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 $255 or more per night? (Round your answer to four decimal places.)

(b)

What is the probability that a hotel room costs less than $130 per night? (Round your answer to four decimal places.)

(c)

What is the probability that a hotel room costs between $200 and $280 per night? (Round your answer to four decimal places.)

(d)

What is the cost in dollars of the 20% most expensive hotel rooms in New York City? (Round your answer to the nearest cent.)

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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.

Hadey is approaching the housing situation from a different direction. He does a little research and learns that the mean rent for a one bedroom one bathroom apartment in Avocado Park is $1050 per month with a standard deviation of $125 per month.

A. The Avocado Park Housing Authority defines affordable housing as costing LESS than $900 per month for a 1B1R. Would such an apartment be considered unusual for the neighborhood?

B. Hadey wants to develop a new apartment building in Avocado Park offering 1B1R units at a price of $1000 per month. What effect would this new building have on the mean and standard deviation for 1B1R in Avocado Park?

C. If the Avocado Park Housing Authority issued vouchers to subsidize all 1B1Rs in the neighborhood and they lowered the rent on each unit by exactly $100 per month, what would the new mean and standard deviation be for the cost of renting a 1B1R in Avocado Park.

In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2023. Information related to the contract is as follows: 2021 2022 2023 Cost incurred during the year $ 2,156,000 $ 3,388,000 $ 2,371,600 Estimated costs to complete as of year-end 5,544,000 2,156,000 0 Billings during the year 2,130,000 3,414,000 4,456,000 Cash collections during the year 1,865,000 3,300,000 4,835,000 Westgate recognizes revenue over time according to percentage of completion.

1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. (Do not round intermediate calculations. Loss amounts should be indicated with a minus sign.)

2-a. In the journal below, complete the necessary journal entries for the year 2021 (credit "Various accounts" for construction costs incurred).
2-b. In the journal below, complete the necessary journal entries for the year 2022 (credit "Various accounts" for construction costs incurred).
2-c. In the journal below, complete the necessary journal entries for the year 2023 (credit "Various accounts" for construction costs incurred).

1) An earthquake centered in New Hampshire severely damages Fenway Park, forcing the Red Sox to have to build a new stadium. The team decides to construct its new facility in the nearby town of Quincy rather than in downtown Boston. Use the appropriate economic model to explain why it does so.

2) Referring to question #1, a politician in Massachusetts claims that the state must subsidize the construction of a new stadium because of the "positive externalities" that the team generates. Use the appropriate economic model to explain his reasoning.

You have a falafel cart and you sell falafel every weekday near Washington Square Park during lunch time. Your daily revenue is normally distributed with a mean of $200 and a standard deviation of $50.

(a) Suppose there is another location that might be worth switching to. You plan to experiment with selling there for awhile, and then use a hypothesis test to determine whether you should switch. If the new location has a normally distributed revenue with a true mean of 210 and a standard deviation of 50, how many days would you have to try selling there to have a power of 50%. Use an α = .05 (significance level).

(b) Suppose you try selling at another location for 16 days, and on average you sell $220 worth of falafel with a sample standard deviation of $36 Using an α = .05, test whether the new location is worth switching to.

Please add formula answer included

1. Bill sold 3 times as many cars as Doug last month. Laurel sold 45 cars, which was 1 1/2 times as many cars as Bill. How many cars did Doug sell? answer is 10 cars
2. 2. The local grocery store sells two cans of soup for $1.28. It has a special sale of six cans for $3.12. A customer buys 12 cans at the special sale price. How much did the customer save over the regular price? answer is 1.44

3. A hotel has 15 floors. Each floor has 26 single-person rooms and 38 two-person rooms. What is the total guest capacity at the hotel? answer is 1530

4. Linda leaves Boise to travel the 2,160 miles to Austin, driving at a speed of 55 mph. Mark leaves Austin driving the same 2,160 mile route to Boise at 65 mph. How many miles will Mark have traveled when they meet? (Hint – distance = speed x time) answer is 1170 miles

5. Autzen Stadium in Eugene holds 59,000 screaming Duck fans. The games have been sold out for years. 18,500 fans walk to the game, 12,000 take the local bus and the remainder drive and park at the stadium. The average car brought 4 people. On average, how many cars parked at the stadium? answer is 7125

6. You are in charge of organizing the annual stockholders’ meeting and luncheon for your company, Making Big Bucks Now. The meal will cost $13 per person, entertainment will cost $2,100, facility rental is $880, invitations and annual reports printing costs are $2,636, and other expenses come to $1,629. If 316 stockholders plan to attend, what is the total cost of the luncheon? What is the cost per stockholder? answer is $11,353 and also $35.93

Valerie Fondl manages a Columbus, Ohio, movie theater complex called Cinema I, II, III, and IV. Each of the four auditoriums plays a different film; the schedule staggers starting times to avoid the large crowds that would occur if all four movies started at the same time. The theater has a single ticket booth and a cashier who can maintain an average service rate of 280 patrons per hour. Service times are assumed to follow an exponential distribution. Arrivals on a normally active day are Poisson distributed and average 210 per hour. To determine the efficiency of the current ticket operation, Valeri wishes to examine several queue-operating characteristics.

a. Find the average number of moviegoers waiting in line to purchase a ticket.

b. What percentage of the time is the cashier busy?

c. What is the average time that a customer spends in the system?

d. What is the average time spent waiting in line to get to the ticket window?

e. What is the probability that there are more than two people in the system? More than three people? More than four?

Problem #4  Mike Dreskin manages a large Los Angeles movie theater complex called Cinema I, II, III, and IV. Each of the four auditoriums plays a different film; the schedule is set so that starting times are staggered to avoid the large crowds that would occur if all four movies started at the same time. The theater has a single ticket booth and a cashier who can maintain an average service rate of 280 movie patrons per hour. Service times are assumed to follow an exponential distribution. Arrivals on a typically active day are Poisson distributed and average 210 per hour.

To determine the efficiency of the current ticket operation, Mike wishes to examine several queue operating characteristics.

(a) Find the average number of moviegoers waiting in line to purchase a ticket.

(b) What percentage of the time is the cashier busy?

(c) What is the average time that a customer spends in the system?

(d) What is the average time spent waiting in line to get to the ticket window?

(e) What is the probability that there are more than two people in the system?