Globale Economy Essay 2 Example | Topics and Well Written Essays - 500 words

Globale Economy 2 - Essay Example olders are the genuine or genuine proprietors of the organization and they have put resources into the association along these lines scientists and business analysts urge the plan to augment the venture made by the investors. The subsequent methodology is partner free enterprise in which all gatherings that have their stake in the association ought to be given significance and not simply the investors. All gatherings that could be affected by the activities of the association or their activities could impact the association are alluded to as partners. Since in producing benefits, there are different gatherings included other than the investors, for example, representatives and the executives of the association, merchants, providers and individuals in the general public and government, along these lines the idea of partner private enterprise empowers augmenting the estimation of partners as opposed to simply financial specialists. The methodology of state possession is otherwise called the administration proprietorship as in this methodology the legislature has the dynamic power. The idea driving state proprietorship approach is that the administration would settle on choices as indicated by the advantage of the general monetary state of the nation and techniques would be planned to address the issues of the general public (Clarke and Kohler, 40). Likewise this would demoralize urging private firms to charge significant expenses and procure more benefits. Partner free enterprise is the best way to deal with augment the since a long time ago run financial execution of the firm on the grounds that in this methodology, not just the investors of the organizations are considered yet every gathering that has something in question with the association would be given significance. Since an association doesn't work in disengagement and various gatherings are influenced by its activities in this way the methodology of partner free enterprise ought to be energized. Workers are the ones who help the association to develop and win benefits in this way it is significant that they ought to be engaged with the top managerial staff paying little mind to what

Project Report communication barrier at 2 sister foods group Essay

Venture Report correspondence boundary at 2 sister nourishments bunch scunthorpe - Essay Example Representative execution decreases forcefully and businesses lose the worker certainty in light of correspondence obstructions. Insufficient verbal and non verbal correspondence brings about sharpness and a noteworthy hole between the workers and managers. Correspondence obstructions must be recognized all together for viable correspondence to occur. In the food business, business forms intensely depends on correspondence. Understanding correspondence hindrances prompts upgrading correspondence. This paper targets examining the correspondence hindrances at 2 sisters Food gathering and recognizing how correspondence can be improved in a multicultural association. The examination additionally targets calling attention to the effects of correspondence boundaries to the efficiency of the business and general activities. Correspondence hindrances influence the connection among businesses and representatives. The food business part utilizes a critical number of individuals. The accomplishm ent of the business depends of correspondence adequacy. In this unique circumstance, correspondence is seen as important collaboration among the individuals in an association. This connection brings about the importance being seen and comprehended by the gatherings. This procedure can be hindered by an assortment of obstructions coming about to business disappointments. Improved correspondence relies upon the disposal of the correspondence hindrances. The writing audit is devoted to having a more profound and better comprehension of different speculations and models that control the wonder of correspondence. It could in this way be said that the writing audit is being attempted as a type of theoretical structure on correspondence to have a superior comprehension of existing models of correspondence and choosing the most suitable model that can be organized at 2 Sisters Foods Group Scunthorpe. After an intensive examination of different models of correspondence, the constructionist model is

Autocratic Leadership Characteristics, Pros, Cons

Autocratic Leadership Characteristics, Pros, Cons May 20, 2019 Autocratic leadership, also known as  authoritarian leadership, is a  leadership style characterized by individual control over all decisions and little input from group members. Autocratic leaders typically make choices based on their ideas and judgments and rarely accept advice from followers. Autocratic leadership involves absolute, authoritarian control over a group. Like other leadership styles, the autocratic style has both some benefits and some weaknesses. While those who rely on this approach to heavily are often seen as bossy or dictator-like, this level of control can have benefits and be useful in certain situations. When and where the authoritarian style is most useful can depend on factors such as the situation, the type of task the group is working on, and characteristics of the team members. If you tend to utilize this type of leadership with a group, learning more about your style and the situations in which this style is the most effective can be helpful. Verywell / Hugo Lin Characteristics of Autocratic Leadership Some of the primary characteristics of autocratic leadership include:?? Little or no input from group membersLeaders make almost all of the decisionsGroup leaders dictate all the work methods and processesGroup members are rarely trusted with decisions or important tasksWork tends to be highly structured and very rigidCreativity and out-of-the box thinking tend to be discouragedRules are important and tend to be clearly outlined and communicated Benefits Can make decisions quickly, especially in stress-filled situations Clear chain of command, oversight Good where strong, directive