Explain the implications of this wait line model on business operations. What steps need to be taken to optimize wait times without jeopardizing the health of the business?

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Solver Assignment Wait Line Models

No matter the business or the location, wait lines are found in every business and every day. Wait lines exist anywhere and everywhere – from fast-food restaurants and manufacturing operations, to airline passenger boarding and prescription refills. We all have to wait for some good or service. As an example, consider how long it took you to renew your driver’s license. How long did it take you to buy that last-minute loaf of bread? No matter the situation, customers do not like to wait. Granted, we are all locked into the Department of Motor Vehicles, but if possible, customers will move to the competition with fewer wait times. Wait lines must be analyzed and kept to a minimum cycle time. Another tool in the MBA’s Management Science toolbox is the Wait Line Model. The Wait Line problem is a programming tool that is easily solved with the use of Excel and the proper formulas. The Wait Line Model in an Excel template can solve for mean time between customers, time per service, traffic intensity, utilization rate of server, average number of customers waiting in line, average waiting time, and probability of no customers in the system. Before you begin, be sure to watch the video below: https://www.youtube.com/watch?v=EMnDdH8fdEc&feature=emb_imp_woyt

ASSIGNMENT INSTRUCTIONS 

In this assignment, you will use the Excel data analysis tool known as Wait Line Single Server, Infinite Population, Poisson Arrival, Constant Service Time, Unlimited Queue Length tool. To get started, download this Excel file Download download this Excel file. There is no need to set up anything! The Excel file has all the formulas included. You need only to plug in the different values called out below to solve this Wait Line problem. Assume you are in a medical provider’s office and there is a single provider. The waiting room is full. Also, assume that the unit of time is hours, arrival rate of customers per hour is .9, and the service rate is .75 customers per hour. Answer the following questions:

  • What is the mean time between arrivals? Exact time per service? Traffic intensity? Utilization rate of server?
  • Average number of customers waiting in line? Average number of customers in system? Average time waiting in line? Average time in system?
  • Probability of no customers in system?
  • Explain the implications of this wait line model on business operations.
  • What steps need to be taken to optimize wait times without jeopardizing the health of the business?
  • Provide a brief narrative of your wait line analyses, and describe the importance of the use of this tool for business and industry. Insert this narrative as a text box in the Excel file.

 

 

What happened to health care spending in absolute terms and as a % of GDP during the downturns of 2001-02, 2007-09, and 2020?

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Health economics and statistics

Assignment Questions

PART 1. (5 points): Healthcare Spending

Graph (i) health expenditures as a proportion of GDP and (ii) GDP growth on one, clearly-labeled graph. Make sure your axes are labeled and there’s a title on your graph and a source/citation at the bottom. All data should be in nominal (rather than real) terms and should be annual, spanning sixty years from 1960-2020)

What happened to health care spending in absolute terms and as a % of GDP during the downturns of 2001-02, 2007-09, and 2020? Why (use your intuition in 1-3 sentences)

Detailed instructions in case you need them:

Download FRED data on US GDP growth (nominal, not real) and create a graph with a data series labeled “Nominal GDP growth” (in case you cannot find it it’s called Leading Indicators OECD: Reference Series: Gross Domestic Product: Original Series for the United States). This data goes through 2021

Download US GDP (nominal). This data goes through 2021.

Download National Healthcare Expenditure data. This data spans 1960-2020.

Calculate and graph your own formula = “US Health Expenditures as a proportion of GDP”, 1960-2020.

Graph the data in (1) and (4) above on one chart.

Download and submit your excel or R file through Canvas. Make sure your axes are labeled and there’s a title on your graph and a source/citation at the bottom

PART 2. (15 points): Growth Accounting on National Health Expenditures (NHE):

1.Calculate per capita NHE in 1960 and in 2020 (use the FRED population data)

2.Calculate the compound annual growth rate (CAGR) of NHE from 1960-2020

3.Calculate the CAGR for GDP from 1960-2020 and compare to the CAGR for NHE above

4.Calculate the portion (%) of NHE accounted for by the following categories in 1960 and 2020:

A.Hospital expenditures

B.Physician and Clinical Expenditures

C.Prescription Drug Expenditures

D.Nursing Care

E.Home Health Care

  1. Briefly comment (1 sentence) on how those expenditures have changed over time and why

5.Look at the 2 major sub-categories of spend under National Health Expenditures (i.e., health consumption expenditures (HCE) and investment). (Reflection question) Pharmaceutical investment in R&D is on the order of $200 billion and appears to be much larger than government investment in healthcare as shown here. Where or how do you think such investments get captured in accounting for healthcare sector magnitude and growth?

