Virtual Team Successes and Stresses

ECOM 201: Introduction to e-Management

Case Study

1439-1440 H

2nd Semester

Virtual Team Successes and Stresses

A Case Study

As widespread as diverse and dispersed teaming is these days, leading a virtual team can be a

challenge. This case study offers ideas on making the best of diverse and dispersed team structures.

Virtual teaming, that is, working on teams whose members are not present in the same location, is

a fact of our modern, globalized business world. Virtual (or diverse and dispersed) teams are

prevalent not only in multinational companies with offices in different countries, but also in

academic and non-governmental institutions with bases across the world. In such team structures,

members often have to communicate and collaborate with others who could be thousands of miles

and many time zones apart.

As widespread as diverse and dispersed teaming is these days, leading a virtual team can be a

challenge. Team leaders need to not only account for practical matters such as scheduling across

time zones, but also technical issues such as varying rates of connectivity and access to

communication platforms. However, one of the biggest factors in creating successful collaboration

among diverse and dispersed teams is culture – specifically, tailoring the team’s mission, plans

and procedures to the preferences of the different cultures represented on the team.

The following is a case study provided by a Cultural Navigator subject matter expert in diverse

and dispersed teaming:https://cas.seu.edu.sa/cas/login?service=https://lms.seu.edu.sa/webapps/bb-auth-provider-cas-BBLEARN/execute/casLogin?cmd=login&authProviderId=_105_1&redirectUrl=https://lms.seu.edu.sa/webapps/portal/frameset.jsp&sessionIdForLogout=5CD337C3E58DD15ECCAFFCFB223ACE53

“A virtual team leader named Rebecca, originally from the United States, recently led a virtual

project team with members from Japan, Mexico, Germany, Korea and the US. Rebecca was

focused on setting the team up for success, and although she deliberately used strategies and tools

made available by her company, she learned some valuable lessons along the way.

“Before initiating the project with a kick-off meeting, Rebecca made sure that everyone filled out

their Cultural Orientations Indicator (COI) assessment to get to know their own work-style

preferences. She then invited all members into a team message board on the Cultural Navigator,

and encouraged them to share their profiles to better understand each other’s work-style

preferences.

“The team was not able to have a face-to-face kick-off meeting, so during their first virtual

meeting, every team member took time to introduce him or herself. The members talked about the

different preferences in their team using the non-judgmental vocabulary of the Cultural

Orientations Approach. At the end of the call, the team agreed on some ground rules for their

upcoming teleconference and then closed the call.

“As the project continued, the team leader noticed that key team members were regularly not

sharing their sales pipelines during their calls as agreed upon. Rebecca used humor during their

sessions to lighten the mood, thinking some of the team members were nervous. However, she

noticed the same people began to skip the calls, and were reluctant to speak when they were in

attendance.”

In the above case study, the team leader Rebecca had done her due diligence in preparing the team

to accommodate different cultural preferences among its members. But then she hit a snag. What

had she done wrong?

The subject matter expert offered this reading of the situation: “In retrospect, Rebecca realized that

even though she had set ground rules, she could have had an individual talk with each member

before finalizing the team structure and processes. Perhaps in those discussions she would have

understood that Woo-jin, her Korean colleague, worked in a strict hierarchical office environment

and had to clear most decisions with his direct supervisor before sending anything to her. Woo-jin

had hoped his team leader realized he did not have this approval, however Rebecca was not aware

of this.

Similarly, the Japanese team member named Kamiko was concerned about the strict data

protection laws in Japan, so she did not feel comfortable sharing her sales pipeline information.

Kamiko had tried to indirectly convey this limitation to Rebecca, who wasn’t able to understand

this message.

As for Rebecca’s use of humor during teleconferences, she did not realize how many cultural

references she was using in her jokes, which her colleagues from outside her own culture had little

understanding of.”

In essence, while Rebecca began the team’s collaboration with most of the components necessary

for success, throughout the project duration, she learned the hard way that cultural mishaps often

stall even the best plan.

While cultural due diligence and careful preparation are necessary components of working with a

virtual team, the team leader and members need to exercise cultural awareness and cultural

competence all along the way.

Though there can be challenges to working in diverse and dispersed teams, they are a fact of

modern work life. The good news is that, when managed well, virtual teams can be as effective

and productive as their traditional equivalents.

Questions:

1. What did the team leader notice during the team meeting (calls) and what did she tried to

do to enhance the situation? (1 marks)

2. What should Rebeca had to do for each virtual worker and why? (1 marks)

3. What were the special situations with the Korean and the Japanese workers? (1 marks)

4. What the virtual leaders and the virtual members need to exercise? (1 marks)

5. How can the virtual teams be as effective and productive as their traditional equivalents?

(1 marks)

Running head: [ Microeconomic Analysis on The Procter and Gamble Company 1

2

Title Page

Part One Milestone Two

1. Three key inputs or factors of production

Three key inputs or production factors involved in the production of Bounty, Charmin, and Puffs products made by Proctor and Gamble are: Land, Capital and Labor.

Land

Land or natural resources is the first key production factor for Bounty. The Cocoa beans extracted from the Cocoa trees are the most important natural resource required for producing chocolate. Land or natural resources fall into the fixed cost category as they do not vary with the change in the production plans. Any natural disaster affecting the Cocoa trees can directly affect Proctor and Gamble’s chocolate production ability (P&G Annual Report, 2018).

Capital

Capital is the second key production input for producing Bounty. The product is made by using different technology, machinery and material components. Some examples of the physical capital include machinery, equipment and building to support the production process. Proctor and Gamble purchases capital components from different sources to produce the product. Capital falls into the fixed cost category as it does not vary with the production (Dean & Kretschmer, 2007).

Labor

Labor is another key production input directly involved in production of Bounty is ‘Labor’. Labor denotes all the physical or mental efforts exerted by humans during the production process. Proctor and Gamble uses internal and external employees to produce and distribute the products.

Laborers work in 35 manufacturing plants across the world (P&G, 2019). Opening manufacturing plants in low cost regions like South Africa and India allows Proctor and Gamble to reduce production costs. It purchases the Cocoa for producing chocolate from small farmers. Taste testers are also involved to ensure the product quality. The overall labor cost is divided into different activities, ranging from purchasing or harvesting cocoa, producing chocolate, distributing and marketing the product. The direct labor can be categorized as variable, whereas, indirect labor (like employees involved in marketing activities) can be considered fixed cost (BSL, 2016).

2. Factors that influence the choice of inputs to produce chosen product

Cost is one of the major factor influencing the choice of inputs to produce the ‘Bounty’. Opening production facilities or outsourcing some production parts can minimize the cost, but lessen the firm’s control over the production process. Whereas, opening production plans near headquarters can result into better control, but will significantly raise the overall production cost. Risk is another factor that may affect decision of opening production facilities in areas with high natural disaster risks and water shortage that may affect cocoa production. Such calamities can delay the production, spoil the dairy products and result into late entrance of new product versions in the market (Cullor, 1997).

