1. An experiment consists of four outcomes (A, B, C, D) with P(A) = 0.2, P(B) = 0.3, and P(C) = 0.4.  The P(D) is

1. 0.500
2. 0.024
3. 0.100
4. 0.900

2. Given that event E has a probability of 0.3, the probability of the complement of

event E

1. cannot be determined with the above information
2. can have any value between zero and one
3. must be 0.7
4. is 0.3

3. If P(A) = 0.38, P(B) = 0.83, and P(A Ç B) = 0.57; then P(A È B) =  

1. 1.21
2. 0.64
3. 0.78
4. 1.78

4. If P(A) = 0.62, P(B) = 0.47, and P(A È B) = 0.88; then P(A Ç B) =  

1. 0.2914
2. 1.9700
3. 0.2700
4. 0.2100

5. If A and B are mutually exclusive events with P(A) = 0.3 and P(B) = 0.5, then

P(A Ç B)=

1. 0.30
2. 0.15
3. 0.00
4. 0.20

6. If A and B are mutually exclusive events with P(A) = 0.3 and P(B) = 0.5, then

P(A È B)=

1. 0.00
2. 0.15
3. 0.8
4. 0.7

7. If P(A) = 0.80, P(B) = 0.65, and P(A Ç B)= 0.38, then P(B\A) =

1. 0.650
2. 0.585
3. 0.475
4. not enough information is given to answer this question

8. If A and B are independent events with P(A) = 0.38 and P(B) = 0.55, then P(A\B) =

1. 0.209
2. 0.00
3. 0.55

      d.   0.38

9.  The measure of location that is the most likely to be influenced by extreme values in

      the data set is

1. the range
2. the median
3. the mode
4. the mean

10.  The median is

      a.  the 50th percentile

      b.  another name for the variance

      c.  the difference between the largest and smallest values

      d.  the difference between the third quartile and the first quartile

11.  Which measure of location is meaningful when the data are qualitative?

       a.  the mean

       b.  the midrange

       c.  the median       

       d.  the mode

12.  The sum of deviations of the individual data elements from their mean is

      a.  always greater than zero

      b.  always less than zero

      c.  sometimes greater than and sometimes less than zero, depending on the data

          elements

      d.  always equal to zero

13.  The standard deviation of a sample of 49 observations equals 6.  The variance of the

       sample equals

      a. 6

      b. 7

      c. 36

      d. 625

    14.  Which of the following is a measure of location?  

1. Range
2. s
3. s²
4. µ

15.  Which of the following is NOT a measure of location?  

1. Range
2. Mean
3. Median
4. Mode
5. All of the above are measures of location

16.  A method of assigning probabilities based upon best educated guess is referred to as  

a)    relative frequency method

b)    probability method

c)    classical method

d)    subjective method

17.  Find the sample standard deviation and variance of the values: 12, 14, 28, 33, and 19.   

      Units for data values in miles. Show all work with correct notation, decimal places  

       and units.

7. Application: Elasticity and hotel rooms The following graph input tool shows the daily demand for hotel rooms at the Big Winner Hotel and Casino in Las Vegas, Nevada. To help the hotel management better understand the market, an economist identified three primary factors that affect the demand for rooms each night. These demand factors, along with the values corresponding to the initial demand curve, are shown in the following table and alongside the graph input tool. Demand Factor Initial Value Average American household income $50,000 per year Round trip airfare from Los Angeles (LAX) to Las Vegas (LAS) $100 per round trip Room rate at the Lucky Hotel and Casino, which is near the Big Winner $250 per night Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. 0 50 100 150 200 250 300 350 400 450 500 500 450 400 350 300 250 200 150 100 50 0 PRICE (Dollars per room) QUANTITY (Hotel rooms) Demand Graph Input Tool Market for Big Winner's Hotel Rooms Price (Dollars per room) 200 Quantity Demanded (Hotel rooms per night) 300 Demand Factors Average Income (Thousands of dollars) 50 Airfare from LAX to LAS (Dollars per round trip) 100 Room Rate at Lucky (Dollars per night) 250 For each of the following scenarios, begin by assuming that all demand factors are set to their original values and that Big Winner is charging $200 per room per night. If average household income increases by 10%, from $50,000 to $55,000 per year, the quantity of rooms demanded at the Big Winner from rooms per night to rooms per night. Therefore, the income elasticity of demand is , meaning that hotel rooms at the Big Winner are . If the price of a room at the Lucky were to decrease by 10%, from $250 to $225, while all other demand factors remain at their initial values, the quantity of rooms demanded at the Big Winner from rooms per night to rooms per night. Because the cross-price elasticity of demand is , hotel rooms at the Big Winner and hotel rooms at the Lucky are . Big Winner is debating decreasing the price of its rooms to $175 per night. Under the initial demand conditions, you can see that this would cause its total revenue to . Decreasing the price will always have this effect on revenue when Big Winner is operating on the portion of its demand curve.