leadership is needed Drawbacks Discourages group input Can impair morale and lead to resentment May impair or ignore creative solutions and expertise from subordinates Benefits of Autocratic Leadership The autocratic style tend to sound quite negative. It certainly can be when overused or applied to the wrong groups or situations. However, autocratic leadership can be beneficial in some instances, such as when decisions need to be made quickly without consulting with a large group of people. Some projects require  strong leadership  to get things accomplished quickly and efficiently. When the leader is the most knowledgeable person in the group, the autocratic style can lead to fast and effective decisions. The autocratic leadership style can be useful in the following instances:?? It can be effective in small groups where leadership is lacking. Have you ever worked with a group of students or co-workers on a project that got derailed by poor organization, a lack of leadership and an inability to set deadlines? If so, the chances are that your grade or job performance suffered as a result. In such situations, a strong leader who utilizes an autocratic style can take charge of the group, assign tasks to different members, and establish solid deadlines for projects to be finished. These types of group projects tend to work better when one person is either assigned the role of leader or simply takes on the job on their own. By setting clear roles, assigning tasks, and establishing deadlines, the group is more likely to finish the project on time and with everyone providing equal contributions. It can also be used well in cases where a great deal of pressure is involved. In situations that are particularly stressful, such as during military conflicts, group members may prefer an autocratic style. This allows members of the group to focus on performing specific tasks without worrying about making complex decisions. This also allows group members to become highly skilled at performing certain duties, which is ultimately beneficial to the success of the entire group. Manufacturing and construction work can also benefit from the autocratic style. In these situations, it is essential that each person have a clearly assigned task, a deadline, and rules to follow. Autocratic leaders tend to do well in these settings because they ensure that projects are finished on time and that workers follow safety rules to prevent accidents and injuries. Downsides of Autocratic Leadership While autocratic leadership can be beneficial at times, there are also many instances where this leadership style can be problematic. People who abuse an autocratic leadership style are often viewed as bossy, controlling, and dictatorial. This can sometimes result in resentment among group members. Group members can end up feeling that they have no input or say in how things or done, and this can be particularly problematic when skilled and capable members of a team are left feeling that their knowledge and contributions are undermined. Some common problems with autocratic leadership:?? This style tends to discourage group input. Because autocratic leaders make decisions without consulting the group, people in the group may dislike that they are unable to contribute ideas. Researchers have also found that autocratic leadership often results in a lack of creative solutions to problems, which can ultimately hurt the group from performing. Autocratic leaders tend to overlook the knowledge and expertise that group members might bring to the situation. Failing to consult with other team members in such situations hurts the overall success of the group. Autocratic leadership can also impair the morale of the group in some cases. People tend to feel happier and perform better when they feel like they are making contributions to the future of the group. Since autocratic leaders typically do not allow input from team members, followers start to feel dissatisfied and stifled. How Can Autocratic Leaders Thrive? The autocratic style can be beneficial in some settings, but also has its pitfalls and is not appropriate for every setting and with every group. If this tends to be your dominant leadership style, there are things that you should consider whenever you are in a leadership role.?? Listen to team members. You might not change your mind or implement their advice, but subordinates need to feel that they can express their concerns. Autocratic leaders can sometimes make team members feel ignored or even rejected, so listening to people with an open mind can help them feel like they are making an important contribution to the groups mission.Establish clear rules. In order to expect team members to follow your rules, you need to first ensure that these guidelines are clearly established and that each person on your team is fully aware of them.Provide the group with the knowledge and tools they need. Once your subordinates understand the rules, you need to be sure that they actually have the education and abilities to perform the tasks you set before them. If they need additional assistance, offer oversight and training to fill in this knowledge gap.Be reliable. Inconsistent leaders can quickly lose the respect of their teams. Follow through and enforce the rules you have established.Recognize success. Your team may quickly lose motivation if they are only criticized when they make mistakes but never rewarded for their successes. A Word From Verywell While autocratic leadership does have some potential pitfalls, leaders can learn to use elements of this style wisely. For example, an autocratic style can be used effectively in situations where the leader is the most knowledgeable member of the group or has access to information that other members of the group do not. Instead of wasting valuable time consulting with less knowledgeable team members, the expert leader can quickly make decisions that are in the best interest of the group. Autocratic leadership is often most effective when it is used for specific situations. Balancing this style with other approaches including  democratic  or transformational styles can often lead to better group performance.