The required lead time (as expected by the customers) is another factor that affect the choice of inputs. The volume and variety also influence the input choice of firm as highly skilled labor is required to offer a variety of products along with general machinery and effective control system. Whereas, low product variety requires average skilled labor and automated mass production with special machines. Lastly, the external environmental dynamics influence the choice of production inputs. The changes in the customers’ tastes, increasing health consciousness and use of latest technology influence the production process and requires firms to readjust their labor and capital strategies accordingly (Gregory, 2017).

3. Production decisions based on the analysis of the factors influencing inputs’ choice

It is important to compare the cost and desired control over the production process and make decision by balancing both factors. It can be achieved by opening production facilities in low cost areas and introducing effective control mechanisms by centralizing important processes. The detailed risk analysis will be conducted to identify the internal weaknesses and external threats when opening production facilities in new areas. There are many chocolate product brands and ‘Bounty’ by Proctor and Gamble currently faces tough competition in the consumer market (P&G Annual Report, 2018).

A detailed market analysis needs to be conducted to determine what product variety is desired by customers, and how Proctor and Gamble can fulfil those expectations. The results of market, customer and competitor analysis may result into important modifications in the labor (in terms of skills) and capital (machinery). It will be important to ensure that the production process is not interrupted. Costs and production are interdependent and it is important to attain an equilibrium. Financial analysis of the company will help in deciding how much firm can invest in capital and skills of labor to offer new product variety without facing financial constraints (Dean & Kretschmer, 2007).

Finally, the production decisions will be supported with a detailed consumer preference analysis. The results of consumer preference may result into revising the manufacturing process and re-branding so that the offered product may satisfy the customers’ overall expectations, ranging from taste, packaging, price, branding, distribution and marketing.

References

BSL (2016). Successful Sustainability Strategy: Procter & Gamble Case. Business School Lausanne. Retrieved from: https://www.bsl-lausanne.ch/wp-content/uploads/2017/01/Luca-F-Procter-Gamble-Case-Study.pdf

Cullor, J. S. (1997). Risks and prevention of contamination of dairy products. Revue scientifique et technique-Office international des épizooties16, 472-481.

Dean, A., & Kretschmer, M. (2007). Can ideas be capital? Factors of production in the postindustrial economy: A review and critique. Academy of Management Review32(2), 573-594.

Gregory, L., (May 25, 2017). Procter & Gamble’s Operations Management: 10 Decisions, Productivity. Panmore Institute. Retrieved from: http://panmore.com/procter-gamble-operations-management-10-decisions-productivity

P&G Annual Report (2018). Annual Report- 2018. Retrieved from: https://www.pg.com/annualreport2018/index.html#/

Proctor & Gamble (2019). Official Webpage. Retrieved from: https://www.pgcareers.com/our-locations

Microeconomic Analysis on The Procter and Gamble Company 7

Running head: Microeconomic Analysis on The Procter and Gamble Company 1

Microeconomic Analysis on The Procter and Gamble Company 7

MILESTONE 1

AbstractThe Procter and Gamble Company is an American multi-national consumer goods corporation that was found in 1837. The company makes many different products and have been structured into ten different categories. The category that I will be doing my microeconomic analysis on is Family Care because of the product I chose to elaborate on. The analysis will be on Procter and Gamble’s paper products Bounty, Charmin and Puffs. It will show what key factors of supply and demand affect the production of the product of the company.Keywords: Procter and Gamble, demand, supply, analysis, productMilestone One Part OnePulp is one of the main resources used to produce the paper towels and tissue. “Procter & Gamble today announced it’s planning to raise prices on a lot of its products, including Bounty paper towels and Puffs tissues. One reason for those increases? P&G is having to pay a lot for wood pulp, which is basically what paper towels, diapers and toilet paper are made from.” (Kim,2018) The price of pulp is high in demand and the price of it increased. “If the price of the commodity rises, then it is less demanded by the people, because people finds less utility in the product, and at that much price they can buy the other products having more utility for them. In this way, demand decreases while the supply increases.” (Says, 2017) Due to a high demand in pulp, Procter and Gamble had to increase the price of their products. Even though Procter and Gamble had to increase the price of their products the demand for their products did not decrease as much. There products were still in competition with their competitors. “Price elasticity is a measure of how consumers react to the prices of products and services. Normally demand declines when prices rise, but depending on the product/service and the market, how consumers react to a price change can vary.” (What is price elasticity)“In 2014, the average consumer unit in the United States spent approximately 124 U.S. dollars on paper towels. A survey by Harris Interactive, which was conducted online in November 2014, revealed that 44 percent of Americans purchased name-brand paper products. Bounty Select-A-Size was the second leading paper towel brand in the United States (behind private label) in 2015 with a sales share of over 24 percent. Out of the top ten paper towel brands of 2015, Procter & Gamble (P&G) owned four of them; with the vendor generating sales of over 2.15 billion U.S. dollars.”(Sales)

Non-Price Factors: Demand

Procter and Gamble use advertising as one of the non-price factors that affect the demand. “Branding. Sellers can use advertising, product differentiation, product quality, customer service, and so forth to create such strong brand images that buyers have a strong preference for their goods.” (The non-price determinants of demand) Over the years Bounty advertising slogan have been known as the the “Quicker Picker Upper”. In 2000 Charmin launched the “bear” to be the face for its advertising brand. P&G spends a lot of money on advertising their products for consumers to potentially purchase them. “Procter & Gamble is also one of the biggest spenders in the world when it comes to its advertising campaign. In 2016, the company spent approximately 7.24 billion U.S. dollars. In the United States alone, Procter & Gamble spent 121 million U.S. dollars promoting its Cover Girl brand in 2015.” (Duncan) Available income of consumers is the second non-price factor that affect the demand for Procter and Gamble. “Available income. If the amount of available buyer income changes, it alters their propensity to purchase. Thus, if there is an economic boom, someone is more likely to buy, irrespective of price.” (The non-price determinants of demand) As long as consumers have income available to purchase what they want they can spend a little extra. If something affects a consumer income like the recession that can affect the demand for the product.

Non-Price Factors: Supply1

As stated earlier pulp is raw material for the paper products. Input prices is one of the non-price factors that affect the supply for Bounty, Charmin, and Puff.

The Family Care Products at Procter and Gamble. “Input Prices-If the price of raw materials used in the production of a product goes down, then S will increase, i.e., shift to the right. If the price of inputs increase then S will decrease, shift to the left.” “Since 2016, market prices for hardwood pulp have risen 60% and 20% for softwood. P&G sources both types from the United States and Canada and uses them to make tissue papers and diapers. Growing global demand, particularly in China, and tight supply have pushed up prices, said Arnaud Franco, a senior analyst at the Pulp and Paper Products Council.” (Meyersohn, N. 2018) Government Policies is the second non-price factor that affects the supply. “Government policies can have a significant impact on supply. For example: If the government imposes a subsidy on the good, then S increases while a tax on the goodwill has the opposite effect of decreasing S.”( The Law of Supply, 2017) “The Trump administration has placed 10% on tariffs on Canadian paper and Canada responded by enacting 10% levies on several paper products, including toilet paper. But Franco said tariffs were not currently impacting prices. If China, however, decided to put tariffs on market pulp, US producers could get hurt, Franco said.” (Meyersohn, N.,2018)

Industry and Market Equilibrium.

