It is believed the present capacity of Ocean Park is well-sufficient in accommodating the heaviest flow of visitors at ease. And the annual visitors to the park fell to 5.7 million in 2019 having topped at 7.5 million a few years previously. Draft, with an illustration of the various cost concepts, the average total cost (ATC) curve which is most relevant and locate the point where the park has been operating at.

You are the accountant of White Hotel Berhad, a corporation that engages in the hotel businesses. The corporation is having a high value of buildings and has been using historical cost to measure it. The directors of White Hotel Berhad wanted to continue using the historical cost measurement since they feel that the valuation exercise is costly to the corporation. Prepare a note explaining 4 drawbacks of using the historical cost measurement for buildings.

Compensation to a customer when overbooking happens is an expense, right?

A friend of mine that booked a hotel on a site, notified her that there was an overbooking. The site compensated her by giving her a 5 start hotel instead. Compensating her by upgrading her hotel. The site probably paid the amount left that needed to be paid. In order to compensate my friend, right? This cost would go into the site's expense cost?

"The Role of the Room Rate" Analyze the hotel market in your state and determine if the room rates for the majority of hotels is elastic or inelastic. Explain your rationale and identify contributing factors (e.g., tax rates, competition, etc.). Imagine opening a small hotel in the town in which you attend class, Briefly describe the hotel and determine how you would determine the proper room rate.

An amusement park, whose customer set is made up of two markets, adults and children, has developed demand schedules as follows:

            Qa = 20 – Pa             where a is adult market

            Qc = 30 – 2 Pc          Where c is children market

            QT = 50 – 3 PT         where T is the two markets combined

Assume that the marginal cost of each unit of quantity is $5 (constant), the owners of the park want to maximize profit:

1. Calculate the price, quantity and profit if the amusement park charges a different price in each market.
2. Calculate the price, quantity and profit if the amusement park charges the same price in the two markets combined.

An amusement park, whose customer set is made up of two markets, adults and children, has developed demand schedules as follows:

            Qa = 20 – Pa            where a is adult market

            Qc = 30 – 2 Pc         Where c is children market

            QT = 50 – 3 PT         where T is the two markets combined

Assume that the marginal cost of each unit of quantity is $5 (constant), the owners of the park want to maximize profit:

1. Calculate the price, quantity and profit if the amusement park charges a different price in each market.
2. Calculate the price, quantity and profit if the amusement park charges the same price in the two markets combined.

New York City is the most expensive city in the United States for lodging. The mean hotel room rate is $204 per night.† Assume that room rates are normally distributed with a standard deviation of $55.

(a)

What is the probability that a hotel room costs $245 or more per night? (Round your answer to four decimal places.)

(b)

What is the probability that a hotel room costs less than $120 per night? (Round your answer to four decimal places.)

(c)

What is the probability that a hotel room costs between $210 and $300 per night? (Round your answer to four decimal places.)

1. Develop an estimated regression equation that could be used to predict the program expenses (%) given fundraising expenses (%)

Program Expenses % (pred) = ? + ? Fundraising Expenses (%) up to 2 decimals

For a standard normal distribution, determine the probabilities in parts a through d below.
a. Find P(z ). ?1.59
P(z ) ?1.59 = (Round to four decimal places as needed.)
b. Find P(z ). ? ?1.21
P(z ) ? ?1.21 = (Round to four decimal places as needed.)
c. Find P( z ). ?0.83? ?1.78
P( z ) ?0.83? ?1.78 = (Round to four decimal places as needed.)
d. Find P( z ). 0.33? ?2.19
P( z ) 0.33? ?2.19 = (Round to four decimal places as needed.)