Zora Neal Hurston Integrates Folklore with Fiction Essay...

Zora Neal Hurston integrates folklore with fiction in her works. Zora Neale Hurston was an author during the time of the Harlem Renaissance who won Anisfield-Wolf Book Awards. She wrote a number of books but â€Å"Their Eyes Were watching God† was by far her most successful book that she has written. â€Å"Their Eyes Were watching God’† was published in 1937 had fifty-two editions and had a rating of 109,737. This was not only the most successful book that she had written but it was also one of the most popular books of her time. That may have been her most successful book she wrote but it is the same as all of her other fiction books with uses folklore in them witch is because of her background. It all started with â€Å"Jonahs Gourd Vine†Ã¢â‚¬ ¦show more content†¦Notasulga is a town in Alabama with a population of 916. If you’ve ever been in a small the south more important a town in Alabama you know they are very traditional. Her family move d to Eatonville, Florida, one of the first all-black towns in the United States witch was very traditional. She he was the fifth out of eight kids and her parents were John Hurston and Lucy Ann Hurston. Her father John Huston was a Baptist preacher and her mother Lucy Ann Huston was a school teacher. In my opinion this was the main reason she was very educated, religious and folklore. In addition she was very interested in other people, other counties’, and other communities’ folklore witch she also displayed in her work. In her book â€Å"Tell My Horse† she writes about accounts of the weird mysteries and horrors of voodoo in Haiti and Jamaica. This is a picture of ceremonies and customs and superstitions because it is based on Hurstons personal experiences in Haiti and Jamaica. Times Book Review said, Strikingly dramatic, yet simple and unrestrained an unusual and intensely interesting book richly packed with strange information. Next Zora Neale Hurston wrote â€Å"Dust Tracks on a Road† published in1942 this book is actually an autobiography that explains her child hood. Therefore she talks about how she was how she is the daughter of the Mayor

Monopoly and Marginal Cost - 3383 Words

Practice Questions and Answers from Lesson III-3: Monopoly Practice Questions and Answers from Lesson III-3: Monopoly The following questions practice these skills: ïÆ' ¼ Explain the sources of market power. ïÆ' ¼ Apply the quantity and price affects on revenue of any movement along a demand curve. ïÆ' ¼ Find the profit maximizing quantity and price of a single-price monopolist. ïÆ' ¼ Compute deadweight loss from a single-price monopolist. ïÆ' ¼ Compute marginal revenue. ïÆ' ¼ Define the efficiency of P = MC. ïÆ' ¼ Find the profit-maximizing quantity and price of a perfect-price-discriminating monopolist. ïÆ' ¼ Find the profit-maximizing quantity and price of an imperfect-price-discriminating monopolist. Question: Each of the following firms possesses market power.†¦show more content†¦They are thinking about making the movie available for download on the Internet, and they can act as a single-price monopolist if they choose to. Each time the movie is downloaded, the ir Internet service provider charges them a fee of $4. The Baxter brothers are arguing about which price to charge customers per download. The accompanying table shows the demand schedule for their film. Price of download Quantity of downloads demanded $10 0 $8 1 $6 3 $4 6 $2 10 $0 15 a. Calculate the total revenue and the marginal revenue per download. b. Bob is proud of the film and wants as many people as possible to download it. Which price would he choose? How many downloads would be sold? c. Bill wants as much total revenue as possible. Which price would he choose? How many downloads would be sold? d. Ben wants to maximize profit. Which price would he choose? How many downloads would be sold? e. Brad wants to charge the efficient price. Which price would he choose? How many downloads would be sold? Answer to Question: a. The accompanying table calculates total revenue (TR) and marginal revenue (MR). Recall that marginal revenue is the additional revenue per unit of output Pric e of download Quantity of downloads TR MR demanded $10 0 $0 $8 1 $8 $8 $6 3 $18 $5 $4 6 $24 $2 $2 10 $20 $-1 $0 15 $0 $-4 b. Bob would charge $0. At that price, there would be 15 downloads, the largest quantity they can sell. c. Bill would charge $4.Show MoreRelatedManagerial Economics Chapter 9 Essay1641 Words   |  7 Pagesbecause The marginal revenue curve for a perfectly competitive firm is the same as its demand curve. Perfectly competitive firms should