Bounty and Charmin are brands of Procter and Gamble and this company is in the consumer industry. The products are marketed under their family care brand. Paper Towels and Tissue are household products but in actuality they are used in every day life every where you go. Over the last forty years the use of paper towels has grown more popular. Within 24 hours out of your day over 75% people will use a form paper product in that day. This help Procter and Gamble expand its business in their manufacturing plants. “In 2015, the company’s sales amounted to 69.4 billion U.S. dollars worldwide.

This revenue was generated as a result of Procter & Gamble’s numerous billion U.S. dollar brands within the consumer goods industry.” (Duncan) P&G is huge in the advertising industry as well with their products.

Market Equilibrium is “ the point where quantity demanded and quantity supplied is equal at a given time and price. There is no surplus or shortage in this situation and the market would be considered stable. In other words, consumers are willing and able to purchase all of the products that suppliers are willing and able to produce.” (What is Market Equilibrium) This is a win win situation for both parties. Procter and Gamble was happy because the consumer was able to purchase their products and the consumers where happy they where able to purchase the products. Procter and Gamble introduced new products of the Bounty paper towel. Bounty Essential and Bounty Select A. They are different brands of the Bounty paper towels but it is still Bounty and the demand and the supply for the product is at a balance.

Prediction and Decision.

Being at a constant state is all good but as a company like Procter and Gamble they have to make a profit off of their products. When the demand of material hitting the company I predict that will make the price of materials go up and that will make the product go up. I believe that Bounty and Charmin are one Procter and Gamble leading brands for the the company. If the supply of the product was decrease, I believe that would be a problem. If the product was increased by a small percentage, it should not affect their sales drastically.

References Duncan, E. (n.d.). Topic: Procter & Gamble. Retrieved January 13, 2019, from https://www.statista.com/topics/1625/procter-and-gamble/ Kim, J. (2018, July 31). Strong demand for wood pulp driving diaper, paper towel prices higher. Retrieved January 12, 2019, from https://www.marketplace.org/2018/07/31/sustainability/strong-demand-wood-pulp-driving-diaper-paper-towel-prices-higher Meyersohn, N. (2018, July 31). Pampers and Charmin are getting more expensive. Retrieved January 12, 2019, from https://money.cnn.com/2018/07/31/news/companies/pampers-charmin-bounty-puffs-procter-and-gamble/index.html Sales of the leading paper towel brands of the U.S. 2017 | Statistic. (n.d.). Retrieved January 12, 2019, from https://www.statista.com/statistics/188691/top-paper-towel-brands-in-the-united-states/ S, S., Says, P., & Says, M. G. (2017, April 07). Difference Between Demand and Supply (with Comparison Chart). Retrieved January 12, 2019, from https://keydifferences.com/difference-between-demand-and-supply.html The Law of Supply. (2017, November 09). Retrieved January 12, 2019, from https://www.intelligenteconomist.com/supply/ The non-price determinants of demand. (n.d.). Retrieved January 12, 2019, from https://www.accountingtools.com/articles/what-are-the-non-price-determinants-of-demand.html This statistic shows the brands of paper towels used most often in the United States in 2018. The data has been calculated by Statista based on the U.S. Census data and Simmons National Consumer Survey (NHCS). According to this statistic, 153.31 million Americans used Bounty in 2018. What is price elasticity? Definition and meaning. (n.d.). Retrieved January 12, 2019, from https://marketbusinessnews.com/financial-glossary/price-elasticity-definition-meaning/ .

MBA 502 Final Project Part I Guidelines and Rubric

Overview There are two parts to the final project in this course. For your first project, you will produce an individual microeconomic analysis paper related to a publicly traded company that you will choose from a given list. This paper will equip you with the knowledge and skills required to analyze the effects of microeconomic factors on a company’s supply and demand, product market, production and costs, competitive environment, business strategy, and financial performance. (For your second project, you will produce an individual macroeconomic analysis paper related to the publicly traded company chosen for the first project. The focus of the macroeconomic analysis will be on the United States. You will come away with the knowledge and skills necessary to evaluate how macroeconomic conditions impact a product’s or service’s supply and demand as well as a company’s financial performance. For details of that project, please review the Final Project Part II Guidelines and Rubric document.) In today’s business world, it is vital for companies to carefully assess their markets and competitive environment and operate efficiently. A critical skill for business managers is the ability to effectively assess the effects of microeconomic factors on the supply and demand of a company’s products and services as well as on a company’s business strategy and financial performance. For this first project, you will produce a microeconomic analysis related to a publicly traded company chosen from the following list:

 Apple

 Exxon Mobil

 Johnson & Johnson

 Procter & Gamble

 Wal-Mart Alternatively, you may select a company of your choosing with instructor approval. Instructor approval should be secured through university email. To begin your analysis, you will choose a type of product or service offered by your chosen company, ensuring that this product or service relates to one specific sector in which the company operates (e.g., Apple operates in the tablet industry and the smartphone industry). Next, you will apply microeconomic concepts as well as gather and analyze information related to your chosen company’s supply, demand, market equilibrium, production, costs, and the market structure of the specific industry selected. Finally, you will assess the effects of the industry’s market structure on the company’s business strategy and financial performance. The project is divided into two milestones, which will be submitted at various points throughout the course to scaffold learning and ensure quality final submissions. These milestones will be submitted in Modules Three and Five. Final Project Part I will be submitted in Module Seven. This project addresses the following course outcomes:http://www.apple.com/?afid=p238%7CseIEs444j-dc_mtid_1870765e38482_pcrid_94433985847_&cid=aos-us-kwg-brand-slid-http://corporate.exxonmobil.com/en/http://www.jnj.com/?&utm_source=google&utm_medium=cpc&utm_campaign=J%26J+General&utm_term=johnson%20johnson&utm_content=J%26J+General+-+B%7Cmkwid%7CsLjoe8TvH_dc%7Cpcrid%7C63130254974http://us.pg.com/http://www.walmart.com/

 Determine the extent to which price and nonprice factors affect the supply and demand of a company’s products or services by applying elasticity concepts

 Predict the effect of changes in supply and demand on the market equilibrium for informing business decisions

 Analyze the factors that affect the combination of inputs in the production function of products or services for informing production decisions

 Assess how the type of market structure impacts the business strategies and financial performance of companies for informing business decisions

Part I Prompt Your individual microeconomic analysis paper should respond to the following prompt: Assess how microeconomic variables impact (1) your chosen product’s or service’s supply, demand, market equilibrium, production, and cost; (2) the market structure of the industry in which your chosen company operates; and (3) your company’s business strategy and financial performance. Specifically, the following critical elements must be addressed:

I. Overview: Provide an overview consisting of a brief description of the chosen company and your chosen product or service, including the industry the product or service falls under. You should include key details about the company, including its main products and/or services, number of employees, and annual sales.

