Question 3 The problem of limited commitment is also a problem of efficiency of the country's legal system. Suppose that if a consumer does not repay his debt then he is subject to a fine equal to v (summarizing the legal efficiency of the system), independently of the debt amount that is lower than y' - t and it cannot be avoided by the consumer. A part from this, 3 The problem of limited commitment is also a problem of efficiency of the country's legal system. Suppose that if a consumer does not repay his debt then he is subject to a fine equal to v (summarizing the legal efficiency of the system), independently of the debt amount that is lower than y' - t and it cannot be avoided by the consumer. A part from this, we are in the world of limited commitment. 1. Discuss the behaviour of banks in this environment 2. Compute and draw the intertemporal budget constraint of the con- sumer 3. Are consumer ricardian? Explain carefully in which case the Ricardian Equivalence applies and which it does not 4. Suppose that the government implements a reform that gives more power to the banks to enforce debt repayment, increasing v. What are the consequences for the consumer choices and welfare?

Suppose the government is considering a policy to reserve some land for a national park. Assume that the estimated one-time cost (period O) cost for a policy option is $200,000. The benefits start from period 1 and is worth $75,250 each year onwards. That is, benefits at Period 1 $75,250; Period 2 = $75,250; Period 3 = $75,250. = a) Assuming a discount rate of 5%, should the policy be enacted? (Hint: you need to discount using the formula and you may round (1 + r)' your answer). (5 points) 1 b) Assuming a discount rate of 10%, should the policy be enacted? (Same hit as above). (5 points)

Find a vector a with representation given bythe directed line segment AB. DrawAB and the equivalent representationstarting at the origin.a) A(-2,-2), B(5,3)b) A(4,0,-2), B(4,2,1)

14.1 Match the terms in the left column with their definitions from the right column: 1. Bill of materials a. A factor that causes costs to change 2. Operations list b. A measure of the number of good units produced in a period of time c. A list of the raw materials used to create a finished product 3. Master production schedule 4. Lean manufacturing d. A document used to authorize removal of raw materials from inventory 5. Production order e. A cost accounting method that assigns costs to products based on specific processes performed 6. Materials requisition f. A cost accounting method that assigns costs to specific batches or production runs and is used when the product or service consists of uniquely identifiable items 7. Move ticket g. A cost accounting method that assigns costs to each step or work center and then calculates the average cost for all products that passed through that step or work center 8. Job-time ticket h. A document that records labor costs associated with manufacturing a product 9. Job-order costing i. A document that tracks transfer of inventory from one work center to another 10. Cost driver j. A document that authorizes manufacture of a finished good 11. Throughput k. A document that lists the steps required to manufacture a finished good 1. A document that specifies how much of a finished good is to be produced during a specific time period 12. Computer-integrated manufacturing m. A production planning technique that is an extension of the just-in-time inventory control method n. A production planning technique that is an extension of the materials requirement planning inventory control method o. A term used to refer to the use of robots and other IT techniques as part of the production process

11.60 Consider the flow of air through the piping system shown in Fig. P11.60. If the system is choked, determine the location where the Mach number is 1. Calculate the pressure ratio pb/Po, that causes choking in this system. 100 in 100 in Pв PO то 4 1.5 in diameter 1 in diameter Short nozzle 0.0030 in 1.5 in pipe 0.0035 in 1 in pipe

The worldwide market share for the Chrome web browser was 56.43% in a recent month. Suppose that you decide to select a sample of 100 students at your university and you find that 60 use the Chrome web browser. a. Use the five-step p-value approach to determine whether there is evidence that the market share for the Chrome web browser at your university is greater than the worldwide market share of 56.43%. (Use the 0.05 level of significance.) b. Suppose that the sample size is n = 600, and you find that 60% of the sample of students at your university (360 out of 600) use the Chrome web browser. Use the five-step p-value approach to try to determine whether there is evidence that the market share for the Chrome web browser at your university is greater than the worldwide market share of 56.43%. (Use the 0.05 level of significance.) c. Discuss the effect that sample size has on hypothesis testing. d. What do you think are your chances of rejecting any null hypothesis concerning a population proportion if a sample size of n = 20 is used?

Find the magnitude of the resultant force and the angle it makes with the positive x-axis. (Let a = 26 lb and b = 12 lb. Round your answers to one decimal place.) Find the magnitude of the resultant force and the angle it makes with the positive x-axis. (Let a = 26 lb and b = 12 lb. Round your answers to one decimal place.)