them in this hypothetical holiday
wreath business, it has gotten “personal” for them.
Consequently, they become empowered in the process, and are
forced to understand better these concepts for their betterment.
It should be noted that this author is in the process of building a
“custom textbook,” working with Cengage Publishing, for a
course in Managerial Economics. The contents of this paper
will be included in that textbook, which should be completed in
time for Fall, 2011, classes.
PAGE
1
Marginal Revenue Product and Optimal Employment
Levels: An Illustration of Student Involvement
11. in the Classroom
Dr. Eugene Steadman, Jr.
Professor of Business Administration
Graduate & Professional Studies Program
Averett University, Danville, VA
7th Annual Economics Teaching Conference
New Orleans, Louisiana
October 27, 2011
Major Areas Covered
Law of Diminishing (Marginal) Returns (MP)
Specialization/Division of Work Tasks
Marginal Revenue (MR)
Marginal Revenue Product (MP X MR)
Marginal Costs (MC, or Marginal Labor Costs)
Optimal Employment Level(s)
Minimum Wage Increase & Impact on Employment Level
Illegal Immigration Impact on Employment Level
Efficiency Wages…and Minimum Wage Debate
A Suggestion to Achieve Better Student Learning Outcomes:
Involve Them in the Decision Process
Put them to work in a hypothetical business: making holiday
wreaths
Involves 10 distinct work tasks, from cutting on a basic
wire/metal bending machine, to painting and drying the support
structure, to mounting all the ornaments, bows, pine cones, etc.,
to quality control, to packing and shipping
12. Figure 1
Work Stations for
Holiday Wreath Manufacture
Arranging
Materials
Maintaining Machine
And Making Support
Structure
Painting and
Drying Support
Structure
Attaching Material
For Mounting
Decorations
Green boughs,
Pine Cones
Nuts Added
Add Flowers
And Red Bows
Spray Reflective
Paint/Flecks on
Selected
Decorations
Quality Control
Packing
Ship Final
Wreath to
Customer
13. Figure 2
Law of Diminishing Returns
Increasing Marginal Returns Up to Inflection Point – Increasing
Slope of Line (Pts A to B to C to D)
Decreasing Marginal Returns Past Inflection Point- Decreasing
but Positive Line Slope (Pts D to E to F to G to H)
Negative Marginal Returns Past Peak Point (H…to I, etc., line
becomes negative slope)
Figure 3
Daily Wreath Production as Function of Variable Labor Input
Factor
Number of Number of Daily Wreath Marginal
Product
Students Machines Output (MP)
0 1 0 0
1/Renee 1 6 6
2/Emily 1 14 8
3/David 1 24 10
4/Zack 1 32 8
5/Malika 1 37 5
6/Karl 1 39 2
7/Ron 1 38 -1
8/Betty 1 35 -3
Points:
1) students estimate daily wreath output levels, as fellow
14. students are employed…Instructor acts as facilitator, providing
insights as needed
2) specialization of labor/division of tasks…is Emily more
productive than Renee, and David more productive than Emily?
Why not hire 3 Davids, and get rid of Renee and Emily?
3) illustrates area of increasing returns (Renee, Emily and
David), area of diminishing returns (Zack, Malika, and Karl),
and area of negative returns (Ron, Betty)
4) important to emphasize that the “diminishing” occurs because
the variable factor begins to overwhelm the fixed factor, the
machine…otherwise, every variable factor would keep
increasing its marginal product for adding several more
students, but the machine has only so much capacity to produce
at the second work station
5) the number of machines is fixed at 1…but, this can be varied
and is best illustrated using “economies of scale” concept
Figure 5
Holiday Wreath Material Costs
MP Order Quantities Av. Cost/Wreath($) Semi-Variable
Material Additional Material Costs
(Note 1) (Note 2) Costs @ Student
MP ($) Per Student Hired ($)
0 0 0 0
0
6 1-10 3.00 18.00 (x 6)
18.00
8 11-20 2.75 38.50 (x 14)
20.50
10 21-30 2.50 60.00 (x 24)
21.50
15. 8 31-40 2.25 72.00 (x32)
12.00
5 Same Same 83.25 (x37)
11.25
2 Same Same 87.25 (x39)
4.00
-1 Same Same 85.50 (x38)
-1.75
-3 Same Same 78.75 (x35)
-6.75
Notes: (1) Quantity (purchasing) discounts allow lower
material costs per unit as more wreaths are produced.
(2) Includes materials (e.g., berries, wire, paint) &
electricity/power costs.