All graphs and calculations for this assignment should be submitted in Sheets, Excel or R.

Use the following data sources and methodology to answer the assignment questions: FRED (GDP; Population; Leading Indicators OECD: Reference Series: Gross Domestic Product: Original Series for the United States)

National Health Accounts Historical

National Health Expenditures CY 1960-2020 – official data from Centers for Medicaid and Medicare Services (CMS)

https://www.cms.gov/Research-Statistics-Data-and-Systems/Statistics-Trends-and-Reports/NationalHealthExpendData/NationalHealthAccountsHistorical

National Health Expenditure Accounts (CMS Methodology)

https://www.cms.gov/files/document/definitions-sources-and-methods.pdf?courseID=158887&assignmentID=878071&skipModuleItemSequence=true

If you aren’t familiar with GDP and how we measure it, there are plenty of good sources, you might google parts of khan academy’s macro course

https://www.khanacademy.org/economics-finance-domain/macroeconomics/macro-economic-indicators-and-the-business-cycle/macro-the-circular-flow-and-gdp/v/examples-of-accounting-for-gdp

 

What would you expect to happen to the price of water as it becomes scarcer and why? Is continued over-pumping of aquifers in America in our best interest? If yes, explain why. If no, explain why not.  Provide thorough explanations. Is access to water a right or a privilege?

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Microeconomics

Pick one of these critical scarce resources:

  • Phosphorus
  • Scandium
  • terbium
  • provide 3 reasons why this resource is so critical along with what the resource is primarily used for.
  • As the availability of the resource decreases, what would you expect to happen to the price of the resource and how will that impact the demand for the resource, and the costs of production of products that rely on that resource?
  • Explain 3 ways the national economy would be impacted by decreased availability of this resource.
  • explain 3 things American companies should do to minimize the negative economic impacts of declining availability of the resource.
  • Explain 3 things the Federal government should do to support the economy as this resource declines in availability.
  1. According to various reports, water scarcity will be a major problem going forward. A particular problem is the over withdrawal of water from groundwater sources.

The theory of rational behavior says that we humans act in our own self-interest. Given our actual behavior and the decisions we have made and continue to make relative to the planet:

  • What would you expect to happen to the price of water as it becomes scarcer and why?
  • Is continued over-pumping of aquifers in America in our best interest? If yes, explain why. If no, explain why not.  Provide thorough explanations.
  • Is access to water a right or a privilege?
  • What are 3 economic consequences of continuing to over withdraw ground water?
  • Explain 3 things American companies should do to minimize the negative economic impacts of declining availability of ground water.
  • Explain 3 things the Federal government should do to support the economy as this resource declines in availability.
  1. Utility Concepts:
  2. Provide 1 example of how utility, marginal utility, and diminishing marginal utility concepts might be applied to the Keystone XL Pipeline project.
  3. The Theory of Consumer Behavior: This material is provided in the slides and audio lecture.
  4. Provide 3 examples of how the CocaCola

Company might use the theory of consumer behavior to enhance its revenue.

  1. Marginal Analysis

Marginal analysis is a decision-making tool. This material is provided in the slides and audio lecture.

  1. define Marginal Cost.
  2. define Marginal Benefit.

iii. Explain the following 3 cases in terms of what you should do regarding the activity involved. Should we do more of the activity, less of the activity, or keep doing the same thing? Explain why in each case.

  1. MB>MC
  2. MC>MB
  3. MC=MB
  4. Explain 1 example of MC related to the Keystone

XL Pipeline project.

  1. Explain 1 example of MB related to the Keystone

XL Pipeline project.

  1. The objective of this question is to help you understand and apply the various concepts related to the Production Possibility Model.

The Production Possibilities Model is one of the first Economic  Models students learn about. refer to the material covered in the topic called The Economizing Problem.

  • explain 2 things the model teaches us.
  • explain each of the 4 assumptions of the model.
  • explain Productive Efficiency and how it relates to the ppc.
  • explain Allocative Efficiency and provide a thorough explanation of the 2-step process for finding the point of allocative efficiency on the PPC.

On the topic of Economic growth:

  • What does it mean and how is it measured?
  • How can it be graphically represented?
  • What are the prerequisites for Economic growth?
  • Why is Economic growth good for you and your country? Please be thorough.
  • Why is Economic growth bad for you and your country? Please be thorough.
  • provide thorough explanation of 3 factors that would tend to limit economic growth. Be sure you explain how those factors would cause economic growth to be limited.

The Presentville – Futureville case:

  1. Explain what motivated each group to make the decisions they made.
  2. Explain the impact of those decisions on the future of each group.
  3. Which group is most like America, and why?
  4. What does this story teach you?
  • Explain how you could use the Production Possibility Model to represent the US Economy during the Corona Virus pandemic.

