Managerial Economics

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Define scarcity. What signifies to managers that a resource used in production is becoming scarce? What impact does this have on management decisions?

2. Define economic profit. Explain how economic profit is different than accounting profit. Why is it important for economists to measure economic profit rather than just sticking to the accounting profit used in accounting and finance?

3. Define opportunity cost. Give an example of a personal decision you made within the past year. What explicit costs were involved? What opportunity costs were involved? Explain how youarrived at your decision. Include the role of opportunity costs in your explanation and describecriteria you used to evaluate your options. 

4. When analyzing decisions that are made within a firm, economists typically assume that “profit maximization” is the firm’s main goal. However, a number of other goals are also possible. Choose one of the “other” possible goals and compare it to “profit maximization.” Under what circumstances might the “other” goal that you described become a major focus for the firm? If you were the CEO of a large firm, what steps might you take to ensure that departments within the firm are working together toward common goals?

5. Under what circumstances would a firm benefit from outsourcing a portion of its business operations? What are the major costs and benefits that would need to be considered when deciding to outsource? (Identify at least two costs and two benefits.)

 
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Managerial Economics

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Define market demand, market supply, and equilibrium. Show how these concepts can be illustrated on a basic demand/supply graph. 

2. Discuss the differences between the short run equilibrium and long run equilibrium from the perspective of producers and from the perspective of consumers. Why do you think it is important for managers to understand the mechanics of supply and demand in the short run and in the long run? Give an example of a company whose business was either helped or hurt by changes in supply or demand in the markets in which they were competing. 

3. For each of the following products, indicate whether you believe demand will be relatively price elastic or relatively price inelastic. Give economic reasons for each reply. Remember that high demand does NOT imply high elasticity. High elasticity occurs if a change in quantity demanded is relatively large compared to the associated change in price regardless of how high the quantity demanded is to begin with. 

a. Mayonnaise in general

b. A specific brand of mayonnaise

c. Chevrolet automobiles

d. Tesla automobiles

e. Washing machines

f. Beer 

 
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Assignment 4

Instructions:

  1. Please answer the assignment questions in this docx file and save once you’re satisfied. Assignment 4 covers the lectures slides on Inventory Control and Decision Making.
  • There are three assignment problems. Please follow the instructions given at the end of each question if any.
  • To resubmit your assignment, simply click to open “Assignment 4” again and click the grey button “Start New Submission” on the upper right corner of the “Review Submission History” webpage you’re directed to. You can make as many submissions as you like before the due time. Only the last submission will be graded.

Assignment Problems (54 points in total):

  1. Ray’s Satellite Emporium wishes to determine the best order size for its best-selling satellite dish. Ray has estimated the annual demand for this model at 10,000 units. His cost to carry one unit is $60 per year per unit, and he has estimated that each order costs $10 to place.

Using the EOQ model, how many should Ray order?  Please provide the formula, at least one step of calculation, and the correct order size for full credit.  (6 points)

  • Given the following information, formulate a continuous-review inventory management system. The item is demanded 50 weeks a year. 
Item cost $100 Standard deviation of weekly demand  
Order cost $50 25 per week
Annual holding cost (%) 10% of item cost Lead time 2 weeks
Annual demand 25,000 Service probability 97%
Average demand 500 per week    

Compute the order quantity, the safety stock, and the reorder point. (16 points)

For order quantity, please provide the formula, at least one step of calculation, and the correct value for full credit.

For the safety stock, please provide the formula, at least one step of calculation, the correct z value, and the correct value.

For the reorder point, please at least one step of calculation and the correct answer for full credit. Round up the answers to the closest integer.