Figure 4
Marginal Revenue and Marginal Revenue Product
Number of Marginal Marginal Daily
Marginal Revenue Add.Material Costs Adjusted
MRP, Less Total Profit/
Students Product (MP) Revenue (MR)* Product = MP
X MR = MRP ($) Per Student Hired ($) Material Costs ($)
Revenue ($)
0 0 wreaths $25/wreath 0 X $25 =
0 0 0
16. 0
1/Renee 6 $25 6 X $25 =
150 18.00 132
132.00
2/Emily 8 $25 8 X $25
= 200 20.50 179.50
311.50
3/David 10 $25 10 X $25
= 250 21.50 228.50
540.00
4/Zack 8 $25 8 X $25
= 200 12.00 188.00
728.00
5/Malika 5 $25 5 X $25
= 125 11.25 113.75
841.75
6/Karl 2 $25 2 X $25
= 50 4.00 46.00
887.75
7/Ron -1 $25 -1 X $25
= -25 -1.75 -23.25
864.50
8/Betty -3 $25 -3 X $25
= -75 -6.75 -68.25
796.25
*Price of holiday wreaths held constant at $25 each. Each
additional wreath creates $25 of revenue/income to the
company. {You could reduce prices as a f (quantity) and
illustrate principle}.
Even though marginal revenue product is decreasing in the area
of diminishing returns, please note that the total revenue
continues to increase up to the point where negative returns
begin
On the basis of just maximizing total revenue, how many
students would you utilize? Answer is 6, where the total
17. revenue is a maximum (assumption is “free” or “volunteer” no-
cost labor).
“Profit” is now $887.75 per day, or $213,060 per 240 days per
year, for a worthy cause. Any more
or less student workers will lower my profit.
How Much Should We Pay Each Student
to Work, Per Hour?
Adding the major variable cost, labor, assume we pay each
student the current federal minimum wage of$7.25/hour, but no
benefits, for 8 hrs/day
How many students should we now hire?
Use the basic rule: go to the point where your marginal revenue
product = your marginal cost. Then, you’ve “squeezed” every
penny of profit that you can get. Each student up to that point
will have “earned their keep” (covered their employment costs,
from the sale of their marginal output produced in concert with
the other production factors)
Will it be the same level of 6 as shown on the previous chart?
Figure 6
Marginal Revenue Product Compared to Marginal Cost
Student Daily
Number Wreaths MP MR MRP Adj. MRP MC Total
Revenue Total Labor Cost Total Profit Added Profit?
0 0 0 $25 $0 $ 0 $0 $0
$0 $0 None
1/Renee 6 6 25 150 132.00 58
$132.00 $58 $74 $ 74.00
2/Emily 14 8 25 200 179.50 58
$311.50 $116 $195.50 $121.50
3/David 24 10 25 250 228.50 58
$540.00 $174 $366.00 $170.50
4/Zack 32 8 25 200 188.00 58
18. $728.00 $232 $496.00 $130.00
5/Malika 37 5 25 125 113.75 58
$841.75 $290 $551.75 $ 55.75
6/Karl 39 2 25 50 46.00 58
$887.75 $348 $539.25 -$12.50
7/Ron 38 -1 25 -25 -23.25 58
$864.50 $406 $458.50 -$80.75
8/Betty 35 -3 25 -75 -68.25 58
$796.25 $464 $332.25 -$126.25
Question: How many students do you hire? Do we stay with
the 6 workers
previously? Answer: Look at the additions to your
profit…to maximize profit,
you go to the point where the lowest additional
profit occurs, i.e., hire just 5
students now. The prior sixth student will now not
be able to cover their wage
cost and will not be offered a paying job! (This is a
16.7% reduction in workers).
My profits are now at $551.75 per day, or $132,420 per 240
days per year. Any more or less
student workers will lower my profit.
Students Protest – They Now Want
Benefits!
Students now demand comprehensive health care benefits, and a
401-K savings plan…costs add up to another $40 per student per
day (about a 40% overhead factor with today’s workforce)
That means my student cost per day is now $58 labor + $40
overhead = $98 per day, per student.
How does that change my employment levels, if at all?
19. Figure 7
Marginal Revenue Product Compared to New Marginal Costs
Student Adj. Marginal New Marginal Total Labor
Added Profit?
Number Revenue Product ($) Cost ($) Cost ($)
($)
0 0 0 0
No
1/Renee 132.00 98 98
34
2/Emily 179.50 98 196
81.50
3/David 228.50 98 294
130.50
4/Zack 188.00 98 392
90.00
5/Malika 113.75 98 490
15.75
6/Karl 46.00 98 588
-52.00
7/Ron -23.25 98 686
-121.50
8/Betty -68.25 98 784
-166.25
Question: How many students do we hire now? Do we stay
with the 5 students we
hired the last time? Yes, at 5 students we are still
adding to our profits, but
at a lower amount per student due to the increased
overhead costs.
My profits are now at $551.75 - $40 X 5 = $351.75 per day, or
20. $84,420 per 240 days per year. Any more or less student
workers will decrease my profit.
Figure 8
What Happens If You Increase the Minimum Wage?
Assume Government Imposes a Higher Minimum Wage of
$9.25/Hour ($74/day) + Benefits ($40/day)
Assuming all else remains equal (e.g., profit margin), what
happens to the level of employment?