The Circular Flow Model with Government is another important model for students to understand.

use the material covered in the topic called The Economizing Problem.

  • For info on the Government sector use the material covered in the topic called The US Economy – Private and Public Sectors.
  • explain what the model shows us. Be thorough.
  • List and explain at least 2 of the characteristics of each component of the circular flow model. Be very thorough and provide plenty of detail!
  • Thoroughly explain how each component of the model interacts with the other components – be very thorough – this requires lots of detail! Explain how all of the sectors and markets interact with each other. You can do this as part of your answer to part ( b) if you like but understand that this will require significant detail!

Every country has its own unique type of Economic System.

Consult the material covered in the topic called The Market System.

4 “good” things produced by capitalism

  • list and explain 4 “good” things Capitalism has produced for us over the years. Make sure you provide thorough explanations of why you believe these are “good” things.

Focus only on good things that capitalism has produced.

4 “bad” things produced by capitalism.

  • list and explain 4 “bad” things Capitalism has produced for us over the years. Make sure you provide thorough explanations of why you believe these are “bad”.

Steady flow of resources and expanding markets

Capitalist Economic Systems typically require a steady flow of resources and expanding markets. Please explain in detail what would happen to our American capitalist system if these two conditions are absent and explain why you would expect to see those results.

  1. In the discussion of the Market System, we talked about the characteristics of the Market system and 4 Fundamental Questions that every economic system must answer. use the material covered in the topic called The Market System
  • List and thoroughly and completely explain those 4 fundamental questions and how they are answered.
  1. Why must firms try to employ the most economically efficient production techniques?
  2. For each of the following issues, explain in detail, why they are important to a firm and how a firm might address each one (need to see the detail here):
  3. Optimal plant location
  4. Resource Prices
  5. Resource Productivity
  6. Transportation Costs

Who will get the goods and services?

  • Explain who will get the goods and services

How will the system accommodate change?

  • How will the system accommodate change?

Characteristics of the Market system.

  • Select any 5 of the characteristics of the Market system that we covered and explain each of them. Be thorough!
  • Explain how each characteristic you selected impacts the 1% versus the 99%.

Demand, Supply, Market Equilibrium. use the material covered in the topic called Supply and Demand.

Demand:

  • Thoroughly and completely define demand.
  • State the law of demand.
  • List and thoroughly explain the 3 factors that support the law of demand. Be sure you explain how each supports the law of demand.
  1. Don’t just copy from the slides, explain what they actually mean and how they support the law of demand.
  • List and explain the determinants of demand and how 1. List and explain each of the 5 determinants and how they impact demand.
  • Thoroughly and completely explain the differences between a change in demand and a change in quantity demanded along with the causes of those changes, and how each change is graphically represented.
  • Pick 3 products and explain how the pandemic affected the demand for those products and what happened in the supply chains for those products.

Supply.

  1. Define supply.
  2. State the law of supply.

iii. List and explain the determinants of supply and how each can cause an increase in supply and a decrease in supply.

  1. Thoroughly and completely explain the differences between a change in supply and a change in quantity supplied, the causes of those changes, and how each is graphically represented.
  2. Pick 3 different products and explain how the pandemic affected the supply of those products and what happened in the supply chains of each of those products.

Market equilibrium.

  • thoroughly and completely explain what market clearing equilibrium means and how it happens.
  1. Don’t just copy stuff, explain what this really means. be thorough.
  • Explain how the Covid pandemic shocked the markets for hand sanitizer and sanitizing wipes out of equilibrium and how those markets have returned to equilibrium. Need the details.
  • Thoroughly and completely explain the two government intervention cases, price floors and price ceilings and give examples of each.
  1. Find some applications here The objective of this question is to help you understand the concepts of private goods, public goods, free rider problem, and quasi-public goods.

Public goods vs. Private goods. use the material covered in the topic called The US Economy – Private and Public Sectors

Private goods:

  1. provide a definition of private goods.
  2. explain their characteristics.
  3. give 2 examples of private goods, including why those examples best fit your definition.
  4. explain how private goods impact income inequality.

Trade wars. What are their objectives and what are their effects? Why do they happen? Any case studies?

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International Trade Free trade vs Protectionism

Research proposal:

International trade, Free trade vs protectionism, what is better? Better for what? Why?

Trade wars. What are their objectives and what are their effects? Why do they happen? Any case studies?

 

Are citizens sending too much tax money to Transit organizations? Could transit caps be raised several cents? Could more entities join and raise the cap, and not have it tied to the one penny sales tax? Could cities go to eight and a half percent sales tax instead of two percent?