    Second digit of z                                  
First digit of z   0   0.01   0.02   0.03   0.04   0.05   0.06   0.07   0.08   0.09
-3   0.0013   0.0013   0.0013   0.0012   0.0012   0.0011   0.0011   0.0011   0.001   0.001
-2.9   0.0019   0.0018   0.0018   0.0017   0.0016   0.0016   0.0015   0.0015   0.0014   0.0014
-2.8   0.0026   0.0025   0.0024   0.0023   0.0023   0.0022   0.0021   0.0021   0.002   0.0019
-2.7   0.0035   0.0034   0.0033   0.0032   0.0031   0.003   0.0029   0.0028   0.0027   0.0026
-2.6   0.0047   0.0045   0.0044   0.0043   0.0041   0.004   0.0039   0.0038   0.0037   0.0036
-2.5   0.0062   0.006   0.0059   0.0057   0.0055   0.0054   0.0052   0.0051   0.0049   0.0048
-2.4   0.0082   0.008   0.0078   0.0075   0.0073   0.0071   0.0069   0.0068   0.0066   0.0064
-2.3   0.0107   0.0104   0.0102   0.0099   0.0096   0.0094   0.0091   0.0089   0.0087   0.0084
-2.2   0.0139   0.0136   0.0132   0.0129   0.0125   0.0122   0.0119   0.0116   0.0113   0.011
-2.1   0.0179   0.0174   0.017   0.0166   0.0162   0.0158   0.0154   0.015   0.0146   0.0143
-2   0.0228   0.0222   0.0217   0.0212   0.0207   0.0202   0.0197   0.0192   0.0188   0.0183
-1.9   0.0287   0.0281   0.0274   0.0268   0.0262   0.0256   0.025   0.0244   0.0239   0.0233
-1.8   0.0359   0.0351   0.0344   0.0336   0.0329   0.0322   0.0314   0.0307   0.0301   0.0294
-1.7   0.0446   0.0436   0.0427   0.0418   0.0409   0.0401   0.0392   0.0384   0.0375   0.0367
-1.6   0.0548   0.0537   0.0526   0.0516   0.0505   0.0495   0.0485   0.0475   0.0465   0.0455
-1.5   0.0668   0.0655   0.0643   0.063   0.0618   0.0606   0.0594   0.0582   0.0571   0.0559
-1.4   0.0808   0.0793   0.0778   0.0764   0.0749   0.0735   0.0721   0.0708   0.0694   0.0681
-1.3   0.0968   0.0951   0.0934   0.0918   0.0901   0.0885   0.0869   0.0853   0.0838   0.0823
-1.2   0.1151   0.1131   0.1112   0.1093   0.1075   0.1056   0.1038   0.102   0.1003   0.0985
-1.1   0.1357   0.1335   0.1314   0.1292   0.1271   0.1251   0.123   0.121   0.119   0.117
-1   0.1587   0.1562   0.1539   0.1515   0.1492   0.1469   0.1446   0.1423   0.1401   0.1379
-0.9   0.1841   0.1814   0.1788   0.1762   0.1736   0.1711   0.1685   0.166   0.1635   0.1611
-0.8   0.2119   0.209   0.2061   0.2033   0.2005   0.1977   0.1949   0.1922   0.1894   0.1867
-0.7   0.242   0.2389   0.2358   0.2327   0.2296   0.2266   0.2236   0.2206   0.2177   0.2148
-0.6   0.2743   0.2709   0.2676   0.2643   0.2611   0.2578   0.2546   0.2514   0.2483   0.2451
-0.5   0.3085   0.305   0.3015   0.2981   0.2946   0.2912   0.2877   0.2843   0.281   0.2776
-0.4   0.3446   0.3409   0.3372   0.3336   0.33   0.3264   0.3228   0.3192   0.3156   0.3121
-0.3   0.3821   0.3783   0.3745   0.3707   0.3669   0.3632   0.3594   0.3557   0.352   0.3483
-0.2   0.4207   0.4168   0.4129   0.409   0.4052   0.4013   0.3974   0.3936   0.3897   0.3859
-0.1   0.4602   0.4562   0.4522   0.4483   0.4443   0.4404   0.4364   0.4325   0.4286   0.4247
0   0.5   0.496   0.492   0.488   0.484   0.4801   0.4761   0.4721   0.4681   0.4641