produce the quantity where The difference between total revenue and total cost is as large as possible. Profit for a perfectly competitive firm can be expressed as (P-ATC) x Q , where P is price, Q is output, and ATC is average total cost. A student argues: â€Å"To maximize profit, a firm should produce the quantity where the difference between marginal revenueRead MoreEconomics1291 Words   |  6 PagesProblem Set 9 (75 points) 1. A student argues, If a monopolist finds a way of producing a good at lower cost, he will not lower his price. Because he is a monopolist, he will keep the price and the quantity the same and just increase his profit. Do you agree? Use a graph to illustrate your answer. The argument is incorrect. As the graph shows, a reduction in marginal cost will cause a monopolist to reduce his price. 2. Economist Harvey Leibenstein argued that the loss of economic efficiencyRead MoreStarbucks Vs. Google Market Structure Essay1639 Words   |  7 Pagescompetition, oligopoly, and monopoly. Every product ever produced comes from one of these four market structures. The one thing that all of these market structures have in common is the profit-maximizing rule. No matter what you product you make, every firm has a desire to produce where marginal revenue from selling the good is equal to the marginal cost of producing the good. Every firm should keep producing as long as the marginal revenue is greater than marginal cost. Once they reach a point whereRead MoreThumb Rule of Pricing722 Words   |  3 Pages10.1 MONOPOLY A Rule of Thumb for Pricing Chapter 10: Market Power: Monopoly and Monopsony We want to translate the condition that marginal revenue should equal marginal cost into a rule of thumb that can be more easily applied in practice. To do this, we first write the expression for marginal revenue: Copyright  © 2009 Pearson Education, Inc. Publishing as Prentice Hall †¢ Microeconomics †¢ Pindyck/Rubinfeld, 7e. 9 of 50 10.1 MONOPOLY A Rule of Thumb for Pricing ChapterRead MoreEssay about Monopoly of Petroleum: OPEC1037 Words   |  5 PagesMonopoly of Petroleum: OPEC Images Not Included A monopoly is evident where a firm is the sole seller of its product and if its product does not have close substitutes, as discussed in (Gans J., King S. Mankiw A. 2003). This essay will discuss the monopoly of petroleum by The Organization Of Petroleum Exporting Countries (OPEC), particularly how it controls the price of petrol, threats to its monopoly and the social costs involved. OPEC was established in the 1960s and ever since, SaudiRead MoreMaximizing Profits in Market Structures Paper1129 Words   |  5 Pagesof firms that are competing in that market, along with factors such as: the ways in which these firms are alike or different, and the obstacles that exist in any new firms entering that market. In this report I will discuss Competitive Markets, Monopolies, and Oligopolies. I will point out what role each of the market structure play in the economy. This report will list the characteristics of each market structure. I will share how the price is determined in each market structure in terms of maximizingRead MoreMonopoly and Perfect Competition1045 Words   |  5 Pages ADP11/12/EX/MBA/0916 What is the difference between monopoly and perfect competition? Firm under perfect competition and the firm under monopoly are similar as the aim of both the seller is to maximize profit and to minimize loss. The equilibrium position followed by both the monopoly and perfect competition is MR = MC. Despite their similarities, these two forms of market organization differ from each other in respect of price-cost-output. There are many points of difference which are notedRead MoreMultiple Choice1387 Words   |  6 PagesChapter 15 Monopoly 1. Monopolies use their market leverage to a. charge prices that equal minimum average total cost. b. attain normal profits in the long run. c. restrict output and increase price. d. dump excess supplies of their product on the market. ANSWER: c restrict output and increase price. SECTION: 1 OBJECTIVE: 1 2. If government officials break a natural monopoly up into several smaller firms, then a. competition will force firms to attainRead MoreExam Guide Econs1039 Words   |  5 Pagestotal cost function C = 640 + 20Q. What is the profit-maximizing level of output? What are profits? Graph the marginal revenue, marginal cost, and demand curves, and show the area that represents deadweight loss on the graph. 3. In question 2, what would price and output be if the firm priced at socially efficient (competitive) levels? What is the magnitude of the deadweight loss caused by monopoly pricing? 4. Show that if a firm is a natural monopoly, a government policy that forces marginal costRead MoreThe Price of Diamonds Is Too High The price of diamonds has been controlled, up until recently, by1700 Words   |  7 Pagesdiamond industry. It both created and lost the most powerful monopoly in history. 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Degrading a Famous Work of Art Free Essays

