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According to a July 12 article by the New York Times Editorial Board, China was recently given a "sweeping legal defeat over its claims to the South ChinaSea" when a five-judge tribunal in the Hague declared that "under the United Nations Convention on the Law of the Sea, China had no legal basis to claim historic rights over most of the waterway, which is rich in resources and carries $5 trillion in annual trade."
a) Why is government intervention (in this case the existence of the Law of the Sea) required for dealing with valuable natural resources, such as the South China Sea? Demonstrate and explain.
b) What is the most efficient way to manage such natural resources? How does this address the issue identified in (a)? Explain.
Consider what you do for work on a day-to-day basis. Given what you do, do you consider yourself to be some form or fashion of a salesperson? Why? Why not?
Inn at Penn has 200 rooms. For regular-fare customers, rooms are priced at $300 per night while the rooms are priced at $600 per night for the high-paying customers who generally arrive at the last minute. What should the protection level for the hig..
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Samuel Smith's company wants to establish an assembly line to manufacture its new product, the iStar phone. Samuel's goal is to produce 60 iStars per hour. What is the theoretical minimum for the number of workstations that Samuel can achieve in th..
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