  • The following payoff table is provided for a print shop. The probability of low demand is 0.4 and the probability of high demand is 0.6.
  States of Nature (Demand)
Alternatives Low High
Option 1 $10,000 $30,000
Option 2 $5,000 $40,000
Option 3 -$2,000 $50,000
  • Calculate the EMVs of the three alternatives. For each alternative, please provide at least one step of calculation and the correct answer for full credit. (12 points)
  • Which alternative to choose under Maximax and why? (4 points)
  • Which alternative to choose under Maximin and why? (4 points)
  • Which alternative to choose using Equally Likely criterion and why? (4 points)
  • Calculate the EVwPI of the decision. Please provide at least one step of calculation and the correct answer for full credit. (4 points)
  • Calculate the EVPI of the decision. Please provide at least one step of calculation and the correct answer for full credit. (4 points)
 
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Business Management

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Assignment: 

Provide a reflection of at least 500 words (or 2 pages double spaced) of how the knowledge, skills, or theories of this course (Managerial Economics) have been applied, or could be applied, in a practical manner to your current work environment. If you are not currently working, share times when you have or could observe these theories and knowledge could be applied to an employment opportunity in your field of study. 

Requirements:

Provide a 500 word (or 2 pages double spaced) minimum reflection.

Use of proper APA formatting and citations. If supporting evidence from outside resources is used those must be properly cited.

Share a personal connection that identifies specific knowledge and theories from this Managerial economics

Demonstrate a connection to your current work environment. If you are not employed, demonstrate a connection to your desired work environment. 

You should NOT, provide an overview of the assignments assigned in the course. The assignment asks that you reflect how the knowledge and skills obtained through meeting course objectives were applied or could be applied in the workplace.

 
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MGMT 3306

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Instructions:

  1. Please answer the assignment questions in this docx file and save once you’re satisfied. Assignment 3 covers the lectures slides on Supply Chain Management.
  • There are three assignment problems. Please follow the instructions given at the end of each question if any.
  • To resubmit your assignment, simply click to open “Assignment 3” again and click the grey button “Start New Submission” on the upper right corner of the “Review Submission History” webpage you’re directed to. You can make as many submissions as you like before the due time. Only the last submission will be graded.

Assignment Problems (26 points in total):

  1. Please cite an example of forward vertical integration and an example of backward vertical integration. Avoid the cases cited in the textbook and lecture slides. (6 points)
  • Company X can purchase a certain component from either Supplier A or Supplier B. Supplier A offers an incremental quantity discount and charges $10 per unit for the first 1,000 units in an order, $9 per unit for the next 1,000 units in the order, and $8 per unit for any unit beyond. Supplier B offers an all-unit discount and charges $9 per unit for orders of no more than 2,000 units and $8.5 per unit for any bigger orders.

(a) Suppose Company X decides to buy 2,500 units from Supplier A. What is the average unit cost of the order? Please provide at least one step of calculation and the correct answer for full credit. (4 points)

(b) If Company X wants to place an order of 5,000 units, which supplier offers a lower total cost. Please provide at least one step of calculation and the correct answer for full credit. (4 points)

  • Suppose the revenue for a firm is $2,000,000. Its cost of goods sold is $85,000, and its average inventory value for the year is $50,000.

a) What is the firm’s inventory turnover? Please include the formula, at least one step of calculation, and the correct answer for full credit. (6 points)

b) What is the weeks-of-supply of the firm? Please include the formula, at least one step of calculation, and the correct answer for full credit. (6 points)