II. Supply, Demand, and Market Equilibrium

a) Determine the extent to which the supply and demand of your chosen product or service are sensitive to changes in price by applying the concept of elasticity. In other words, what is the price elasticity of supply or demand for your product or service?

b) Select two nonprice factors that impact the demand of your chosen product or service. Justify your selections. c) Select two nonprice factors that impact the supply of your chosen product or service. Justify your selections. d) Define the industry related to your chosen product or service and the market equilibrium associated with the product or service. e) Predict the effect of changes in supply and demand on the market equilibrium. f) Based on the predicted changes, what decisions related to supply and demand for your product or service would you make?

III. Production and Costs

a) Describe three key inputs (or factors of production) and fixed and variable costs involved in the production of your chosen product or service. One example of an input is machines, which are fixed costs. Keep in mind that all inputs will either fall under fixed or variable cost.

b) Analyze the factors that impact your choice of inputs to produce the chosen product or service. For example, how would a change in the price of raw materials impact the combination of inputs?

c) Based on this analysis, what production decisions would you make? Be sure to support your decisions with examples or data.

IV. Market Structure

a) Determine whether the market structure of the industry in which your chosen company operates is perfectly competitive, monopolistically competitive, oligopolistic, or monopolistic. Justify your response.

b) Assess how the type of market structure impacts your chosen company’s financial performance as measured by performance variables over the past three years. Support your response with data and graphs illustrating two performance variables of your choosing (e.g., sales, net income, stock price) over time.

c) How would possible changes in the industry’s market structure impact your chosen company’s business strategy in the future? Keep your company’s current business strategy in mind in your response.

Milestones Part I Milestone One: Supply, Demand, and Market Equilibrium In Module Three, you will submit the supply, demand, and market equilibrium component of your microeconomic analysis paper. This milestone should be a 2–3- page paper structured as follows: First, it describes the price elasticity of supply or demand for your product or service. Second, it explains how two nonprice factors impact the demand of your chosen product or service. Third, it explains how two nonprice factors impact the supply of your chosen product or service. Fourth, it defines the industry and the market equilibrium associated with the product or service. Fifth, it predicts the effect of changes in supply and demand on the market equilibrium. Finally, it describes the decisions related to supply and demand for the product or service that you would make based on the predicted changes in supply and demand on the market equilibrium. This milestone will be graded with the Part I Milestone One Rubric. Part I Milestone Two: Production and Costs In Module Five, you will submit the production and costs component of your microeconomic analysis paper. This milestone should be a 3–4-page paper structured as follows: First, it describes three key inputs (or factors of production) and fixed and variable costs involved in the production of your chosen product or service. Second, it analyzes the factors that impact your choice of inputs to produce the chosen product or service. Third, it examines the production decisions that you would make based on the analysis of the factors impacting the choice of inputs to produce the chosen product or service. This milestone will be graded with the Part I Milestone Two Rubric. Part I Final Submission: Microeconomic Analysis Paper In Module Seven, you will submit your microeconomic analysis paper. It should be a complete, polished artifact containing all of the critical elements of Final Project Part I, including Sections I and IV, which were not covered in the milestones. The final submission should first determine whether the market structure of the industry in which your chosen company operates is perfectly competitive, monopolistically competitive, oligopolistic, or monopolistic. Justify your response. Second, it should assess how the type of market structure impacts your chosen company’s financial performance as measured by performance variables over the past three years. Support your response with data and graphs illustrating two performance variables of your choosing (e.g., sales, net income, stock price) over time. Finally, your paper should answer the following question: How would possible changes in the industry’s market structure impact your chosen company’s business strategy in the future? Keep your company’s current business strategy in mind in your response. The final microanalysis paper should reflect the incorporation of feedback gained thus far in the course. This submission will be graded with the Final Project Part I Rubric.

Final Project Part I Rubric Guidelines for Submission: Your microeconomic analysis paper should adhere to the following formatting requirements: 5–6 pages, double-spaced, using 12- point Times New Roman font and the most current version of APA formatting.

Critical Elements Exemplary (100%) Proficient (90%) Needs Improvement (70%) Not Evident (0%) Value

Overview Meets “Proficient” criteria and description expertly balances key detail with brevity

Briefly describes the chosen company, product or service, and associated industry, including key details

Describes the chosen company, product or service, and associated industry but has gaps in accuracy or key details or is wordy

Does not describe the chosen company, product or service, and associated industry

5

Supply, Demand, and Market Equilibrium:

Elasticity [MBA-502-01]

Meets “Proficient” criteria and analysis shows keen insight into the factors impacting supply and demand

Determines extent to which supply and demand of chosen product or service are sensitive to changes in price by applying the concept of elasticity

Determines extent to which supply and demand of chosen product or service are sensitive to changes in price by applying the concept of elasticity, but with gaps in accuracy or detail

Does not determine extent to which supply and demand of chosen product or service are sensitive to changes in price by applying the concept of elasticity

7.5

Supply, Demand, and Market Equilibrium:

Nonprice Factors for Demand

[MBA-502-01]

Meets “Proficient” criteria and shows keen insight into how nonprice factors impact the demand of products or services

Selects and logically justifies two nonprice factors impacting the demand of chosen product or service

Selects two nonprice factors impacting the demand of chosen product or service, justifying selections but selection(s) are inaccurate or justification is illogical

Does not select two nonprice factors impacting the demand of chosen product or service and justify selections

7.5

Supply, Demand, and Market Equilibrium:

Nonprice Factors for Supply

[MBA-502-01]

Meets “Proficient” criteria and shows keen insight into how nonprice factors impact the supply of products or services

Selects and logically justifies two nonprice factors impacting the supply of chosen product or service

Selects two nonprice factors impacting the supply of chosen product or service, justifying selections but selection(s) are inaccurate or justification is illogical

Does not select two nonprice factors impacting the supply of chosen product or service and justify selections

7.5

Supply, Demand, and Market Equilibrium:

Industry and Market Equilibrium

[MBA-502-02]

Meets “Proficient” criteria and details demonstrate a nuanced understanding of the characteristics of the industry and market equilibrium

Accurately defines the industry and the market equilibrium associated with the product or service

Defines the industry and the market equilibrium associated with the product or service but with gaps in accuracy

Does not define the industry and the market equilibrium associated with the product or service

7.5

Supply, Demand, and Market

Equilibrium: Predict [MBA-502-02]

Meets “Proficient” criteria and demonstrates a nuanced understanding of the effects of changes in supply and demand on the market equilibrium

