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You are the superintendent of Mt. Rossmoor Community College (MRCC). Mt. Rossmoor Community College is the fifth fastest growing community college in the nation. The college’s student body has grown 24% in the past 5 years largely due to the recent housing boom. Due to budgetary cuts on the state level, state universities will increase the cost of tuition by 8% this year, on top of last year’s increase of 14%. The result is that more students will be “priced out” of the state university system. Many of these same formerly state university students will attempt to satisfy general education requirements at local community colleges, including MRCC, thereby increasing demand for courses. At the same time, however, MRCC’s budget will drop 15% this year due to the state budget crisis. As superintendent, you face some tough choices. Should the college significantly increase fees per unit, or maintain current fee levels by drawing down on its budgetary reserve, knowing that next year will not get better? Should the college increase or reduce course offerings? Should the college pursue furloughs, layoffs, or “golden handshakes?” There is even the question of offering online courses and shuttering buildings on MRCC’s main campus, so as to save on electricity and air conditioning. Please identify the policy problem, detail the policy options, identify stakeholders, and apply your own financial knowledge to make sound and ethical decisions in the public’s interest.
Suppose that Best National Bank currently has $50,000 in demand deposits and $32,500 in outstanding loans. The Federal Reserve has set the reserve requirement at 10%. Reserves? Required Reserves? Excess Reserves?
How does capital investment affect the marginal physical product of labor? Does more college education have the same kind of effect? Which is a better investment?
The opportunity cost of Juan's time is $8 per hour. If Juan receives $2 per pound for his fish, what is the optimal number of hours he should spend fishing.
Elucidate the equilibrium price and equilibrium quantity. Suppose the price is currently $2. What problem exists in the economy? What would you expect to happen to price.
In your own words, and using research sources other than the textbook, distinguish between economic profit and accounting profit. Please cite references
Many antitrust authorities throughout the world have implemented leniency programs target at busting secret cartels. These programs offer immunity from prosecution to firms who blow the whistle on their co-cartel conspirators. Show how the leniency p..
Explain using the labor/leisure model and words, how a progressive income tax will affect the budget constraint of the worker and their behavior or how a tax preference (tax deduction) will affect consumption choices.
If a firm has market power and marginal cost is constant relative to perfect competition:
We do, however, have free trade in corn, which is fermented and distilled to make ethanol, and accounts for approximately 55% of the cost. Elucidate the effective rate of protection on the process of turning corn into ethanol.
Paula is considering going to law school. If she does, she will spend $60,000 on tuition and books to get a college education (during the first time period), $120,000 on tuition and books to get a law degree (during the second time period), and her l..
Compare and contrast the four market structures. Include comments in regards to price setting for profit maximizing, origination of the market structure, and government responses and/or involvements in each type of market structure.
Given a territory and a time range, the gross domestic product is the sum of all the values added. The term value added is open to interpretation. Since the value added of a product or service is its total value minus the value of the intermediate pr..
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