PLEASE READ CAREFULLY:Managerial Economics: A Problem Solving Approach. In addition, you are required to complete Group Problem G17‐1: Uncertainty. As you are evaluating your current company, address the following decisions in your response (500‐750 words):
Prepare this assignment according to the guidelines found in the APA Style Guide, located in the Student Success Center. An abstract is not required.
Course Code | Class Code | Assignment Title | Total Points | |||||
ECN-601 | ECN-601-O501 | Problems: Chapter 17 | 75.0 | |||||
Criteria | Percentage | 1: Unsatisfactory (0.00%) | 2: Less Than Satisfactory (74.00%) | 3: Satisfactory (79.00%) | 4: Good (87.00%) | 5: Excellent (100.00%) | Comments | Points Earned |
Content | 90.0% | |||||||
Chapter 17 Problem 17-2 | 30.0% | Chapter 17 Problem 17-2 is not included. | Chapter 17 Problem 17-2 does not include supporting detail. | Chapter 17 Problem 17-2 is complete and correct and includes supporting detail. | Chapter 17 Problem 17-2 is extremely thorough with substantial supporting detail. | |||
Chapter 17 Problem 17-6 | Chapter 17 Problem 17-6 is not included. | Chapter 17 Problem 17-6 is incomplete or incorrect. | Chapter 17 Problem 17-6 does not include supporting detail. | Chapter 17 Problem 17-6 is complete and correct and includes supporting detail. | Chapter 17 Problem 17-6 is extremely thorough with substantial supporting detail. | |||
Chapter 17 Group Problem G17-1 and Decision-Making Responses | Chapter 17 Group Problem G17-1 and decision-making responses are not included. | Chapter 17 Group Problem G17-1 and decision-making responses are incomplete or incorrect. | Chapter 17 Group Problem G17-1 and decision-making responses do not include supporting detail. | Chapter 17 Group Problem G17-1 and decision-making responses are complete and correct and include supporting detail. | Chapter 17 Group Problem G17-1 and decision-making responses are extremely thorough with substantial supporting detail. | |||
10.0% | ||||||||
Mechanics of Writing (includes spelling, punctuation, grammar, language use) | 5.0% | Surface errors are pervasive enough that they impede communication of meaning. Inappropriate word choice or sentence construction is used. | Frequent and repetitive mechanical errors distract the reader. Inconsistencies in language choice (register) or word choice are present. Sentence structure is correct but not varied. | Some mechanical errors or typos are present, but they are not overly distracting to the reader. Correct and varied sentence structure and audience-appropriate language are employed. | Prose is largely free of mechanical errors, although a few may be present. The writer uses a variety of effective sentence structures and figures of speech. | Writer is clearly in command of standard, written, academic English. | ||
Paper Format (use of appropriate style for the major and assignment) | 3.0% | Template is not used appropriately or documentation format is rarely followed correctly. | Appropriate template is used, but some elements are missing or mistaken. A lack of control with formatting is apparent. | Appropriate template is used. Formatting is correct, although some minor errors may be present. | Appropriate template is fully used. There are virtually no errors in formatting style. | All format elements are correct. | ||
Documentation of Sources (citations, footnotes, references, bibliography, etc., as appropriate to assignment and style) | 2.0% | Sources are not documented. | Documentation of sources is inconsistent or incorrect, as appropriate to assignment and style, with numerous formatting errors. | Sources are documented, as appropriate to assignment and style, although some formatting errors may be present. | Sources are documented, as appropriate to assignment and style, and format is mostly correct. | Sources are completely and correctly documented, as appropriate to assignment and style, and format is free of error. | ||
Total Weightage | 100% |
17-2
In the final round of a TV game show, contestants have a chance to increase their current winnings of $1 million to $2 million. If they are wrong, their prize is decreased to $500,000. A contestant thinks his guess will be right 50% of the time. Should he play? What is the lowest probability of a correct guess that would make playing profitable?
17-6
The HR department is trying to fill a vacant position for a job with a small talent pool. Valid applications arrive every week or so, and the applicants seem to bring different levels of expertise. For each applicant, the HR manager gathers information by trying to verify various claims on resumes, but some doubt about fit always lingers when a decision to hire or not is to be made. What are Type I and II decision error costs? Which decision error is more likely to be discovered by the CEO? How does this affect the HR manager’s hiring decision?
G17-1
Describe a decision your company has made when facing uncertainty. Compute the expected cost and benefits of the decision. Offer advice on how to proceed. Compute the profit consequences of the advice.
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