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Instructions

Review the following scenario and respond to the follow-up questions in an APA formatted report of 2400-2600 words . Students will also submit a PowerPoint presentation of no more than 8 slides summarizing the case and your response, to be posted and discussed by peers in Unit 11.

Case

Tom, D*ck, and Harry have been best friends since kindergarten. Tom is the business brain of the group. D*ck is the mechanical one and Harry is the creative one. All grown-up, the boys decided that they should start making some serious money to provide for their expanding families. The boys decided that they salvage small scrap metal pieces, nuts, and bolts from junkyards and salvage yards which Harry would design and D*ck would cast and weld into decorative art pieces. Tom will raise money from friends and family and look for distribution channels. D*ck has a step-daughter, Dorothy, who is 16 and mechanically inclined as well. Dorothy could be D*ck’s apprentice. Harry’s wife, Helen, is a recent BBA graduate from Yorkville University specializing in marketing and she could be recruited to help with sales and marketing. Helen’s good friend, Fern, is an award winning designer with a national home decor chain who the group might be able to induce to join them. Tom’s twin brother, Tim, recently won the lottery and is pursuing his dream to be a photographer. Dick’s wife, Janine, is a real estate agent; she believes she has found an old warehouse in the industrial part of town that could be turned into their headquarters. The owner of the warehouse, Jordan, is retiring and open to the idea of selling or renting the space.

How might the business be structured? What might be some of the legal issues that could arise in operating the business and selling the product? What are some of the agreements that might be needed?

1. Define the "natural rate of unemployment" and how economists use this concept to decide which type of fiscal policy to use.

. For a number of reasons, economists believe that the natural rate of unemployment in the U.S. economy declined from the 1980s to the 1990s and early 2000s. Provide at least two different reasons for this phenomenon and discuss each.

Camp Rainbow offers overnight summer camp programs for children ages 10–14 every summer during June and July. Each camp session is one week and can accommodate up to 200 children. The camp is not coed, so boys attend during the odd-numbered weeks and girls attend during the even-numbered weeks. While at the camp, participants make crafts, participate in various sports, help care for the camp’s resident animals, have cookouts and hayrides, and help assemble toys for local underprivileged children.

The camp provides all food as well as materials for all craft classes and the toys to be assembled. One cabin can accommodate up to 10 children, and one camp counselor is assigned to each cabin. Three camp managers are on-site regardless of the number of campers enrolled.

Following is the cost information for Camp Rainbow’s operations last summer:

Required:
1. Perform a least-squares regression analysis on Camp Rainbow’s data. (Use Microsoft Excel or a statistical package to find the coefficients using least-squares regression. Round your answers to 2 decimal places.)

2. Using the regression output, create a cost equation (y = a + bx ) for estimating Camp Rainbow’s operating costs.

3. Using the least-squares regression results, calculate the camp’s expected operating cost if 125 children attend a session. (Round your intermediate calculations and final answer to 2 decimal places.)

Do the assignment in R/RStudio. Copy or compile your results into Word, write any explanations and turn in the hard copy.

You conduct a survey of New Yorkers. The survey uses a stratified sample of 100 employed college graduates and 100 employed high school graduates. Your survey concludes that 70% of college graduates are happy with their job compared to only 60% of high school graduates.

a. What is the standard error and margin of error of the estimate for college graduates?

b. What is the standard error and margin of error of the estimate for high school graduates?

c. What is the standard error and margin of error for the ten percentage point difference between the two groups?

d. I claim that the two groups are similar (the basic economic model of work/leisure implies nobody really likes working!). Can you reject this hypothesis?

Over the years, students of the University of Professional Studies, Accra (UPSA), have complained about the mode of payment of school fees and other fees. Their main concern has been that students have to go to the banking hall of the University’s bankers and queue for long hours before they can make payment. The Student Representative Council (SRC) of the University has presented a petition on this matter to the University
Council. The Council has directed the University management to take urgent steps to address the issues. The Finance Department of the University has appointed you as the lead consultant to help them address the concerns of students.
Required:
a) With the aid of a diagram, identify the existing mode of school fees payment in UPSA.
b) With the aid of diagram, make proposal of a future school fees payment system.
c) How can your new payment system facilitate quicker registration of students at the beginning of each
semester? (

Over the years, students of the University of Professional Studies, Accra (UPSA), have complained about the mode of payment of school fees and other fees. Their main concern has been that students have to go to the banking hall of the University’s bankers and queue for long hours before they can make payment. The Student Representative Council (SRC) of the University has presented a petition on this matter to the University Council. The Council has directed the University management to take urgent steps to address the issues. The Finance Department of the University has appointed you as the lead consultant to help them address the concerns of students. Required: a) With the aid of a diagram, identify the existing mode of school fees payment in UPSA. b) With the aid of diagram, make proposal of a future school fees payment system. c) How can your new payment system facilitate quicker registration of students at the beginning of each semester?

Over the years, students of the University of Professional Studies, Accra (UPSA), have complained about the mode of payment of school fees and other fees. Their main concern has been that students have to go to the banking hall of the University’s bankers and queue for long hours before they can make payment. The Student Representative Council (SRC) of the University has presented a petition on this matter to the University Council. The Council has directed the University management to take urgent steps to address the issues. The Finance Department of the University has appointed you as the lead consultant to help them address the concerns of students. Required:

a) With the aid of a diagram, identify the existing mode of school fees payment in UPSA.

b) With the aid of diagram, make proposal of a future school fees payment system.

c) How can your new payment system facilitate quicker registration of students at the beginning of each semester?

Part a The Deli University Gift Shop purchases sweatshirts emblazoned with the school name and logo from a vendor in Spain Town at a cost of $2,000 each. The annual holding cost for a sweatshirt is calculated as 1.5% of the purchase cost. It costs the Gift Shop $500 to place a single order. The Gift Shop manager estimates that 900 sweatshirts will be sold during each month of the upcoming academic year

i) Determine the highest number of shirts that should be purchased by the Gift Shop in order to minimize stock administration costs.

ii) What is the number of orders to be placed each year?

iii)Compute the average annual ordering cost

iv) Compute the average annual carrying cost

v) Compute the total stock administration cost

Part b The maximum sale for the Gift Shop for any one week is 300 sweatshirts and minimum sales 150 sweatshirts. The vendor takes anywhere from 2 to 4 weeks to deliver the merchandise after the order is placed. Using the EOQ policy, determine the re-order level, minimum inventory level and maximum inventory level for the business.