1. Myrtle Air Express decided to offer direct service from Cleveland to Myrtle Beach. Management must decide between a full-price service using the company’s new fleet of jet aircraft and a discount service using smaller capacity commuter planes. It is clear that the best choice depends on the market reaction to the service Myrtle Air offers. Management developed estimates of the contribution to profit for each type of service based upon two possible levels of demand for service to Myrtle Beach: strong and weak. The following table shows the estimated quarterly profits (in thousands of dollars):

   	Demand for Service
   Service	Strong	Weak
   Full price	$1440	-$530
   Discount	$1000	$480

   1. What is the decision to be made, what is the chance event, and what is the consequence for this problem?
      
      The input in the box below will not be graded, but may be reviewed and considered by your instructor.
      
      
      
      How many decision alternatives are there?
      
      Number of decision alternatives = ___
      
      How many outcomes are there for the chance event?
      
      Number of outcomes = ___
      
   2. If nothing is known about the probabilities of the chance outcomes, what is the recommended decision using the optimistic, conservative and minimax regret approaches?
      

      Optimistic approach
      Conservative approach
      Minimax regret approach

   3. Suppose that management of Myrtle Air Express believes that the probability of strong demand is 0.7 and the probability of weak demand is 0.3. Use the expected value approach to determine an optimal decision.
      
      Optimal Decision :  (Full Price Service/ Discount Service)
   4. Suppose that the probability of strong demand is 0.8 and the probability of weak demand is 0.2. What is the optimal decision using the expected value approach?
      
      Optimal Decision :  (Full Price Service/ Discount Service)
   5. Determine the range of demand probabilities for which each of the decision alternatives has the largest expected value. If required, round your answer to four decimal places.
      
      (Full Price Service/ Discount Service) is the best choice if probability of strong demand is less than or equal to____ . For values of "p" greater than____ , the full price service is (best/worst) choice.

Myrtle Air Express decided to offer direct service from Cleveland to Myrtle Beach. Management must decide between a full-price service using the company’s new fleet of jet aircraft and a discount service using smaller capacity commuter planes. It is clear that the best choice depends on the market reaction to the service Myrtle Air offers. Management developed estimates of the contribution to profit for each type of service based upon two possible levels of demand for service to Myrtle Beach: strong and weak. The following table shows the estimated quarterly profits (in thousands of dollars):

1. What is the decision to be made, what is the chance event, and what is the consequence for this problem?
   
   
   
   How many decision alternatives are there?
   
   Number of decision alternatives =
   
   How many outcomes are there for the chance event?
   
   Number of outcomes =
   
2. If nothing is known about the probabilities of the chance outcomes, what is the recommended decision using the optimistic, conservative and minimax regret approaches?
   

   Optimistic approach	Full price service
   Conservative approach	Discount service
   Minimax regret approach	Discount service

3. Suppose that management of Myrtle Air Express believes that the probability of strong demand is 0.7 and the probability of weak demand is 0.3. Use the expected value approach to determine an optimal decision.
   
   Optimal Decision : Discount service
   
4. Suppose that the probability of strong demand is 0.8 and the probability of weak demand is 0.2. What is the optimal decision using the expected value approach?
   
   Optimal Decision : Full price service
   
5. Determine the range of demand probabilities for which each of the decision alternatives has the largest expected value. If required, round your answer to four decimal places.
   
   Discount service  is the best choice if probability of strong demand is less than or equal to_____________ . For values of  ? greater than___________ , the full price service is the best  choice.

Project 10-1 Convert lengths In this assignment, you’ll add code to a form that converts the value the user enters based on the selected conversion type. The application should handle the following conversions:

From To Conversion

Miles - Kilometers: 1 mile = 1.6093 kilometers

Kilometers - Miles: 1 kilometer = 0.6214 miles

Feet - Meters: 1 foot = 0.3048 meters

Meters - Feet: 1 meter = 3.2808 feet

Inches - Centimeters: 1 inch = 2.54 centimeters

Centimeters - Inches: 1 centimeter = 0.3937 inches

Feet - Yards: 1 foot = 0.333333 yards

Yards - Feet: 1 yard = 3 feet

1. Open the Conversions project. Display the code for the form, and notice the rectangular array whose rows contain the value to be displayed in the combo box, the text for the labels that identify the two text boxes, and the multiplier for the conversion as shown above.

2. Set the DropDownStyle property of the combo box so the user must select an item from the list.

3. Add the 2 additional conversion units for feet and yards to the array.

4. Add code to load the combo box (use the load event) with the first element in each row of the rectangular array a. display the first item in the combo box when the form is loaded. (I need to figure out how to grab from the array and not from a list)

5. Add code to: a. change the labels for the text boxes (When the user selects a conversion, the label for the textboxes should reflect that selection.) b. clear the calculated length c. move the focus to the entry text box when the user selects a different item from the combo box.

