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Use the fоllоwing infоrmаtion to аnswer the questions below: Dаrren is planning to retire from his career operating an extremely successful business called Tin Boxes. The company has a few retail locations in the province. They sell kitchenware, artwork, jewellery and novelty items and gifts. Darren knows that the business is extremely profitable, so he is planning to retain ownership of the business; however, he has decided to let a manager deal with the day-to-day operations, which involves hiring and managing store personnel, communicating and ordering from suppliers and providing excellent customer service, as that is what keeps the customers coming back. Darren wants to hire a manager to run his business, while he spends the first year of his retirement learning to speak Spanish in Sayulita, Mexico. Darren knows if he works hard, the business is successful. From his experience in the past that, when he has not worked hard (shirked), he will not earn as much. Darren, being a man of reasonable intelligence, has devised the following payoff table: PAYOFF TABLE Net Income Before Management Remuneration Probability (a1 – work hard) Probability (a2 – shirk) $5,625 70% 45% $900 30% 55% Chloe is a potential manager that Darren interviews. Chloe, a retired NAIT Culinary Instructor, who also has over 20 years of experience in the culinary and hospitality industry in addition to teaching. Chloe is an ideal candidate for the position. Chloe and Darren need to come to an agreement on compensation though. Chloe is both risk-averse and effort-averse with a utility for money equal to the square root of the dollar compensation she receives. Chloe requires a reservation utility of 15 in order to accept the position. Her disutility of effort when she works hard is 4.3, and when she shirks, it is 1.4. Darren offers Chloe a salary of $100, plus 8% of net income before manager compensation. Chloe accepts this offer. She will have a utility of 16.05 if she works hard, and 16.37 if she shirks. Chloe accepts the position and shirks her responsibilities for the next year. REQUIRED: Darren realizes that Chloe is shirking and although he is not pleased about it, finding another manager would be difficult due to demand in the current labour market. Therefore, to be competitive, Darren proposes a new compensation contract of a bonus equal to 35% of net income before remuneration, with no fixed salary. Chloe now realizes her skills are in demand and revises her reservation utility to 25. Her disutility of effort remains the same. The following pay-off table applies: Below some calculations have already been completed for you, in particular the square root of the bonus at 35% at the net income level: PAYOFF TABLE Net Income Before Management Remuneration Square Root of 35% Bonus & Probability(a1) Square Root of 35% Bonus & Probability(a2) a1 =0.7√(5,625 x 0.35) + 0.30√(900 x 0.35) - 4.30 = 32.08 a2 =0.45√(5,625 x 0.35) + .55√(900 x 0.35) - 1.40 = 28.33 REQUIRED: What is Chloe's revised utility if she works hard (2 marks)
Use the fоllоwing infоrmаtion to аnswer the questions below: Dаrren is planning to retire from his career operating an extremely successful business called Tin Boxes. The company has a few retail locations in the province. They sell kitchenware, artwork, jewellery and novelty items and gifts. Darren knows that the business is extremely profitable, so he is planning to retain ownership of the business; however, he has decided to let a manager deal with the day-to-day operations, which involves hiring and managing store personnel, communicating and ordering from suppliers and providing excellent customer service, as that is what keeps the customers coming back. Darren wants to hire a manager to run his business, while he spends the first year of his retirement learning to speak Spanish in Sayulita, Mexico. Darren knows if he works hard, the business is successful. From his experience in the past that, when he has not worked hard (shirked), he will not earn as much. Darren, being a man of reasonable intelligence, has devised the following payoff table: PAYOFF TABLE Net Income Before Management Remuneration Probability (a1 – work hard) Probability (a2 – shirk) $5,625 70% 45% $900 30% 55% Chloe is a potential manager that Darren interviews. Chloe, a retired NAIT Culinary Instructor, who also has over 20 years of experience in the culinary and hospitality industry in addition to teaching. Chloe is an ideal candidate for the position. Chloe and Darren need to come to an agreement on compensation though. Chloe is both risk-averse and effort-averse with a utility for money equal to the square root of the dollar compensation she receives. Chloe requires a reservation utility of 15 in order to accept the position. Her disutility of effort when she works hard is 4.3, and when she shirks, it is 1.4. Darren offers Chloe a salary of $100, plus 8% of net income before manager compensation. Chloe accepts this offer. She will have a utility of 16.05 if she works hard, and 16.37 if she shirks. Chloe accepts the position and shirks her responsibilities for the next year. REQUIRED: Darren realizes that Chloe is shirking and although he is not pleased about it, finding another manager would be difficult due to demand in the current labour market. Therefore, to be competitive, Darren proposes a new compensation contract of a bonus equal to 35% of net income before remuneration, with no fixed salary. Chloe now realizes her skills are in demand and revises her reservation utility to 25. Her disutility of effort remains the same. The following pay-off table applies: Below some calculations have already been completed for you, in particular the square root of the bonus at 35% at the net income level: PAYOFF TABLE Net Income Before Management Remuneration Square Root of 35% Bonus & Probability(a1) Square Root of 35% Bonus & Probability(a2) a1 =0.7√(5,625 x 0.35) + 0.30√(900 x 0.35) - 4.30 = 32.08 a2 =0.45√(5,625 x 0.35) + .55√(900 x 0.35) - 1.40 = 28.33 REQUIRED: What is Chloe's revised utility if she shirks (2 marks)