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Local Sales Tax Cap And How It Affects Public Transit Funding

Include one additional page for citations/references.

This is the research topic: Researching the sales tax cap and how it affects transit funding.

Possible points of interest to talk about in the essay:

  • Are citizens sending too much tax money to Transit organizations?
  • Could transit caps be raised several cents?
  • Could more entities join and raise the cap, and not have it tied to the one penny sales tax?
  • Could cities go to eight and a half percent sales tax instead of two percent?

Raising tax caps gives more flexibility with the cost of service you want for a city, even when the cities are sending too high or a tax percentage for the very little amount of actual services they are receiving.

Could you create a Road and Infrastructure fund for Transportation?

 

Assess an established economic theory or economic policy or treaty that affects more than one country. Write an 8- 12 page argumentative/persuasive research paper.

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Economic Assesment

Your assignment is to assess an established economic theory or economic policy or treaty that affects more than one country. You will write an 8- 12 page argumentative/persuasive research paper.

The paper should cite approximately 5-8 peer reviewed full text journal articles retrieved from ProQuest, BE & T, InfoTrac, and Academic OneFile.

Your paper should integrate at least the following elements:

The presentation of a firm position regarding your stance or theory.

An offering of a strong position using evidence-based argumentation.

An address of opposing points as to present a well-rounded argument controlling personal biases and strengthening your argument while diminishing the opposition’s points.

 

Determine the equilibrium effects of a change in government purchases on consumption, employment, the real wage, and output. Explain your results.

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Equilibrium effects in Government purchases

Determine the equilibrium effects of a change in government purchases on consumption, employment, the real wage, and output. Explain your results.

 

Write a Research Paper on the following topics suggested below. Form a definite opinion and seek to defend their position. Gather facts from periodicals, pamphlets, books, etc..

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Research Paper

Students will write a Research Paper (lessons 28– 61)

The following are some suggested topics for research:

  • Free Enterprise vs. the Command Economy
  • The Increase of Socialism in the American Economy
  • Why Communism Failed in the Soviet Union
  • Should the United States Trade with China?
  • Global Trade: Bilateral vs. Multilateral Trade Agreements.

The paper is to be persuasive; students should form a definite opinion and seek to defend their position. Students should gather facts from periodicals, pamphlets, books, etc., and incorporate this information into an 800–1,000 word paper. A minimum of 5 sources and 30 note cards should be used. (Refer to your Grammar handbook for how to write a research paper.

Use formal language and correct terminology in your discussion of relevant economic concepts, and apply relevant economic tools for problem solving in this real-life imitating simulation.

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Thinking like an Economist

You are one of a few co-owners of a commercial space of 50,000 sq. ft. in the building in downtown of your selected town in the State of NY (name it up front in your assignment). You have to come to a common decision like economists what to do with it now. Some of you run own private single-owned businesses and might find this space useful for your own purpose. So far, you have invested $20,000.00 in the renovation of the building. You have to motivate your decision based on the principles of economics.

Have in mind current market conditions. Use formal language and correct terminology in your discussion of relevant economic concepts, and apply relevant economic tools for problem solving in this real-life imitating simulation. As there might be differences in opinions support your proposal in the assignment with supporting data and include also one-page memo presenting the summary of your recommendation, the way of your thinking adopted, and the decision to be agreed upon. Some extra research would be helpful. You can adopt a real or a mock example if want to work with more details.

Consider and discuss in the assignment, the issues in your decision making process, such as:

  • assumptions
  • trade-offs, values and incentives
  • rational choice
  • marginal changes
  • sunk costs
  • opportunity cost
  • factors of production
  • market forces: demand and supply, market equilibrium
  • possible externalities
  • economic variables that can influence your choice
  • business cycle

 

Are citizens sending too much tax money to Transit organizations? Could transit caps be raised several cents? Could more entities join and raise the cap, and not have it tied to the one penny sales tax? Could cities go to eight and a half percent sales tax instead of two percent?

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Local Sales Tax Cap And How It Affects Public Transit Funding

Include one additional page for citations/references.

This is the research topic: Researching the sales tax cap and how it affects transit funding.

Possible points of interest to talk about in the essay:

  • Are citizens sending too much tax money to Transit organizations?
  • Could transit caps be raised several cents?
  • Could more entities join and raise the cap, and not have it tied to the one penny sales tax?
  • Could cities go to eight and a half percent sales tax instead of two percent?

Raising tax caps gives more flexibility with the cost of service you want for a city, even when the cities are sending too high or a tax percentage for the very little amount of actual services they are receiving.

Could you create a Road and Infrastructure fund for Transportation?