Number of Adj.
Students MRP($) MC($) Addition to Profits ($)
Outcome on Students
0 0 0 0
None
1/Renee 132 114 18.00
Renee gets a nice raise
2/Emily 179.50 114 65.50
Emily gets a nice raise
3/David 228.50 114 114.50
David gets a nice raise
4/Zack 188 114 74.00
Zack gets a nice raise
5/Malika 113.75 114 -0.25
Malika loses her job!
6/Karl 46 114 -98.00
No chance of ever hiring Karl (6),
Ron (7), or Betty (8)
Renee, Emily, David, and Zack all get nice pay raises, but our
prior co-worker, Malika, loses her job.
This represents a 20% reduction in my workforce!
21. With 4 employees, my profits are now at $272 per day, or
$65,280 per 240 days per year. Any more or less student
workers
will decrease my profit.
As most economists realize but many students and the public at
large do not, ceteris paribus, increases in the minimum wage
level, particularly in today’s fierce global competitive
environment, will cause job losses, unless increases in
productivity, either through other offsetting costs (e.g., pay
increases are offset by decreased benefit costs) or through
increases in marginal productivity, are adequate to keep the
same number of workers.
This serves to illustrate why training and education to enhance
employee skills and productivity are so important in today’s
economy.
Figure 9
Effect on Employment Levels from Illegal Immigration
What if we can lower wage costs by hiring illegal immigrants at
just $5 per hour ($40/day) and no benefits, but with the same
ability to assemble holiday wreaths (i.e., same productivity),
how many (lower-wage) workers could you hire?
Worker/Student Adj.MRP($) MC($) Addition to Profit($)
Worker Impact
0 0 0 0
No workers, revenue, variable costs
1 132 40 92
Hire Don Jose
2 179.50 40 139.50
Hire Oxana Voicu
3 228.50 40 188.50
22. Hire Don Juan
4 188 40 148
Hire Chow Teng
5 113.75 40 73.75
Hire Dona Marilyn
6 46 40 6
Hire Patty O’Brien
7 -23.25 40 -63.25
Do not hire Roberto Giorio
8 -68.25 40 -108.25
Do not hire Dona Tracey
From the previous level of employment (4), I am able to
increase my workforce by 50% (add two new workers)! (The
other, prior workers all leave and look for better jobs?)
For jobs requiring little to no training, this labor displacement
can occur in many occupations
At 6 employees, my profits now are at $647.75 per day, or
$155,460 per 240 days/year. Any more
or less immigrant workers will lower my profit.
Efficiency Wages, Questions on Whether Increases in Minimum
Wage Levels Cause Unemployment
“Efficiency Wages” are increases in wages, usually designed to
keep specific “high value” or “critical” employees from
leaving…so, in this instance, you have a special case of
increased wages with no job losses, ceteris paribus. But, from
personal experience, this can be explained in economic terms;
i.e., the wage increase is “paid for” by more output/results, or
higher quality results that bring more value or profit to the
company
As noted by Professors Baumol & Blinder in their 12th Edition
of “Economics, Principles & Policy” (2012, Cengage), on page
497 is a policy debate portal on whether the minimum wage
causes unemployment. This “debate” is based on work done in
23. the 1990s by economists David Card and Alan Krueger and
covered in their book, “Myth and Measurement: The New
Economics of the Minimum Wage,” Princeton University Press,
1995. Their research is based on increases in the minimum
wage in New Jersey, Texas, and California fast-food restaurants
(1992, 1991, and 1988, respectively), all of which did not seem
to reduce employment. Their research was the basis for
increases in the federal minimum wage under President Clinton
in 1996, and to some extent for the current minimum wage of
$7.25/hour.
For the first point above, “efficiency wages” are generally
geared to specialized expertise, and not to the unskilled or
lower skilled labor upon which the minimum wage argument is
usually based (as in this presentation). For the second point,
the assumption of ceteris paribus, for me, is violated. When
wages increase and no job losses occur as a result, either profit
margins are reduced; or wage costs are added to the fast-food
menu prices; or the higher wages draw higher-skilled workers
into the restaurant, thereby causing an increase in customer
revenues to cover the costs; or as stated previously, if the same
number of employees are kept, perhaps other benefit coverages
are reduced. But, no matter, you cannot defy the economic fact
that there is “no free lunch.” And, for the labor demand curve,
the law of diminishing marginal utility is intact?
Summary
Involving students and “making it personal” serves to reinforce
several key economic concepts
Relationship of marginal productivity, marginal revenue,
marginal revenue product, and marginal cost interrelationships,
in a business setting with student employees, seems to work
well in achieving student learning outcomes. Test scores in this
area show very good results!
“Eyes are opened” from the impact on employment levels from
(unwarranted) increases in the minimum wage and from illegal
24. immigration
Easier to see, for a profit-driven company, why hiring/laying off
actions, such as those shown in the holiday wreath business, can
and do occur
QUESTIONS: Contact
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