 
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operation quiz

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  1. Which of the following is INCORRECT regarding the process capability index Cpk
Increasing inputs while holding outputs steady
Decreasing outputs while holding inputs steady
Increasing inputs and outputs in the same proportion
Increasing outputs while holding inputs steady
2. Productivity can be improved by
Increasing inputs while holding outputs steady
Decreasing outputs while holding inputs steady
Increasing inputs and outputs in the same proportion Increasing outputs while holding inputs steady
  • Which of the following statements is INCORRECT regarding critical paths?
The path that takes the longest time to complete in a project is the critical path.
Activities on the critical path must have zero slack time.
Some non-critical activities may have zero slack time.
For any project, the (expected) project completion time is equal to the (expected) time duration of the project’s critical path.
  • Suppose a project team has arrived at the following time estimates for an activity: a = 4 days, m = 6 days, and b = 8 days. What is the variance involved in this activity?
0.111
0.250
0.444
0.694
  • Suppose you are asked to determine the Lower Control Limit for a p-chart for quality control purposes. Samples are taken from the production line. The fraction defective is 0.008 and the standard deviation is 0.002 based on the samples. Set z = 3. Which of the following is the LCL of the p-chart?
0.001
0.002
0.006
0.013
  • The least squares method is to find out the intercept and the slope of a regression line that minimizes the sum of the squared differences between
observed values of the independent variable and predicted values of the independent variable
observed values of the independent variable and predicted values of the dependent variable
observed values of the dependent variable and predicted values of the dependent variable
None of the three is correct.
  • Which of the following statements is INCORRECT regarding corporate missions?
They reflect a company’s purpose.
They indicate what a company intends to contribute to society.
They are formulated after strategies are known.
They define a company’s reason for existence.
  • Given forecast errors of -2, 5, 10, and -3, what is the mean absolute deviation (MAD)?
2.5
3
4
5
  • Which of the following best describes the process focus strategy?
Appropriate for high-volume, low-variety production
Equipment or processes are arranged based on the progressive steps by which a product is made.
Also known as flow shop
Appropriate for low-volume, high-variety production
  1. According to the definition of design quality,
Quality is the degree of excellence at an acceptable price
Quality depends on how well the product fits consumer preferences
Even though quality cannot be defined, you know what it is
Quality is the degree to which a specific product conforms to design specifications
  1. Which of the following project structures utilizes people from different functional areas?
Matrix project
Integrated Task Force
Functional project
Pure project
  1. Which of the following statements is INCORRECT regarding process variations?
It is impossible to have zero variation in production processes.
Assignable variations can be caused by workers not sufficiently trained.
Common variation is unavoidable.
A process under statistical control is a process with no common variation
  1. Which of the following is NOT a characteristic that distinguishes services from goods?
The production and consumption of goods can be separated from each other, while services are often produced and consumed at the same time.
Both goods and services need to have quality standards established.
Goods are tangible and transportable.
Cost is the most important factor when determining the locations of service facilities.
  1. Consider a project consisting of five activities. The immediate predecessors and the activity times are summarized as follows:
Activity Immediate Predecessor Activity time (in days)
A None 3
B A 2
C A 1
D B 3
E C, D 4


 How long does it take to complete the project?

9 days
10 days
11 days
12 days
  1. The output of a production system is 800 units per day and the total amount of labor required to produce the 800 units is 400 labor hours. What is the labor productivity in this case?
2.0
1.0
0.5
0.4
  1. The crossover point is the production quantity at which
the total variable cost of one process equals the total variable cost of another process
the fixed cost of a process is equal to its total variable cost
the total cost equals the total revenue for a process
the total cost of one process equals the total cost of another process
  1. Suppose the design specification range of the outer diameter of a component is. A worker takes a sample and determines the sample mean to be 1.01 inches with a standard deviation of 0.02 inches. What is the process capability index in this case? Set z = 3. Find the closest value.
0.50
0.83
1.17
1.50
  1. Which of the following is NOT a qualitative forecasting method?
Sales force composite
Jury of execution opinion
Delphi method
Moving average method
  1. Which of the following is NOT a type of Cost of Quality?
External failure cost
Internal failure cost
Return cost
Prevention cost
  • Which of the following statements is INCORRECT regarding CPM and PERT?
There can be more than one critical path in both CPM and PERT networks.
PERT takes uncertainty into account.
Slack times of activities cannot be calculated in PERT.
CPM assumes zero uncertainty in activity time.
  • The following table summarizes the demand of a product in the past 3 weeks:
Week Demand
1 300
2 350
3 400


 The company decides to use the 3-week simple moving average method to make the forecast for the demand in week 4. What is the forecast for week 4? Find the closest value.