6. Rename the form to frmConversions.

7. Test the application to be sure the conversions are displayed in the combo box, the first conversion is selected by default, and the labels change appropriately when a different conversion is selected.

8. Add code to calculate and display the converted length when the user clicks the Calculate button. To calculate the length, you can get the index for the selected conversion and then use that index to get the multiplier from the array. Test the application to be sure this works correctly.

9. Add code to check that the user enters a valid decimal value for the length. Then, test the application one more time to be sure the validation works correctly.

Code Given:

Public Class frmConversions

Dim conversionTable(,) As String = {
{"Miles to kilometers", "Miles", "Kilometers", "1.6093"},
{"Kilometers to miles", "Kilometers", "Miles", "0.6214"},
{"Feet to meters", "Feet", "Meters", "0.3048"},
{"Meters to feet", "Meters", "Feet", "3.2808"},
{"Inches to centimeters", "Inches", "Centimeters", "2.54"},
{"Centimeters to inches", "Centimeters", "Inches", "0.3937"},
{"Feet to Yards", "Feet", "Yards", " 0.333333"},
{"Yards to Feet", "Yards", "Feet", "3"}}

Public Function IsPresent(ByVal textbox As TextBox, ByVal name As String) _
As Boolean
If textbox.Text = "" Then
MessageBox.Show(name & " is a required field.", "Entry Error")
textbox.Select()
Return False
Else
Return True
End If
End Function

Public Function IsDecimal(ByVal textbox As TextBox, ByVal name As String) _
As Boolean
Dim number As Decimal = 0
If Decimal.TryParse(textbox.Text, number) Then
Return True
Else
MessageBox.Show(name & " must be a decimal value.", "Entry Error")
textbox.Select()
textbox.SelectAll()
Return False
End If
End Function

Private Sub btnCalculate_Click(sender As Object, e As EventArgs) Handles btnCalculate.Click

End Sub

Private Sub cboConversions_SelectedIndexChanged(sender As Object, e As EventArgs) Handles cboConversions.SelectedIndexChanged

End Sub

Private Sub btnExit_Click(ByVal sender As System.Object,
ByVal e As System.EventArgs) Handles btnExit.Click
Me.Close()
End Sub

Private Sub Form1_Load(sender As Object, e As EventArgs) Handles MyBase.Load

End Sub

Caro Manufacturing has two production departments, Machining and Assembly, and two service departments, Maintenance and Cafeteria. Direct costs for each department and the proportion of service costs used by the various departments for the month of August follow:

Required:

Compute the allocation of service department costs to producing departments using the direct method.

Use the appropriate formula to determine the most probable speed (in miles per hour) for N2 molecules at 3.00 x 102 K. (As you do this, be sure to show your units explicitly.) Repeat the calculation for N2 molecules at 1.00 x 103 K.

1.Pick the statement that BEST describes the LAW OF DIMINISHING MARGINAL UTILITY.

2.

SUGAR (and other ingredients) in the making of candy bars is

3.

A gasoline station, very near a professional football stadium, parks cars on its lot to make money on game days. Last year it charged $10.00 per car and parked 700 cars. This year it lowered the parking price to $6.00 and parked 1,000 cars. Is the demand for this parking lot INELASTIC or ELASTIC?

4.

Last year, a local amusement park sold 10,000 tickets at $40.00 each. This year, it lowered the ticket price to $30.00 and sold 15,000 tickets. Is the demand for this amusement park INELASTIC or ELASTIC?

Mr. Sam Golff desires to invest a portion of his assets in rental property. He has narrowed his choices down to two apartment complexes, Palmer Heights and Crenshaw Village. After conferring with the present owners, Mr. Golff has developed the following estimates of the cash flows for these properties.
    

a. Find the expected cash flow from each apartment complex. (Enter your answers in thousands (e.g, $10,000 should be enter as "10").)
  

  
b. What is the coefficient of variation for each apartment complex? (Do not round intermediate calculations. Round your answers to 3 decimal places.)
  

  
c. Which apartment complex has more risk?
  

• Palmer Heights

• Crenshaw Village

Mr. John Backster, a retired executive, desires to invest a portion of his assets in rental property. He has narrowed his choices to two apartment complexes, Windy Acres and Hillcrest Apartments. The anticipated annual cash inflows from each are as follows:

a. Find the expected value of the cash flow for each apartment complex. (Enter the answers in thousands.)

b. What is the coefficient of variation for each apartment complex? (Do not round intermediate calculations. Round the final answers to 4 decimal places.)

c. Which apartment complex has more risk?

• Hillcrest Apartments

• Windy Acres