An Employer and Employee relationship is an example of a principal and agent relationship with an employer as principal and employee as agent.A) TrueB) Fals
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- True or false2Number 4 In 1924, Kleenex tissue was invented as a means to remove cold cream. The product was initially backed by a series of advertisements that included endorsements from the era's Hollywood stars, like Helen Hayes and Jean Harlow. After studying customer usage habits, however, the manufacturer (Kimberly-Clark) realized that many customers were using the product as a disposable handkerchief. The company switched its advertising focus, and sales more than doubled. Kimberly-Clark faced a significant challenge in trying to grow and defend its new product. At its core, Kleenex is simply tissue paper, a product that is not particularly difficult to replicate. As others in the consumer packaged goods industry saw the profits available from producing disposable handkerchiefs, they moved into the market. Kimberly-Clark management resorted to series of actions to obtain and maintain the leadership role in this industry. The actions included creating an innovative use for a relatively common…
- Question 9 Which of the following is true in the principal agent model?1. The agent has more information and may shirk by behaving in a way contrary to the principal's interest. 2. The principal has less information and may shirk by behaving in a way contrary to the agent's interest. 3.The principal has more information and may shirk by behaving in a way contrary to the agent's interest. 4.The agent has less information and may shirk by behaving in a way contrary to the principal's interest.An accounting firm uses partners and staff to produce an audit. The quality of the audit (as measured by reduction in litigation liability and the likelihood of audit errors) is a function of the composition of the audit team. In particular, r = p0.2 50.4 where r is the audit quality, Pis the partner-hours devoted to the audit, and Sis the staff-hours devoted to the audit. Notice that both partners and staff are essential for audit quality, and that audit quality increases in the amount of either, but at a decreasing rate. The cost of a partner-hour is 50 while the cost of a staff-hour is 5. The budget for this audit is 5000. How many partner and staff hours will the accounting firm choose to maximize quality subject to this budget constraint?What is the Gauss Markov theorem? First state theorem with relevant assumptions and then prove it.
- Which of the following is true of an agent's duty to a principal? a.) An agent owes a principal the disclosure of any confidential information about the agent. b.) An agent owes a duty to ensure that a principal is not hurt by the agent's actions. c.) An agent owes a principal his or her best effort to complete all tasks no matter how difficult. d.) An agent owes a duty to perform with allegiance to a principal's interests.A firm wants to hire a worker. The worker can choose two effort levels: "work" or "shirk". The result of the workers effort is an output for the firm, which may take two levels: YL = 50 USD or YH = 100 USD (YL = low output, YH = high output). The actual output depends both workers effort and pure luck. Either level of output can occur if the worker works or shirks, but the lower output is more likely if the worker shirks. Below are the probabilities of the output levels as a function of the workers effort: shirk: probability of output 100 USD = 1/5shirk: probability of output 50 USD = 4/5work: probability of output 50 USD = 1/5work: probability of output 100 USD = 4/5The firm cannot observe the effort, hence it cannot specify the desired effort in the contract. It may only specify the wage as a function of the observed output.The workers expected utility is given by V = h krát odmocnina z (Wh C) + I krát odmocnina z (WI- C), where h, I and Wh and WI denote the probabilities and wages…D1.