Degrading a famous work of art. â€Å"As the painting fame spread. It was inevitable that the icon would attract the iconoclast and be debunked. We will write a custom essay sample on Degrading a Famous Work of Art or any similar topic only for you Order Now The main pioneer was Marcel Duchamp† (Sassoon, p. 265). Marcel Duchamp (1887-1968) was known as an artist with a sense of humor, who also claimed that art could made out of anything at all, and getting famous in about 1917. He promoted Dadaist ideas that we can see it clearly through his art style, a little bit violent to the traditional art. He created the new thought on the original one by changing a little bit some figures on the work under the new title and show different point of view. Marcel Duchamp referred L. H. O. O. Q as a readymade or assisted readymade which he did not make it. He transformed Mona Lisa work in about 1919, and titled with L. H. O. O. Q meaning â€Å"She has a hot ass† in French. Marcel Duchamp took a cheap postcard of Mona Lisa, and sketched a beard and moustache on her face with implying meaning that she is man; the one in the picture is portrait of real man. In addition, he really cared about Leonardo Da Vinci’s life time. Besides, Duchamp had psychoanalyzed Leonardo sexual life to art, and argued Leonardo Da Vinci was homosexual. As a criticized artist, Marcel Duchamp somehow discovered he hidden self-portrait points on the picture along with his researches about Leonardo Da Vinci’s art life works and then disclosed the secrets behind the painting. The other word, Marcel Duchamp considered that Mona Lisa is a portrait of Leonardo Da Vinci. This is the answer why Duchamp gets more famous in his life of art. The idea has shocked a lot of people that they never thought about, and with this later on, Leonardo sexuality had been researched continuingly. Until now, with the modern technology, Lilian F. Schwartz compared Leonardo portrait on Mona Lisa theme in 8 steps variations first from Leonardo turn to become Mona Lisa, we can explore the this idea more closely. However, whatever the rumors are, in the fact, the paintings fame now has been spreading all over the world. Mona Lisa has been talked about, written about, copied, and even parodied. Positively or negatively, we all agree that all the criticized comments, ideas show that everyone is really cared about this masterpiece, and the mystery behind it. Leonardo Da Vinci is a greatest artist ever who has big influence to the world art and inspire later generation artist. Degrading a Famous Work of Art By angelianl 234 How to cite Degrading a Famous Work of Art, Papers

The Professor Proposes free essay sample

There were so many different rings of different variations that he quickly became overwhelmed. The professor realized that there would need to be research and more effort put into the process of buying his girlfriend an engagement ring. In order for the professor to get the best ring for the best price he needed to know more about the different types of rings. There were terms that the professor has never considered before like â€Å"the four C’s: Color, cut, carat and clarity. † Other things he realized he needed to consider was who the ring was certified by along with the type of polish and symmetry. Taking all the characteristics and factors into consideration the professor went off and did his research. The professor felt more knowledgeable about shopping for not just the engagement ring but the perfect diamond. After learning about the different factors when it came to buying an engagement ring the professor took in all the information and got a quote for a ring that he felt he connected with. We will write a custom essay sample on The Professor Proposes or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page His next concern that arose was what he should be paying for that ring in order for him to not overpay. He concluded his research by doing additional research on the diamond wholesalers. Problem As a typical man the professor assumes that the first step in his engagement was going to be the easiest. Little did he know how much went into purchasing the best engagement stone for his girlfriend. He quickly reazized how