Let’s think about the difference between gauge and absolute pressure. Have you ever experienced the explosive opening of a swelled up yogurt container you just bought from the store? It likely was manufactured at a different elevation with a different absolute atmospheric pressure. What change happens to the gauge pressure inside after being shipped to a different elevation and why? Describe in detail one real-life example where this situation might come in to play. (You might think of an example like what happens to car tires after changing elevation.)

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Let’s think about an economically sound way to measure the value of leisure. To keep this simple, we’ll just think about the value of leisure to people who could work but who decide to stay home. Also, we won’t think about how much actual workers value their free time, or how much children and retirees value their time.In a standard supply and demand labour model, firms “demand” labour while workers “supply” labour. Let’s think about a labour market that is in equilibrium, with a wage of $20 per hour and with 14 million individuals working out of a total of 16 million working-age individuals.According to this simplified model of the economy, some workers would work if the wage were higher, but at the current wage, they’d rather stay home and watch reruns of Seinfeld or (don’t let this be you!) Coronation Street. For the workers who are right on the margin between working and not working, what would their wage be if wages rose ever so slightly and they went to work?

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Let’s talk about two tradeoffs we face every day: how we spend our time and money. 

We can only do two things with income: spend it or save it. Time is the ultimate resource. We can choose to spend time working to earn an income or we can do other things, broadly classified as leisure. Reply to these prompts to start your discussion:

• How does a change in interest rate affect your decision to spend or save? How would a change in the interest rate affect afirm’s decision to invest or save?
• How might an increase in the wage rate affect what you do with your time?
• Now describe a tradeoff you’ve made in terms of time or income.

Talk about tradeoffs with your peers:

• Reply to one peer who made a tradeoff to which you can relate. Discuss and compare your decisions.

Will you make a comment on this post as well:

 The change in interest rates would affect my spending or savings, depending on which way the interests rates were going.  If the interest rates lowered, the cost of borrowing would be lower which would encourage spending for me.  Now for a business the lower interest rates would mean more investment spending since the cost of borrowing would be lower.  So I would be more apt to purchase a home or a car when interest rates are low.  Businesses would also tend to invest while interest rates are low.  Jumping on the wave while the wave is going in the right direction.   

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Let’s suppose you (USA dealer) imported 10 BMW (7 series) from a German dealer on March 1, 2018 at € 70,000 each, payable in 30 days. The exchange rate on March 1, 2018 was 1.16 US$/€. Then you sold all of them in the US market at US$87,000 (each MBW) in cash on March 29, 2018. On April 1, 2018, you paid in full to German car dealer at the exchange rate of 1.15 US$/€. 

For this scenario, what would be the Gross Profit (not Net Income) in 2018? 

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