Predicts effect of changes in supply and demand on the market equilibrium

Predicts effect of changes in supply and demand on the market equilibrium but with gaps in accuracy or necessary detail

Does not predict effect of changes in supply and demand on the market equilibrium

7.5

Supply, Demand, and Market Equilibrium:

Decisions [MBA-502-02]

Meets “Proficient” criteria and decisions show keen insight into the implications of changes in supply and demand for business decisions

Proposes decisions related to supply and demand for product or service based on predicted changes

Proposes decisions related to supply and demand for product or service based on predicted changes but with gaps in logic or detail

Does not propose decisions related to supply and demand for product or service based on predicted changes

7.5

Production and Costs: Inputs and

Costs [MBA-502-03]

Meets “Proficient” criteria and demonstrates a nuanced understanding of the inputs and types of costs involved in the production of products or services

Describes three key inputs and fixed and variable costs involved in the production of chosen product or service

Describes three key inputs and fixed and variable costs involved in the production of chosen product or service but with gaps in accuracy or detail

Does not describe three key inputs and fixed and variable costs involved in the production of chosen product or service

7.5

Production and Costs: Analyze the

Factors [MBA-502-03]

Meets “Proficient” criteria and demonstrates a nuanced understanding of factors that impact inputs in the production of products or services

Analyzes factors that impact the choice of inputs to produce chosen product or service

Analyzes factors that impact the choice of inputs to produce chosen product or service but with gaps in accuracy or detail

Does not analyze factors that impact the choice of inputs to produce chosen product or service

7.5

Production and Costs: Decisions [MBA-502-03]

Meets “Proficient” criteria and decisions show keen insight into implications of production analysis for business decisions

Proposes appropriate production decisions based on analysis, supporting response with examples or data

Proposes production decisions based on analysis, supporting response with examples or data but decisions are not appropriate based on analysis or lack detail or support

Does not propose production decisions based on analysis

7.5

Market Structure: Determine

[MBA-502-04]

Meets “Proficient” criteria and demonstrates a nuanced understanding of the characteristics of market structures

Determines the market structure of the chosen company’s industry and logically justifies response

Determines the market structure of the chosen company’s industry and justifies response but determination is inaccurate or justification is illogical

Does not determine the market structure of the chosen company’s industry and justify response

7.5

Market Structure: Financial

Performance [MBA-502-04]

Meets “Proficient” criteria and shows keen insight into the effects of the market structure on the company’s financial performance

Logically assesses how type of market structure impacts chosen company’s financial performance, supported by data and graphs illustrating performance variables over time

Assesses how type of market structure impacts chosen company’s financial performance, supported by data and graphs illustrating performance variables over time but assessment has gaps in accuracy, detail, or support

Does not assess how type of market structure impacts chosen company’s financial performance, supported by data and graphs illustrating performance variables over time

7.5

Market Structure: Possible Changes

[MBA-502-04]

Meets “Proficient” criteria and provides keen insight into how changes in industry’s market structure impact business strategies

Logically projects how possible changes in industry’s market structure would impact company’s business strategy

Projects how possible changes in industry’s market structure would impact company’s business strategy but with gaps in logic or detail

Does not project how possible changes in industry’s market structure would impact company’s business strategy

7.5

Articulation of Response

Submission is free of errors related to citations, grammar, spelling, syntax, and organization and is presented in a professional and easy-to- read format

Submission has no major errors related to citations, grammar, spelling, syntax, or organization

Submission has major errors related to citations, grammar, spelling, syntax, or organization that negatively impact readability and articulation of main ideas

Submission has critical errors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas

5

Total 100%

Proposal Assignment

The assignment includes five parts: Outline Proposing a Topic, Evaluation of Sources, Proposal Presentation, Draft of Written Proposal, and Final Written Proposal.

For these assignments, you will present and write a formal proposal. A proposal is an offer to solve a problem or fulfill a business need. The goal is to persuade, and you must be straightforward. It’s important that you analyze your audience and write your proposal to persuade them to accept your ideas. The assignment is complex, with five separate assignments and each builds on the one before it. You are expected to use feedback from each assignment to improve on the next. The assignments are designed to guide you through the development process in writing.

Assignments:

· Topic Proposal – 50 points

· Evaluation of Sources – 30 points

· Proposal Presentation – 100 points

· Draft of Written Proposal – 200 points

· Final Written Proposal – 100 points

Part 1: Proposing Topic for Approval (50 points):

Your specific topic must be approved by your instructor. You cannot submit any subsequent assignments without submitting a topic proposal and getting approval from your instructor.

Your topic proposal will address the following questions:

· What are you proposing?

· To whom are you proposing it?

· What need does the proposal address?

· What are other companies/organizations/schools doing?

Students are encouraged to choose from the following topics:

· Propose an internship program to an existing company

· If you are already in an internship, identify a problem at your company & propose a solution

· Propose a new student service not already offered at Temple

· For example, we now have Cherry Pantry to give students that need it access to healthy food

· Propose a conference for the Fox School to host

· Propose a new LLC (Living Learning Community) for a Temple residence hall

· Propose a student-run business (like STHM & the Saxby’s in Speakman Hall)

· Propose a service-learning project for one of the majors within Fox

· Propose a student-run sustainability program for campus

· Propose a post-college life skills seminar (different from the services that CSPD already provides) – this could be a one-credit course or a special badge on Suitable

Format Requirements:

· No more than one page.

· Use 1-inch margins and 11 or 12-point font.

· Feel free to use brevity tools like bulleted lists.

Part 2: Evaluation of Sources (30 points):

It’s important that you evaluate each source you will use to make sure it’s credible and useful for your purpose. You will submit a list of three sources you plan to use: one source you will use to assess your audience, one source you will use to identify the need/problem, and one source you will use to analyze the market. For each source, include a citation using APA style. You will also address the following to explain what key information you’ll get from the source and why the source is credible:

· A brief summary of the source.

· What are the main arguments/ideas? If someone asked you about the content in this source, how would you answer?

· A brief assessment of the source.

· Analyze why the source is useful and credible. Mention if the source is objective or biased.

· A brief reflection on how/why this source will be used for your proposal.

Note: please see the Purdue OWL’s page on annotated bibliographies for more information at https://owl.english.purdue.edu/owl/resource/614/01/.

Format Requirements:

· Use bullet points to organize your list.

· Use 1-inch margins and 11 or 12-point font.

Part 3: Proposal Presentation (100 points):

Your presentation will include:

· A title slide that includes your name and the title of the proposal

· Definition of the problem/business need

· Give background information to help the reader understand the need for your proposal

· Proposal

· Your idea – make sure to include the who, what, when, where, and why here

· Give details on your approach and qualifications

· Give any needed market analysis here (i.e. what competitors are doing, how your proposal will compare, etc.)