350
358
361
370
  • An activity in a PERT network has these time estimates: optimistic = 4, most likely = 6, and pessimistic = 8. Its expected completion time is
5.00
6.00
5.83
17.00
  • In the analysis of Costs of Quality, the cost incurred by employee training is classified as:
Appraisal cost
Prevention cost
Internal failure cost
External failure cost
  • Process A has a fixed cost of $1,000 and a per-unit variable cost of $5. Process B has a fixed cost of $2,000 and a per-unit variable cost of $4. What is the crossover point between the two processes? Find the closest value.
250
500
750
1,000
  • Which of the following combines the flexibility of a process focus with the efficiency of a product focus?
Mass customization
Standardization
Repetitive
Mass production
  • Suppose a company sold an average of 2,000 units a year in the past five years. On average, 800 units were sold in the spring, 250 units in the summer, 350 units in the fall, and 600 units in the winter. Then what is the seasonal index for winter?
1.2
1.6
0.5
0.7
  • Contract requirements state that a project must be completed within 160 working days, or it will incur penalties for late completion. Analysis of the project network reveals an estimated project completion time of 145 working days with a project variance of 225. What is the z value for the target completion time of 160 working days? Find the closest value.
2.33
1.75
1.00
0.53
  • Suppose the inputs of a process are materials, labor, and energy. Then which of the following is a multi-factor measure of productivity in this case?
Output / Materials
Output / (Labor + Materials)
Output / (Labor + Energy + Materials)
Output / Energy
  • Suppose the Earliest Start time of an activity is 5. The Earliest Finish time and the Latest Finish time of the activity are 8 and 10, respectively. Which of the following statements is INCORRECT?
The activity time is 3.
The slack time is 2.
The Latest Start of the activity is 6.
The activity is not on the critical path.
  • A company hires you to develop a linear regression model that includes one independent variable X. Based on the company’s past sales data, you estimate the intercept value of the model (a) to be 100 and the slope (b) to be 50. Given x = 8, what is the forecast based on this linear regression model?
500
600
8000
Not enough information available
  • Which of the following statements is INCORRECT regarding efficiency and effectiveness?
Productivity is a measure of efficiency.
Effectiveness means doing the right things to create the most value for the company.
A process can be effective without being efficient.
A process cannot be effective without being efficient.
  • Which of the following is NOT an assumption of Cost of Quality?
It is cheaper to prevent than to correct.
Failures are caused.
Employees are adequately trained.
Performance can be measured.
  • A company wants to estimate the annual demand for year 2015 using exponential smoothing. The actual demand in year 2014 was 200. The forecast for year 2014 was 170. Set α=0.2. What is the forecast for year 2015?
173
167
176
197
  • The following table represents a project that needs be scheduled using PERT.
     
Activity Immediate Predecessor Times (Days)
a m b
A None 2 3 4
B A 1 2 3
C A, B 2 3 4
D C 3 4 5


What is the expected completion time of the project?

9.5 days
10 days
11 days
12 days
  • A manufacturer decides to develop a      chart to monitor the performance of a process. 10 samples are taken with 5 units in each sample. Suppose the average of the 10 sample means is 55 and the average of the 10 sample ranges is 8. Then what is the Lower Control Limit of this  chart? Find the closest value. (A2 = 0.577 for sample size 5)
44.23
45.38
50.38
53.00
  • The process capability ratio of a process is 1.33. Then which of the following statements is INCORRECT?
The process satisfies 3-sigma requirements.
The process satisfies 6-sigma requirements.
The process is capable.
The target value of the process is equal to the process mean
  • Suppose the Earliest Start time of an activity is 7 and the Latest Start time of the activity is 10. Which of the following statements is INCORRECT?
The Latest Finish of the activity is 12.
The slack time of the activity is 3.
The activity is not on the critical path.
The activity is not critical.
 
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Assignment 2 (Due at 11:59 pm)

Instructions:

  1. Please answer the assignment questions in this docx file and save once you’re satisfied. Assignment 2 covers the lectures slides for Week 3 and Week 4.
  • There are six assignment problems. Please follow the instructions given at the end of each question if any.
  • To resubmit your assignment, simply click to open “Assignment 2” again and click the grey button “Start New Submission” on the upper right corner of the “Review Submission History” webpage you’re directed to. You can make as many submissions as you like before the due time. Only the last submission will be graded.

