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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.
Using an aggregate demand and supply diagram, explain how each of the following scenarios affects the equilibrium price level and aggregate output. Consider first the short-run, then the long-run equilibrium for each scenario.
The largest labor union in the United States represents approximately
Bernice’s preferences can be represented by the utility function, U(x, y) = min{x, y}. She faces prices ($2, $1), and her income is $12. If prices change to ($3, $1), the compensating variation
The price elasticity of demand for urban transit fares has been estimated to lie between -0.1 and -0.6. Based on these results, give an economic argument for raising transit fares. What political arguments might local governments and transit authorit..
Pat and Kris are roommates. They spend most of their time studying (of course), but they leave some time for these favourite activities. Making pizza and brewing root beer they decide to aside 6 hours for these activities. What is the opportunity cos..
Two bookstores are competing for customers. Both bookstores can decide to offer discounts to attract more customers. Bookstore-A has a 30% probability of offering a discount. The probability that Bookstore-B will offer a discount is unknown, and is r..
Derive and plot Hugo"s Engel curve for donuts. Explain how much does his weekly budget have to rise for Hugo to buy one more donut per week.
q1. the happy crystal bank of kowloon lends money to risky businesses. the risk premium it charges on its loans is
You manage MBA Deli which sells meals at a price of $6 each. The average number of meals sold per month is 7,000. MBA Deli would like to increase its sales and profits. The MBAs running the Deli, know that if price is lowered, they will sell more mea..
Canada is a party to the Trans-Pacific Partnership (TPP) deal reached on October 5, 2015. The TPP is a free trade agreement between Australia, Brunei, Chile, Canada, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States, Vietnam an..
What market structure best characterizes the market in which University of Phoenix competes?
Currently a heating unit for a small building is very old and inefficient. The owner is contemplating on replacing it with a variable air volume system that costs $100,000 and will save 450,000 kWh each year. The cost of electricity is $0.06 per kWh...
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