much research he needed to do after going into the first jewelry store. The issue was him understanding the different charasterics such as: * Carat weight * Cut * Color * Clarity * Polish * Symmetry * Certification Next, the other issue was whether a quote the professor was given was a good deal or not. Research When making a big purpose like buying expensive diamonds it is very wise to make sure to see a certification from labs like Gemological Institute of America (GIA), American Gemological Society (AGS), European Gemological Laboratories (EGL) and International Gemological Institute (IGI). There are other small labs that can be found most often ran and located in jewelry stores. When purchasing a diamond it is more reliable to see a certification from a larger laboratory to ensure that you are not getting ripped off. It is important to get the most for your money. Even more importantly you want to be certain that you are purchasing what you think you are, since there are so many easy ways that jewelers can fool you. In order to make a wise decision on purchasing a ring you should find an honest jeweler. When you have a jeweler that you can trust they will be willing to help you find what you are looking for and be honest about it. It is also smart to print sample certificates for when you are shopping for diamonds to use a reference to see if the certificate a jeweler gives you is real. The main lab reports that you should look at and consider when buying a diamond is from GIA, AGS, EGL, and IGI. They are the most reputable, dependable and knowledgeable labs that you should go by. It is important to be aware that there are independent jewelers looking to rip you off when buying a diamond. Diamonds are not cheap and you don’t want to purchase one that you are not certain is what the jeweler says it is. If a diamond does not come with a lab certificate it is not worth spending the money on for the risk that it is not what you are being promised it is. Small diamond laboratories exist for the purpose of making the store’s inventory look more valuable that what it really is. The small labs are most often owned by the local jewelry store. They are not very knowledgeable and accurate like the GIA lab. It is not very smart to go by these small labs they are ran to make the jewelry store pieces look more profitable than they really are. The Professor Proposes: Dummy Variable for all Alphabetic data In order to be able to use the software StatTools to help calculate the data for the professor’s rings it was important to change any alphabetical data to numerical data. The categories that I created dummy variables for were color, cut and clarity. I kept my numbers simple so that I wouldn’t end up confused later on. The carat and price columns already came in numbers so I left those categories alone. It took a while to change each individual cell from alphabetical to numerical. It was worth the effort since that way the software could calculate the information for me and display it in a manner that was easy to analyze. Figure 1: Dummy Variables Dividing the Database and Suggesting Better Stone Options Next I divided the database into 3 different categories. The first category consisted of the original data. The second and third categories were the less and more expensive ring options. I used $2,000 as the break off number since the professor said earlier on in this process that he was planning on spending $2,000-$4,000 on a ring for his girlfriend. I took every ring option from stone 207 which cost $1,988 and less and put that into my less expensive category. Following the less expensive category I created the more expensive category. This category started at $2,031 and went up since the professor said he would spend between $2,000-$4,000. This category consisted of stone #’s 208-440. The ring that the professor was quoted on was comparable to stones 394 and 395. The quoted ring was only seems like a better option since it had better clarity. The clarity of the quoted ring was a level 8 which was better than the level 10 clarity that stones 394 and 395 had. Now comparing the carats of the stones option 394 was 1. 01 carats, stone 395 was 1 carat, while the quoted ring was 0. 9 carats. Stone option 395 had an excellent cut while stone 394 had a good cut. The quoted ring had a very good cut. In this case I would not go with the quoted ring. I would go with stone option 395 since it had a better and excellent cut and the carat weighed 0. 