Hospitality Hotels forecasts monthly labor needs.(a) Given the following monthly labor fi gures, make a forecastfor June using a three-period moving average and a fi veperiod moving average. Month Actual ValuesJanuary 32February 41March 38April 39May 43 (b) What would be the forecast for June using the naïvemethod?(c) If the actual labor fi gure for June turns out to be 41, whatwould be the forecast for July using each of these models?(d) Compare the accuracy of these models using the meanabsolute deviation (MAD).(e) Compare the accuracy of these models using the meansquared error (MSE).

Hospitality Hotels forecasts monthly labor needs.(a) Given the following monthly labor fi gures, make a forecastfor June using a three-period moving average and a fi veperiod moving average. Month Actual ValuesJanuary 32February 41March 38April 39May 43 (b) What would be the forecast for June using the naïvemethod?(c) If the actual labor fi gure for June turns out to be 41, whatwould be the forecast for July using each of these models?(d) Compare the accuracy of these models using the meanabsolute deviation (MAD).(e) Compare the accuracy of these models using the meansquared error (MSE).

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter21: Unemployment

Section: Chapter Questions

Problem 11RQ: If you an? out of school but working part time, are you considered employed or unemployed in U.S....

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JosephmigratedtoCanadafromGhana5yearsago.Hecurrently works in sales but is considering quitting work for two years to earn an MBA degree. His current job pays $40,000 per year (after taxes), but he could earn $55,000 per year (after taxes) if he had an MBA. Tuition is $10,000 per year, and the cost of an apartment near campus is equal to the $10,000 he is currently paying. His discount rate is 6 percent per year. He just turned 48 and plans to retire when he turns 60, whether or not he earns his MBA degree. Based on this information, should he go for an MBA degree? Explain carefully with appropriate calculations.
Suppose that in the year 2010, Celestial Electronics planned toproduce 950,000 units of its portable GPS devices. Of the950,000 it planned to produce, a total of 25,000 units wouldbe added to the inventory at its new plant in Florida. Alsoassume that these units have been selling at a price of $100each and that the price has been constant over time. Supposefurther that this year the firm built a new plant for $5 millionand acquired $2.5 million worth of equipment. It had noother investment projects, and to avoid complications,assume no depreciation.Now suppose that at the end of the year, Celestial had produced950,000 units but had only sold 900,000 units and that invento-ries now contained 50,000 units more than they had at thebeginning of the year. At $100 each, that means that the firmadded $5,000,000 in new inventory.a. How much did Celestial actually invest this year?b. How much did it plan to invest?c. Would Celestial produce more or fewer units next year? Why
17. Suppose that the monthly marginal
Nimbus, Inc., makes brooms and then sells themdoor-to-door. Here is the relationship between thenumber of workers and Nimbus’s output during agiven day:Workers OutputMarginalProductTotalCostAverageTotalCostMarginalCost0 0 ____ ________ ____1 20 ____ ________ ____2 50 ____ ________ ____3 90 ____ ________ ____4 120 ____ ________ ____5 140 ____ ________ ____6 150 ____ ________ ____7 155 ____ ____a. Fill in the column of marginal products. Whatpattern do you see? How might you explain it?b. A worker costs $100 a day, and the firm has fixedcosts of $200. Use this information to fill in thecolumn for total cost.c. Fill in the column for average total cost. (Recallthat ATC T 5 C Q/ .) What pattern do you see?d. Now fill in the column for marginal cost.(Recall that MC TC 5 D ∆ / Q.) What patterndo you see?e. Compare the column for marginal productwith the column for marginal cost. Explain therelationship.f. Compare the column for average total costwith the column for marginal cost. Explain…
Given the gellowing hypothetical data on ingut (x) amd tätal Physical Pro duct (TPP) oy xZ corperation. Input (x) Tatal Physical Prě du ct (TPP) Average Physi cal Product CAPP) Marginal Physical Pro du ct (MPP) 3 4 14 3.5 4 24 4 8. 32 4 4 10 38 3.8 3 12 42 3.5 2 14 44 3.14 1 44 2.75 18 42 2.33 -1 20 30 1.5 - 6
You are HR di, ector for a growing law firm in Tampa, Florida, which cu."ently has need of writing 30 legal briefs every hour. Each of your company's attorneys can write on average five briefs per hour. You are consid ring hiring four paralegals to shoulder the load; each pa alegal is a bit slower than the attorneys and can write on average only 2.5 briefs per hour. You scan the current wages in the Tampa area and notice that the attorneys in your company earn the local occupational median wage of $41.64 per hour, but that the prospective four paralegals will likely want to get paid their local occupational median wage of $23.66 per hour. a. Would /our company save money in the writing of the 30 legal briefs by hiring the four paralegals and firing some attorneys? b. The local Tampa Paralegal Union has observed that the Bureau of Labor Statistics projects that employment of paralegals over the next decade will rise considerably faster than the employment of lawyers…
23 Ofal unempyt rtetatiies mi a everstate the antf unyleymet by incleding partime workers inthe cal hi understale the a f unmployt by echaing pei worken in the tio to enentate the ant of unmplet becae of the prence of "d ed workes whe wm actively weking emplyment. di understate the amot of unemployt hecae of he prenee of raged" wke whe are ttively seking emleymt.
If you an? out of school but working part time, are you considered employed or unemployed in U.S. labor statistics? If you are a full time student and working 12 hours a week at the college cafeteria are you considered employed or not in the labor force? If you are a senior citizen who is collecting social security and a pension and working as a greater at Wal-Mart are you considered employed or not in the labor force?
My ans is C..... Dont know how D... Please show calculation
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Be the production function Q (K, L) - : (K} +213), that depends on the quantitiess Used from inputs Kand L; and be the point (K, L) = (1,2). (a) What is the effect on the production of an increase of a unit in the amount used of INPUT L, L, Other things being equal?? (b) What is the effect on the production of an increase of 1% in the amount used of INPUT L, Ceteris paribus?
Covid-19 backed by Lockdown generated many economic anomalies. The weeklychange in the price of the mask in a town is given below.Time March1 stweekMarch2 ndweekMarch3 rdweekMarch4 thweekApril1 stweekApril2 ndweekApril3 rdweekApril4 thweekMay1 stweek Price(₹)100 150 175 200 200 175 70 50 50Forecast the Expected price of Mask for the 2 nd week of May.Strangely the Actual price of Mask in the city in the 2 nd week of May was 10 rupees.State at least four economic reasons why your calculated Expected price of Mask didnot match the Actual price of Mask.Now assume when the price of the Mask was 200 rupees per unit 5 lakh customersbought it. As the price reduced to 50 rupees only 1 lakh customers bought it.Calculate elasticity of demand and state which laws of economics are violated in thiscase, and how?