Table 2

    Second digit of z                                  
First digit of z   0   0.01   0.02   0.03   0.04   0.05   0.06   0.07   0.08   0.09
0   0.5   0.504   0.508   0.512   0.516   0.5199   0.5239   0.5279   0.5319   0.5359
0.1   0.5398   0.5438   0.5478   0.5517   0.5557   0.5596   0.5636   0.5675   0.5714   0.5753
0.2   0.5793   0.5832   0.5871   0.591   0.5948   0.5987   0.6026   0.6064   0.6103   0.6141
0.3   0.6179   0.6217   0.6255   0.6293   0.6331   0.6368   0.6406   0.6443   0.648   0.6517
0.4   0.6554   0.6591   0.6628   0.6664   0.67   0.6736   0.6772   0.6808   0.6844   0.6879
0.5   0.6915   0.695   0.6985   0.7019   0.7054   0.7088   0.7123   0.7157   0.719   0.7224
0.6   0.7257   0.7291   0.7324   0.7357   0.7389   0.7422   0.7454   0.7486   0.7517   0.7549
0.7   0.758   0.7611   0.7642   0.7673   0.7704   0.7734   0.7764   0.7794   0.7823   0.7852
0.8   0.7881   0.791   0.7939   0.7967   0.7995   0.8023   0.8051   0.8078   0.8106   0.8133
0.9   0.8159   0.8186   0.8212   0.8238   0.8264   0.8289   0.8315   0.834   0.8365   0.8389
1   0.8413   0.8438   0.8461   0.8485   0.8508   0.8531   0.8554   0.8577   0.8599   0.8621
1.1   0.8643   0.8665   0.8686   0.8708   0.8729   0.8749   0.877   0.879   0.881   0.883
1.2   0.8849   0.8869   0.8888   0.8907   0.8925   0.8944   0.8962   0.898   0.8997   0.9015
1.3   0.9032   0.9049   0.9066   0.9082   0.9099   0.9115   0.9131   0.9147   0.9162   0.9177
1.4   0.9192   0.9207   0.9222   0.9236   0.9251   0.9265   0.9279   0.9292   0.9306   0.9319
1.5   0.9332   0.9345   0.9357   0.937   0.9382   0.9394   0.9406   0.9418   0.9429   0.9441
1.6   0.9452   0.9463   0.9474   0.9484   0.9495   0.9505   0.9515   0.9525   0.9535   0.9545
1.7   0.9554   0.9564   0.9573   0.9582   0.9591   0.9599   0.9608   0.9616   0.9625   0.9633
1.8   0.9641   0.9649   0.9656   0.9664   0.9671   0.9678   0.9686   0.9693   0.9699   0.9706
1.9   0.9713   0.9719   0.9726   0.9732   0.9738   0.9744   0.975   0.9756   0.9761   0.9767
2   0.9772   0.9778   0.9783   0.9788   0.9793   0.9798   0.9803   0.9808   0.9812   0.9817
2.1   0.9821   0.9826   0.983   0.9834   0.9838   0.9842   0.9846   0.985   0.9854   0.9857
2.2   0.9861   0.9864   0.9868   0.9871   0.9875   0.9878   0.9881   0.9884   0.9887   0.989
2.3   0.9893   0.9896   0.9898   0.9901   0.9904   0.9906   0.9909   0.9911   0.9913   0.9916
2.4   0.9918   0.992   0.9922   0.9925   0.9927   0.9929   0.9931   0.9932   0.9934   0.9936
2.5   0.9938   0.994   0.9941   0.9943   0.9945   0.9946   0.9948   0.9949   0.9951   0.9952
2.6   0.9953   0.9955   0.9956   0.9957   0.9959   0.996   0.9961   0.9962   0.9963   0.9964
2.7   0.9965   0.9966   0.9967   0.9968   0.9969   0.997   0.9971   0.9972   0.9973   0.9974
2.8   0.9974   0.9975   0.9976   0.9977   0.9977   0.9978   0.9979   0.9979   0.998   0.9981
2.9   0.9981   0.9982   0.9982   0.9983   0.9984   0.9984   0.9985   0.9985   0.9986   0.9986
3   0.9987   0.9987   0.9987   0.9988   0.9988   0.9989   0.9989   0.9989   0.999   0.999

1. In the following regression, “drink” is a dummy indicating a person drinks alcohol, “smoke” is a dummy indicating a person smokes cigarettes, and “drink*smoke” is the interaction of the two variables:

Medical Bill=1+2 drink+3 smoke+4 drink*smoke+other

a) How much is the difference in medical bill between a person who both drinks and smokes and a person who doesn’t drink but smokes? (10pts)

b) Will you be able to test if this difference is statistically significant if you are given all the standard errors? Say “yes” or ‘no”, then explain. (10pts)

2. In the following regression, “drive” is a dummy indicating a person owns a personal vehicle, “employed” is a dummy indicating a person is employed, “age” is a person’s age, and “married” is a dummy indicating a person is married:

drive=0.3+0.2 employed+0.003 age+0.4 married

The command in STATA is: reg drive employed age married

a) Interpret the coefficient 0.2 on employed. (10pts)

b) Predict the probability of owning a vehicle for a person who is employed, 60 years of age and married. (10pts)

c) The answer you got from the previous question is actually greater than 1. Explain why that is. (10pts)

d) Will you be able to test the significance of the coefficients if you were given all the standard errors and/or p-values? Say “yes” or ‘no”, then explain. (10pts)

3. Elaborate, in your own words, the difference between conducting the standard White test and the special case of the White test. (5pts)