Assignment Problems (98 points in total):

  1. The Carbondale Hospital is considering the purchase of a new ambulance. The decision will rest partly on the anticipated mileage to be driven next year. The miles driven during the past 5 years are as follows.
Year Mileage
1 3,000
2 4,000
3 3,400
4 3,800
5 3,700

(a) Using a simple three-month moving average, forecast the mileage for Year 6. Please provide at least one step of calculation and the correct value for full credit. (4 points)

(b) Forecast the mileage for Year 6 using a weighted moving average with weights of 0.5, 0.3, and 0.2. The weight of 0.5 is to be attached to the most recent mileage and 0.3 to the second most recent mileage. For full credit, please provide at least one step of calculation and the correct forecast. (4 points)

(c) Forecast the mileage for Year 6 using exponential smoothing with α = 0.2 and the Year 5 forecast of 3,500. For full credit, please provide the formula, at least one step of calculation and the correct forecast. (6 points)

(d) Estimate the regression equation using simple linear regression analysis. For both parameters a and b, please provide the formula, at least one step of calculation, and the correct value for full credit. (12 points)

(e) Forecast the mileage for Year 6 using the regression equation from (d). Please provide one step of calculation and the correct answer for full credit. (4 points)

  • Income at the architectural firm Spraggins and Yunes for the period February to July was as follows:
Month February March April May June July
Income (in $1,000) 70.0 68.5 64.8 71.7 71.3 72.8

Use trend-adjusted exponential smoothing to forecast the firm’s August income. Assume that the forecast for July without trend adjustment is $70,000 and the trend estimate for July is 0. Set smoothing constants α = 0.1 and β = 0.2. Please provide calculation steps for F8, T8, and FIT8. (12 points)

  • Samples are taken to monitor a filling process. The overall mean of the samples are  cc and the average range  cc. The sample size is 10.

(a) Determine the upper and lower control limits of the  chart. Please give the formulas for calculating UCL and LCL and at least one step of calculation for full credit. (8 points)

(b) Determine the upper and lower control limits of the R chart. Please give the formulas for calculating UCL and LCL and at least one step of calculation for full credit. (8 points)

  • The results of inspection of DNA samples taken over the past 10 days are given below. Sample size is 100.
Day 1 2 3 4 5 6 7 8 9 10
# of defectives 7 6 6 9 5 0 0 8 6 1

(a) Determine the fraction defective  of the p chart. Please give the formula and at least one step of calculation for full credit. (6 points)

(b) Determine the of the p chart. Please give the formula and at least one step of calculation for full credit. (6 points)

(c) Determine the 3-sigma upper control limit and the 3-sigma lower control limit of the p chart. For each control limit, provide at least one step of calculation for full credit. (8 points)

  • Suppose the difference between the upper specification and the lower specification limits is 1.2 inches. The standard deviation is 0.2 inches. What is the process capability ratio ? Please provide the formula, at least one step of calculation, and the correct answer for full credit. (6 points)
  • The specifications for a plastic liner for concrete highway projects call for a thickness of 4.0 mm  0.3 mm. The standard deviation of the process is estimated to be 0.05 mm. The process is known to operate at a mean thickness of 3.8 mm.

(a) What is the  of the process? Please provide the formula, at least one step of calculation, and the correct answer for full credit. (10 points)

(b) Is the process capable based on the  value and why? (4 points)

 
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Assignment 1 (Due at 11:59 pm)

Instructions:

  1. Please answer the assignment questions in this docx file and save once you’re satisfied. Assignment 1 covers the lectures slides for Week 1 and Week 2.
  • There are three assignment problems. Please follow the instructions given at the end of each question if any.
  • To submit your assignment, go to “Assignments” on the left panel of the course homepage. Then
  • Click on the bold link “Assignment 1” to open;
  • Go down to Section 2 “Assignment Materials” on the webpage you’re directed to;
  • Click the button “Browse My Computer” in Section 2 and upload your document;
  • Scroll down to the bottom of the webpage and click the grey button “Submit” in Section 3 “Submit” to complete the submission.
  • To resubmit your assignment, simply click to open “Assignment 1” again and click the grey button “Start New Submission” on the upper right corner of the “Review Submission History” webpage you’re directed to. You can make as many submissions as you like before the due time. Only the last submission will be graded.