· Implementation Plan/Timeline

· A visual timeline is recommended

· Budget/Initial Costs

· A table or chart is recommended

· The benefits of your solution

· Conclusion

· Restate your main points – tie them all together

· List of References (APA style)

Format Requirements:

· You must use Power Point

· Your PowerPoint should include visual information – not clip art, but visuals that help the audience understand our ideas with ease

· No more than 10 slides (not including title slide and list of references)

· 6×6 rule – no more than 6 bullets on a slide; no more than 6 words in a bullet

· Your presentation will not be more than 10 minutes

· You will not use notes while presenting

Part 4: Draft of Written proposal (200 points):

Your written proposal will include:

· Cover page that includes your name, the title of the proposal, the date, and your instructor’s last name and section number

· Executive Summary

· The executive summary is where you present your case and give the reader the main takeaway of your proposal. Don’t focus on covering every detail. Instead, give an overview of the main points, focusing on the conclusions you want the reader to come to. Tell your solution to the reader’s problem. It should be results oriented and persuasive.

· Your summary should be less than one page.

· Definition of the problem/business need

· Give background information to help the reader understand the need for your proposal

· Proposal

· Your idea – make sure to include the who, what, when, where, and why here

· Give details on your approach and qualifications

· Give any needed market analysis here (i.e. what competitors are doing, how your proposal will compare, etc.)

· Implementation Plan/Timeline

· Budget/Initial Costs

· If applicable, include any forecasted revenues.

· The benefits of your solution

· Conclusion

· Restate your main points – tie them all together

· List of References (APA style)

Format Requirements:

· Your proposal will be no more than 5 pages, not including the reference list or the cover page.

· Use 1-inch margins and 11 or 12-point font.

· Use brevity tools, like section headers, lists, timetables, budget charts, etc.

· At a minimum, you should include a visual timeline (there’s a template for this in Microsoft Word) and a table or chart outlining the budget/costs.

· You should also include other visuals throughout to support other information in your proposal.

Part 5: Final Written Proposal (100 points):

As we’ve been discussing all semester, careful editing is an integral part of the writing process. Now that you have feedback from your instructor, you’ll need to apply it by rewriting your proposal. The rewrite is worth 100 points. If you do not follow your instructor’s feedback, your rewrite grade could be lower than the grade you earned on your draft. If you do not submit a rewrite that includes changes, you will receive a grade of zero.

Employee Incentive Plan for the Away from Home Hotel, South Beach

Mary Smith

Employee Incentive Plan for the Away from Home Hotel, South Beach

November 1, 2018

BA 2196 Section 1 – Professor Jones

EXECUTIVE SUMMARY

Away from Home Hotel, South Beach (AFHSB) has issues surrounding the performance of our front desk talent. Employee happiness has declined, leaving untouched profit potential in the front office since the hotel opened one year ago. I recommend implementing an incentive program for all front desk employees that will assist in increasing sales and hotel occupancy, while also motivating our staff and boosting employee morale. Making this investment in our front desk staff and employing this system will lead to increased productivity, sales, and online customer experience scores. If we do not implement a system to regain employee morale, we risk a reduction in motivation, increased turnover, and untapped profit potential.

NOTE: You will NOT submit an executive summary with your written proposal. You will write an executive summary as a separate assignment, after you’ve received graded feedback on your proposal.

PROBLEM: REDUCED EMPLOYEE PERFORMANCE AND MORALE

Although management provides verbal appreciation and recognition to the staff, we continue to experience employee discontent. After AFHSB’s strong opening one year ago, employee morale and performance has steadily declined based on anonymous staff surveys. In the last six months, we started to experience employee turnover, which increased our employee training costs. Additionally, our online customer experience scores (reviews on TripAdvisor, Hotels.com, etc.) fell below that of our local competitors (see exhibit 1), which affected our occupancy rates. Specifically, the front desk staff voiced the most discontent. They feel underappreciated because we do not offer any kind of commission or recognition.

PROPOSAL: IMPLEMENT EMPLOYEE INCENTIVE PROGRAM

We should implement an employee incentive program for the front desk staff. A reward system to motivate our employees will increase performance and hotel revenue while showing our employees how much we value their hard work.

My solution for the growing issues at the front desk is to develop an incentive program that provides direct benefits to our employees who successfully up-sell and provide great customer service. I conducted an anonymous survey at our last monthly staff meeting to assess what incentives our employees are interested in receiving. According to the survey, the most desired incentives are cash/gift cards, paid days off, and free hotel stays at other Away from Home hotels. Our passionate, customer-oriented staff is our strongest asset. Thus, to provide positive reinforcement and continue to strengthen our team, rewards should be based on a point system or the amount of revenue gained from up-sells, as explained below.

For every up-sell an employee makes, they will receive a commission of ten percent of the total amount made from the upgrade after the revenue is actualized. We will ask employees to complete a form confirming the upgrade, have it signed by the guest, and submit it to management at the end of their shift to receive this compensation.

For every positive name mention employees receive, either face-to-face to management or through verified online reviews, they will receive one point. The point system will operate over a six-month period. Employees must redeem their points before the period is over as points will not roll over into the next six months if not used. I suggest the following point redemption scale:

· 10 points: $20 pre-paid visa gift card

· 25 points: Paid half day off of work

· 50 points: Free two-night stay at another Away from Home location

The employee who earns the highest dollar amount in up-sells will be recognized monthly and the employee that earns the most points will be recognized at the end of the six-month period. The front desk management will post updated rankings of points weekly in the back office as motivation and to keep our staff up to date on the program. The front office manager will also set monthly goals for total revenue through up-sells and total customer service points for the staff to work towards. Finally, the front desk management will track sales goal results and changes in online customer satisfaction surveys to assess the success of the employee recognition.

IMPLEMENTATION PLAN

With the holiday season approaching, we should move quickly so we can take advantage of a heavy travel season. We will provide training during the November staff meeting so that our staff knows how to properly execute an up-sell and to fully prepare our staff for the program. I propose the following timeline (see exhibit 2):

· Create upsell forms and point tracker chart by November 9, 2018.

· Announce the incentive program to staff on November 12, 2018.

· Hold employee training workshops on November 13 & 14, 2018.

· Begin incentive program on November 15, 2018.

· Evaluate early results on January 15, 2019 and compare to last year’s holiday season.

· First six-month period will end on May 15, 2019.

· Evaluate results by May 20, 2019.

BUDGET (see exhibit 3)

The initial cost of $630 includes:

· Three-Hour Training Sessions for 12 employees at $10 per hour – $360

· 1,000 copies of a new upgrade form – $270

Depending on the success of the program, we also need to budget for rewards. Although costs are associated with the rewards, they are awarded when employees meet milestones that will create more revenue. If all 12 front desk employees all earn each reward, the total cost is $4,320. This cost includes:

· $20 gift cards – if all 12 front desk employees earn these, the total cost will be $240

· Paid half days are $40 each (4 hours at $10 per hour) – if all 12 employees earn this, the total cost will be $480

· Free two-night stay (approximately $150 per night) at another Away from Home Hotel – if all employees earn this, the total cost will be $3,600.

