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Description Decisions are made every day in organizations, some are individual and others are group decisions. There are different variables and influencers that affect how decisions are made within a criminal justice organization. Write a paper about decision-making in your organization or one of which you familiar. In your paper include: The power and political elements of your organization. Communication channels within your organization and how you feel they could be improved. One successful and one unsuccessful experience with group decision making. Discuss the factors that affected the group’s overall effectiveness, drawing from concepts in your readings. Include at least two peer-reviewed resources in your paper. Format your paper consistent with APA guidelines.

Description

Decisions are made every day in organizations, some are individual and others are group decisions. There are different variables and influencers that affect how decisions are made within a criminal justice organization.

Write a paper about decision-making in your organization or one of which you familiar. In your paper include:

The power and political elements of your organization.

Communication channels within your organization and how you feel they could be improved.

One successful and one unsuccessful experience with group decision making.

Discuss the factors that affected the group’s overall effectiveness, drawing from concepts in your readings.

Include at least two peer-reviewed resources in your paper.

Format your paper consistent with APA guidelines.

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Uncategorized

Robert Plant has preferences represented by the utility function U(X, Y) = XY/10, where X is the number chocolate bars he consumes and Y is the number of bananas he consumes. (i) (a) On a graph paper, sketch the locus of points that Robert finds indifferent to having 40 chocolate bars and 5 bananas. (b) John Bonham has preferences represented by the utility function V (a, b) = 10a2b2, where a is the number chocolate bars that he consumes and b is the number bananas that he consumes. On a second graph paper, sketch the locus of points that John Bonham finds indifferent to having 40 bars of chocolate and 5 bananas. (10 marks)

Resit Coursework 1 for EC2013
Academic Year 2020 – 2021
The coursework includes two parts: Part A and Part B.
In part A, there are three questions. You are supposed to answer all three questions.
Each question is worth 20 marks.
In part B, there are two questions. You choose one of the two questions to answer.
Each question is work 40 marks.
Part A: Answer all THREE questions. Each question is worth 20 marks.
1. Robert Plant has preferences represented by the utility function U(X, Y) = XY/10,
where X is the number chocolate bars he consumes and Y is the number of bananas
he consumes.
(i) (a) On a graph paper, sketch the locus of points that Robert finds indifferent to
having 40 chocolate bars and 5 bananas. (b) John Bonham has preferences
represented by the utility function V (a, b) = 10a2b2, where a is the number chocolate
bars that he consumes and b is the number bananas that he consumes. On a
second graph paper, sketch the locus of points that John Bonham finds indifferent to
having 40 bars of chocolate and 5 bananas. (10 marks)
(ii) Are Robert’s preferences convex? Are John’s? What can you say about the
difference between the indifference curves you drew for Robert and those you drew
for John? How could you tell this was going to happen without having to draw the
curves? (10 marks)
2. The utility function of a consumer is given by:
U = (X+1)0.5Y0.5 , X, Y ≥ 0.
Where ln represents the natural logarithm. Suppose that the consumer has a fixed
money income of M units and must pay fixed prices px and py for each unit of X and
Y, respectively. Moreover, MUx =0.5(X+1)-0.5Y0.5 and MUy= 0.5(X+1)0.5Y-0.5.
(i) Obtain the Marginal Rate of Substitution and demand functions of the two goods
(10 marks).
(ii) What are the characteristics of the individual demand function for x? What is its
aggregate counterpart, and what is its economic importance? (10 marks)
3. Every week Jimmy spends a total of £200 buying two goods, luxuries (L) and
necessities (N). He obtains utility (U) from these goods according to the rule U(L, N)
= 10 + L + 10N− N2. Suppose that Jimmy pays £10 for each unit of L and £20 for
each unit of N and that he is a utility-maximiser. MUL = 1 and MUN = 10-2N.
(i) (a) Define the Marginal Rate of Substitution (MRS) as MRS ≡ dU/dL ÷ dU/dN).
Calculate its value at the bundle (L =0 and N =4) and at (L = 1 and N = 4). (b) By
referring to a graphic illustration of the above calculations or otherwise, argue that an
increase in my budget will have no effect on my consumption of N if I am already
consuming 4 units of N. (10 marks)
(ii) Calculate my optimum choice of L and N if instead I have £40 to spend. Fully
explain your answer. Explain the method above for finding out Ivan’s optimal
consumption bundle. To do that, consider what happens when the consumption
choice changes. (10 marks)
Part B: Answer ONE of the TWO questions. Each question is worth 40 marks.
4. Minnie enjoys dessert by eating chocolate cake (C) and apple pie (P) according to
the utility function U = Min [C, P]. In any given week, Minnie spends £20 to purchase
these two products. Assume that Minnie is a utility maximiser and has to pay 50p for
a unit of apple pie and £2 for a unit of chocolate cake.
(i) Consider the bundle C = 20 and P = 5. Is this the utility maximizing choice subject
to Minnie’s budget? (10 marks)
(ii) Suppose that Minnie chooses the exact bundle that maximizes her utility. How
would the utility maximizing choice of C be affected if price of P went up? (10 marks)
(iii) Explain under which conditions the tangency condition does not work. Given that
the tangency condition does not work, discuss how we can find out the optimal
consumption bundle for a consumer. (20 marks)
5. When Katerina goes running, she can either take water (W) or coconut water (C)
with her to drink. She believes coconut water is three time more hydrating than plain
water. Katerina just cares about the hydrating power of the drink.
(i) Can Katerina’s utility function be represented by U(W,C) =3C + W? (10 marks)
(ii) Given U(W,C) =3C + W, Katerina has £28 pounds to spend on these two drinks.
If a bottle of water costs £1 and a bottle of coconut water costs £2, what is Katerina’s
optimal choice? Note that MUw = 1 and MUc=3. (10 marks)
(iii) Explain under which conditions the tangency condition does not work. Given that
the tangency condition does not work, discuss how we can find out the optimal
consumption bundle for a consumer. (20 marks)

 

 

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The post Robert Plant has preferences represented by the utility function U(X, Y) = XY/10, where X is the number chocolate bars he consumes and Y is the number of bananas he consumes. (i) (a) On a graph paper, sketch the locus of points that Robert finds indifferent to having 40 chocolate bars and 5 bananas. (b) John Bonham has preferences represented by the utility function V (a, b) = 10a2b2, where a is the number chocolate bars that he consumes and b is the number bananas that he consumes. On a second graph paper, sketch the locus of points that John Bonham finds indifferent to having 40 bars of chocolate and 5 bananas. (10 marks) appeared first on Apax Researchers.