050100150200250300350400450500500450400350300250200150100500PRICE (Dollars per room)QUANTITY (Hotel rooms)Demand  

Graph Input Tool

Does the STR report show net income (profitability) for each hotel in a comp set?

The STR report is the primary reporting tool that helps determine performance for a hotel in management contracts?

How is the concept of resort hotel different from other types of hotels? (15 pts.) From a manager’s perspective, how is managing a resort hotel different from runningother properties?

1. What are the criteria used to select the renovation projects?

2. What would be the indicators that a hotel need to be renovated ? Please make reference to the stages of the hotel life cycle in the explanation.

An amusement park has estimated the following demand equation for the average park guest

Q=16-2P

Where Q represents the number of rides per guest and P the price per ride. The total cost of providing rides to a guest is

TC=2+0.5Q

If a one-price policy is used, how much should it charge per ride if the park wishes to maximize its profit?

What is the park's profit for each guest?

If a two-part tariff policy is used, what admission fee should the park charge to maximize its profit?

What is the park's profit for each guest?

(please show work as I am confused. Thanks!!)

Write a program that calculates the occupancy rate for each floor of a hotel. (Use a sentinel value and please point out the sentinel in bold.) The program should start by asking for the number of floors in the hotel. A loop should then iterate once for each floor. During each iteration, the loop should ask the user for the number of rooms on the floor and the number of them that are occupied. After all the iterations, the program should display the number of rooms the hotel has, the number of them that are occupied, the number that are vacant, and the occupancy rate for the hotel. Input Validation: Do not accept a value less than 1 for the number of floors. Do not accept a number less than 10 for the number of rooms on a floor.

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: A) Calculate the price, quantity and profit if the amusement park charges a different price in each market. B) Calculate the price, quantity and profit if the amusement park charges the same price in the two markets combined.

Morrison Hotel uses its banquet room to host parties, dinner dances, and business meetings. The hotel serves meals and provides a variety of services for each event. A local consultant analyzed recent cost data and estimated the total cost function per event to be as follows: Y = $1,000 + $9.00 x Assuming that Y represents total cost and x equals the number of guests, use this equation to answer the following questions:

a. If the hotel charges $25.00 per guest, how many guests must attend for the hotel to break even at each event?

b.  If the hotel charges $28.00 per guest, how many guests must attend for the hotel to break even at each event?

c..  If the hotel charges $28.00 per guest, would you advise this hotel to host events for 50 or fewer guests? Why or why not?

Durango Mountain Bike Company wants to open a bicycle repair shop in a suburb of a major metropolitan area. The industry association estimates that 20 percent of bicycles are repaired by similar service companies and that the average owner spends $100 per bicycle on maintenance each year. The census and local chamber of commerce data indicate that there are 10,000 bicycles in the county. Three other competitors exist within a twenty-five-mile radius of the proposed business location. Based on a consumer survey, the owners believe that they can capture 30 percent of the market in the first year of operation. Based on these data, address the following requirements:

a.  What is the potential number of bicycles likely to be commercially repaired?

b. What is the total potential bicycle repair revenue available in the market?

c. How much revenue can Durango Mountain Bike expect to generate?