1 more than the quoted stone. For the price the bigger carat is worth looking at with a better cut. Analyzing the less expensive rings went with stone option #206. The carat weight was very fair for the price. I keep the carat size in consideration while realizing that this stone’s color was in the J-K category meaning that it was faint yellow. If the stone was in any category higher than a 3 meaning it w ould be more yellow I would not have considered it. With the clarity being a 10 (I1) it was still fair for the price of $1,985. This stone had a good cut along with very good polish and good symmetry. I chose this ring for the professors less expensive option because it had a decent carat weight. The other factors such as colour, clarity, and cut were all decent for the price and the carat weight made up for them. For the more expensive ring options I kept in mind that I thought it would be a better option to get a ring with more focus on carat weight. The option I chose was stone #427 which had 1. 23 carats. This ring I would say was towards the more expensive side but not as expensive if I chose an option that had less carat weight and better characteristics in the colour, clarity and cut categories. The option I chose for the price of $3,137 was important because it was certified by the GIA lab. This stone had a faint yellow color which is not too bad when considering the carat size. Then it had a pretty decent clarity level of SI2 meaning that it was slighting included and it had very few inclusions at 10x. This stone has an excellent cut in comparison to some of the other stones around $3,137. The polish was excellent and the symmetry was good. All around I would go with the more expensive option than the less expensive. One reason being the professor stated that he was estimating to spend between $2,000 and $4,000. The professor can afford this option and if definitely getting a better option considering all of the characteristics. Figure 2: Less and More Expensive Best Options The Quoted Ring The quoted ring from exhibit 2 I would say was a little far from fair but stone option #427 was a better deal. The more expensive ring that I chose had the same clarity, same colour, a slightly better cut with a bigger carat. The price of the quoted ring was $37 less than the option I chose. For what the professor could get for $37 more was totally worth it. The carat most importantly was a decent size bigger. They both had the same certification so the better deal was stone option #427. For just a little bit of more money the professor would be getting a ring with more carat weight along with a better cut. The carat from the quoted stone was 0. 9 and the suggested ring I chose was 1. 23 which is well worth the cost of $3,137 Multiple Regression There is a lot of variation since the r-squared number is closer to 1. The r-squared value is . 9210. We have accounted for a lot since the r-squared number is so high. We were looking at a lot of information that cause this value to be so high such as; colour, clarity, cut, and carat weight. Our p-value is less than our critical value . 05 which then makes our f-ratio significant. Our p-vale for constant is less than the critical value . 05 so that makes our t-value significant. Figure 3: Multiple Regression: All options Figure 4: Multiple Regression: Less Expensive Figure 5: Multiple Regression: More Expensive Figure 6: Scatterplot with Linear Trend line: Less expensive Stone (Colour) Figure 7: Scatterplot with Linear Trend line: Less expensive Stone (Cut) Figure 8: Scatterplot with Linear Trend line: Less expensive Stone (Cut) Figure 9: Scatterplot with Linear Trend line: More expensive Stone (Colour) Figure 10: Scatterplot with Linear Trend line: More expensive Stone (Clarity) Figure 11: Scatterplot with Linear Trend line: More expensive Stone (Cut) Conclusion and Recommendations In conclusion I would say that the stone that the professor was quoted on would not have been the best option. The best advice in this case would be to figure out what characteristics would be most important the professor and what he would think his girlfriend would like the best. The price of a stone reflects many different characteristics. The most important characteristics would be the cut, clarity and carat weight. Once the professor figures that out he can chose which engagement stone would be worth the money he is willing to pay for his girlfriend. Citations Diamonds FAQ: How to Read a GIA Certificate. (n. d. ). Diamonds: We Test and Rate Jewelers. Retrieved May 4, 2013, from http://www. diamondhelpers. com/fivesteps/4-diamonds-FAQ. shtml Michael Leff, under supervision of Greg Zarik (2009) Richard Ivey School of Business: The University of Western Ontario The Professor Proposes. Ivey Publishing