BENEFITS OF THE PROPOSAL

This employee recognition program will strengthen employee morale while motivating front desk employees to take on sales related targets and increase customer satisfaction. The minimal cost of implementing this program will be significantly offset by the improvements in employee happiness and increased hotel revenues.

Increased Employee Morale

Initially, the training workshops we will run will increase employee morale by offering them support to succeed from AWHSB. The incentive program is geared to motivate front desk employees to achieve company goals by recognizing individuals who display notable customer service, leadership and high sales capacity. Friendly competition combined with measurable success among front desk employees can increase morale that will contribute to higher customer experience scores online.

Increased Revenues

This incentive program to recognize AWHSB employees’ accomplishments could also reap financial rewards for the company. By incentivizing front desk performance, we can earn higher revenue when employees up-sell our hotel rooms and services to guests upon check-in. Higher customer experience scores can help AWHSB capture more of the market share of nearby hotels.

If we do not take action, we risk higher employee turnover rates, which will lead to high costs for training new employees. Consequently, this program will provide preventative maintenance to ensure that our employees are motivated and happy.

CONCLUSION AND RECOMMENDATIONS

Modern South Beach Hotel should implement the front desk staff incentive program to recognize those employees who go above their normal work responsibly through providing excellent customer service and increasing the sales and occupancy of the hotel through up-selling. This program will resolve our current issues with declining employee morale and untapped profit potential at the front desk. The total cost for this 6-month incentive program is up to $4,950.

Putting this program into effect will increase the overall happiness and morale of our employees by rewarding them for their hard work and showing appreciation. With your approval, I will introduce this incentive program to our staff at the November staff meeting and provide the required training to be ready to begin this program on November 15, 2018. As a result, Away from Home Hotel, South Beach, will maintain quality leaders, diminish turnover rates, increase revenue, and bolster the morale of our team.

REFERENCES

Average Front Desk Clerk Hourly Pay. (2018, September 9). Retrieved from https://www.payscale.com/research/US/Job=Front_Desk_Clerk/Hourly_Rate

Copies and Documents. (n.d.). Retrieved from https://www.staples.com/sbd/content/copyandprint/copiesanddocuments.html

Customer Experience Scores for Boutique Hotels in Miami. (n.d.). Retrieved from http://www.bookings.com

Customer Experience Scores for Boutique Hotels in Miami. (n.d.). Retrieved from http://www.expedia.com

Customer Experience Scores for Boutique Hotels in Miami. (n.d.). Retrieved from http://www.hotels.com

Customer Experience Scores for Boutique Hotels in Miami. (n.d.). Retrieved from http://www.travelocity.com

Customer Experience Scores for Boutique Hotels in Miami. (n.d.). Retrieved from http://www.tripadvisor.com

APPENDIX

EXHIBIT 1 – CUSTOMER EXPERIENCE SCORES

EXHIBIT 2 – TIMELINE

EXHIBIT 3 – BUDGET

DescriptionQuantityCostTotal
Three-hour training session12$30$360
Upgrade forms1,000$0.27$270
$20 gift cardsup to 12$20$240
Paid half daysup to 12$40$480
Free 2-night hotel stayup to 12$300$3,600
Total Cost$4,950

By Nov. 9: Create upsell forms and point tracker chart

Nov. 12: Announce program to staff

Nov. 13 & 14: Employee Training Workshops

Nov. 15: Begin program

Jan. 15: Evaluate early results

May 15: End first six month run of the program

By May 20: Evaluate results

Customer Experience ScoresTripAdvisor Away from Home Hotel South Beach Slumber Hotel Sleep Tight Hotel Hotel Florida South Beach Inn & Suites 7.2 8.2 7.6 8.6 9.0 Hotels.com Away from Home Hotel South Beach Slumber Hotel Sleep Tight Hotel Hotel Florida South Beach Inn & Suites 7.3 8.1 7.7 8.6 8.8 Bookings.com Away from Home Hotel South Beach Slumber Hotel Sleep Tight Hotel Hotel Florida South Beach Inn & Suites 7.6 8.3 7.7 8.5 9.1 Expedia Away from Home Hotel South Beach Slumber Hotel Sleep Tight Hotel Hotel Florida South Beach Inn & Suites 7.2 8.1 7.5 8.7 8.9 Travelocity Away from Home Hotel South Beach Slumber Hotel Sleep Tight Hotel Hotel Florida South Beach Inn & Suites 7.5 8.2 7.6 8.5 9.0

The book:

The book:

https://mises-media.s3.amazonaws.com/The%20Ethics%20of%20Money%20Production_2.pdf?file=1&type=document

Please remember that a reflection paper is not a summary. However, many students find a brief summary before they begin their reflections to be helpful. If this is the case with you then you may opt in for an optional summary before you actually start your reflection. If you chose to do it this way (Summary + reflection) then please use the summary-response format. This means you will summarize the reading under a summary subtitle and then start your reflection under a response subtitle.  Remember: your response reflection paper is 1-2 pages. And its only about ( THE PREFACE &INTRODUCTION) < That is it, not the whole chapter.

Economics

Print Last Name: _______________________ Print First Name: _____________________

Points Earned: _________

ECON120 Homework Problem Set #1 – Spring 2019

For all multiple choice questions, circle the letter of the ONE best answer.

1. (8 points) If people demand more of product A when the price of product B falls, then A and B are:

A. normal goods.

B. substitute goods.

C. complementary goods.

D. inferior goods.

E. None of the answer choices A→D are correct

2. (8 points) When the economy suffers a downturn and the incomes of many people decrease, vacationers are more likely to take car trips than to fly. Which of the following provides one possible explanation for this phenomenon?

A. Air travel and vacation travel by car are complementary goods.

B. Air travel and vacation travel by car are both normal goods.

C. Air travel is a normal good and vacation travel by car is an inferior good.

D. Air travel is an inferior good and vacation travel by car is a normal good.

3. (8 points) Suppose the equilibrium price of good Y is $5 and the equilibrium quantity is 150 units. If the price of good Y is $12:

A. the quantity demanded will be greater than 150 units.

B. the quantity supplied will be less than 150 units.

C. there will be an excess demand for good Y.

D. there will be an excess supply of good Y.

E. None of the answer choices A→D are correct

4. (8 points) The attack on the U.S. in 2001 severely reduced the number of offices available for lease/rent in downtown Manhattan (New York City). At the same time, believing that downtown Manhattan was a known terrorist target caused many businesses in the area to relocate to safer locations. Assuming no other changes in the commercial real estate market in downtown Manhattan, we should expect the lease/rent price for office space and Manhattan to increase. Indicate whether this statement is TRUE or FALSE; and then provide support for your answer.

Print Last Name: _______________________ Print First Name: _____________________

ECON120 Homework Problem Set #1 – Spring 2019

Page 2

5. (14 points – parts A, B, and C) Suppose people who are thinking about buying an existing home (i.e. demanders in the housing market) and current home owners who are thinking about selling their homes (i.e. suppliers in the housing market) suddenly believe that home prices are likely to be significantly lower next year than this year.