Assignment Problems (120 points in total):

  1. Upton Manufacturing makes 2,000 tires per day with the following resources:
Resources  
Labor 400 hours per day @ $20 per hour
Raw Materials 20,000 pounds per day @ $2 per pound
Energy $10,000 per day
Capital $8,000 per day

(a) What is the capital productivity? Please provide the formula for calculating productivity, at least one step of calculation, and the correct answer for full credit. (6 points)

(b) What is the total productivity in this problem? Please provide the formula for calculating productivity, at least one step of calculation, and the correct answer for full credit. (6 points)

  • Suppose a project consists of the following activities.
Activity Immediate Predecessors Time (Days)
A None 5
B None 8
C A 4
D B, C 6
E B, C 4
F D 6
G E, F 4

(a) Draw the activity-on-node (AON) project network based on the table above. Only nodes and directed arrows are required in the network for full credit. (10 points)

(b) Listall the paths in the network and calculate the completion time of each path for full credit. (10 points)

(c) What is the project completion time? Please give the reason for full credit. (4 points)

  • The following represents a project that should be scheduled using PERT.
Activity Immediate Predecessor(s) Times (Days)
a m b
A None 1 3 5
B None 1 2 3
C A 1 2 3
D A 2 3 4
E B 3 4 11
F C, D 3 4 5
G D, E 1 4 6
H F, G 2 4 5

(a) Draw the AON project network. Only nodes and directed arrows are required in the network for full credit. (10 points)

(b) Calculate the expected activity time for each activity. (16 points)

(c) Calculate the variance of the activity time for each activity. (16 points)

(d) List all paths and calculate their expected completion time. (24 points)

(e) What is the critical path? (4 points)

(f) What is the expected project completion time? Please give the reason. (4 points)

(g) What is the variance of the project completion time? Please provide at least one step of calculation and the correct answer for full credit. (4 points)

(h) What is the probability of completing this project within 16 days? Please provide the formula for calculating the z value, at least one step of calculation, and the correct probability for full credit. (6 points)

 
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Product Costing And Job Order Costing Vs. Process Costing

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Week 2 Discussions and Required Resources

Part 1 and Part 2 must be at least 200 words unless otherwise noted. 

Please read all attachments and follow ALL instructions.

Part 1: Product Cost

In Chapter 3, you were introduced to three types of costs associated with a manufactured product – direct materials, direct labor, and manufacturing overhead. Explain how these costs are associated with the manufactured product. Why are some of these costs allocated to the product through costing methods such as job order costing or process costing? As part of your response, please read the article First Solar preview: Manufacturing costs, project order book in the spotlight (click here for article) and provide a specific example of this company’s manufacturing costs. 

Part 2: Product Cost

Explain the similarities and differences between job order costing and process costing. In your explanation, provide examples of when job order costing and process costing would be most appropriate. 

Required Resources 

Text

Schneider, A. (2017). Managerial Accounting: Decision making for the service and manufacturing sectors (2nd ed.) [Electronic version]. Retrieved from https://content.ashford.edu/

· Chapter 3:  Process Costing

· Chapter 4:  Activity-Based Costing and Just-In-Time Costing

Article

Trefis Team. (2014, February 24). First Solar preview: Manufacturing costs, project order book in the spotlight Retrieved from http://www.forbes.com/sites/greatspeculations/2014/02/24/first-solar-preview-manufacturing-costs-project-order-book-in-the-spotlight/

Recommended Resource

Multimedia

Crosson, S. (2007). Job Order Costing – 1 job & process [Video file]. Retrieved from http://www.youtube.com/watch?v=9UUydo7aMxUTED

 
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Environmental Concern & Natural Resource Issues

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  1. What are online communities, and how do they differ from traditional communities?
  2. What is a blog, and in which ways do blogs function as online communities?
  3. How have online communities facilitated social polarization?
  4. In which ways do online communities cause us to reexamine our traditional notion of friendship?
  5. How do online communities facilitate anonymity and deception?

Answers should be a minimum of 120 words each. References in APA Format. 100% free from plagiarism. 

 
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