5A (4 pts.) Will this change in price expectations for next year cause the demand to purchase existing homes this year to increase or decrease? Explain.

5B (4 pts.) Will this change in price expectations for next year cause the supply of existing homes offered for sale this year to increase or decrease? Explain.

5C (6 pts.) What effect will this change in price expectations for next year have on the price of existing homes this year? Explain.

6. (6 points) Suppose one of your friends offered the following argument:

A rightward shift in demand will cause upward price pressure. The increase in price will cause a rightward shift of the supply curve, which would lead to downward price pressure. Therefore, it is impossible to tell what the overall effect of an increase in demand will have on price.

Do you agree with your friend? If so, explain why? If not, what is the flaw in your friend’s argument?

Print Last Name: _______________________ Print First Name: _____________________

ECON120 Homework Problem Set #1 – Spring 2019

Page 3

7. (8 points parts A→D) For each of parts A→D below, identify which of the following would generate a decrease in the market demand for e-book readers (e.g., Amazon’s Kindle, Barnes and Noble’s Nook, etc.). E-book readers are known to be normal goods. Write your answer in the space below each change in the market. Write YES if you think that the change would decrease market demand for e-book readers; and write NO if you think that the change will not decrease market demand for e-book readers.

7A (2 pts.) An increase in the price of downloadable apps utilized to enhance the e-book

reading experience.

7B (2 pts.) An increase in the number of consumers in the market for e-book readers.

7C (2 pts.) A decrease in the price of tablet devices, which are substitutes.

7D (2 pts.) A reduction in the incomes of consumers of e-book readers.

8. (8 points) Assume the market for smartphones is in equilibrium. Suppose the price of flash memory chips, an input used in manufacturing smartphones, increases. How will the equilibrium price and quantity of smartphones change?

A. The equilibrium price and quantity will both increase.

B. The equilibrium price and quantity will both decrease.

C. The equilibrium price will increase, but the equilibrium quantity will decrease.

D. The equilibrium price will decrease, but the equilibrium quantity will increase.

9. (8 points) In the Midwestern United States, the price of an ear of corn is always lowest in the summer. This seems strange because Midwestern consumers demand more ears of corn in the summer. Explain this observed behavior using the model of supply and demand.

Print Last Name: _______________________ Print First Name: _____________________

ECON120 Homework Problem Set #1 – Spring 2019

Page 4

10. (16 points) The focus of this question is the market for Airbnb property rentals in the State of Hawaii. Assume that the market for Airbnb property rentals in Hawaii is currently in a state of equilibrium. Now assume the two disturbances below happen simultaneously (i.e. at the same time):

· In order to encourage tourism, the government of the State of Hawaii offers Hawaiian homeowners a $100 subsidy (i.e. a payment made to homeowners from the state government) each time they make their home available to tourists for Airbnb rentals.

· In order of offset the state budget shortfall, the State of Hawaii implements a $75 airport tax on all arriving and departing fliers that are not residents of the State of Hawaii.

What are your expectations as to how these two simultaneous disturbances will likely affect the future equilibrium price of Airbnb property rentals and the future equilibrium quantity of Airbnb property rentals (i.e. how do you think the future equilibrium will compare to the equilibrium that existed before the disturbances took place)? To start with, explain how each disturbance, independently, would affect the future equilibrium price and quantity. Provide support for your position. Finally, present your overall conclusion and provide support for your answer.

Print Last Name: _______________________ Print First Name: _____________________

ECON120 Homework Problem Set #1 – Spring 2019

Page 5

11. (8 points – parts A and B) Use the tables below to answer this question about the market for Maine lobsters.

Supply Schedule

Price of lobsters per pound Quantity of lobsters supplied in pounds

$25 800

$20 700

$15 600

$10 500

$5 400

Demand Schedule – United States

Price of lobsters per pound Quantity of lobsters demanded in pounds

$25 200

$20 400

$15 600

$10 800

$5 1,000

Demand Schedule – France

Price of lobsters per pound Quantity of lobsters demanded in pounds

$25 100

$20 300

$15 500

$10 700

$5 900

11A (4 pts.) If Maine lobster catchers can only sell their lobsters in the United States, what is the equilibrium price AND quantity?

11B (4 pts.) If Maine lobster catchers can sell their lobsters in both the United States and France, what is the equilibrium price AND quantity?

UNIT IV CASE STUDY BEM4351

Using APA style, write a case study at least two to three pages in length, double-spaced, in 12-point Times New Roman font, on one of the following two topics. Your case study should be written in paragraph form. Some of the items that you are responding to may have one or two word answers, but please use paragraph form with good transitions and proper grammar to tie all the concepts together in a well-written paper. Please select ONE of the two topics provided below.

Topic 1:

1. Chapter 7 covers drinking water distribution systems. Select a real city with at least 20,000 people (possibly where you live). Contact the water department, review their website, or do other investigations, and write a paper including, but not limited to, at least five of the following items:

1. population served and location

2. water source (e.g., lake, aquifer, other)

3. when the system was first constructed and dates of upgrades

4. types of pipe materials in the system

5. initial cost of the system

6. design water flow rate for the system

7. approximate total length of pipe in the system

8. number of water towers and/or pumping stations

9. Indicate the vertical elevation change from the water treatment plant to the lowest and highest elevation home or business served by the water system.

10. largest pipe diameter in the system

11. problems with the system (e.g., recurring leaks, pipe deterioration, toxic chemical infiltration, chronic low pressure)

12. type of disinfection used and whether or not fluoridation is used

13. special attributes of which the city is especially proud

Topic 2:

2. Chapter 8 covers sanitary sewer systems. Select a real city with at least 20,000 people (possibly where you live). Contact the wastewater department, review their website, or do other investigations, and write a paper including, but not limited to, at least five of the following items:

1. population served and location

2. when the system was first constructed and dates of upgrades

3. types of pipe materials in the system

4. initial cost of the system

5. design wastewater flow rate for the system

6. approximate total length of pipe in the system

7. number of river crossings, inverted siphons (see page 192 of your textbook), and pumping stations

8. largest pipe diameter in the system

9. problems with the system (e.g., recurring leaks, pipe deterioration, overflowing pipes, storm water infiltration)

10. special attributes of which the city is especially proud

UNIT VIII ESSAY BBA2201

In this unit, you examine different types of liabilities. For this assignment, compose an essay that answers the following questions:

What are three main characteristics of liabilities, and why is it important to classify liabilities into short-term and long-term? Include examples of short and long-term liabilities in your response.

Your essay must be at least one page in length. Be sure to include an introduction that gives the purpose of your essay and engages the reader. You must use at least your textbook as a reference, but you may use other resources as needed. Any information from a resource must be cited and referenced in APA style, and your essay should be formatted in accordance with APA guidelines.