Instructions :

• It is recommended that you use the IRAC problem solving method.

• You may use headings and subheadings to structure your answer.

• Your answer must include legal references (relevant cases and/or sections of Acts).

The word limit is 600 words.

Question 2

Earlier in the day, when Rob arrived at the Fancy Hotel before the performance, he was surprised to find that there was a valet car parking service. Rob had not been to the Fancy Hotel before but had used a valet car parking service in the past at another venue. He gave the keys of his Mercedes to the valet attendant and received a ticket in return. He put the ticket into his wallet without reading it.

At the end of the night, he goes to the valet desk and to ask for his car, but it is missing! One of the valet attendant’s recalled handing the car keys over to a customer who had lost his ticket but who was able to identify the car when walking through the carpark.

Rob is furious and demands to speak to Steve, the hotel manager. Steve points to the back of Rob’s ticket which reads: ‘The Fancy Hotel will not be responsible for any damage caused to cars howsoever that damage is caused.’ Steve then says that the same clause is also printed on a large sign in the Hotel entrance. Rob protests and says that he never read the ticket and as he did not enter the Hotel through the main entrance he never saw the sign. Rob wants to sue.  

Using relevant legal principles, discuss whether Rob would be able to sue the Hotel, or whether the Hotel would be able to rely upon the exclusion clause.

Many Japanese cultural traits include ancient Chinese influences. Please discuss examples of Chinese influence that you have discovered in Japanese religious activities, theater, traditional music and instruments.

Does knowing the personal, social, or political context of a work of art has a bearing on how to judge the art in question?

Give examples from:

painting or sculpture,

literature, and

theater, television or film.

Destination Hotels currently owns an older hotel on the best beachfront property on Hilton Head Island, and it is considering either remodeling the hotel or tearing it down and building a new convention hotel, but because they both would occupy the same physical location, the company can only do one—that is, these are mutually exclusive projects.

Both these projects have the same initial outlay of $1,000,000. The first project, since it is a remodel of an existing hotel, has an expected life of 8 years and will provide free cash flows of $250,000 at the end of each year for all 8 years. In addition, this project can be repeated at the end of 8 years at the same cost and with the same set of future cash flows. The proposed new convention hotel has an expected life of 16 years and will produce cash flows of $175,000 per year. The required rate of return on both of these projects is 10 percent. Calculate the NPV using replacement chains to compare these two projects.

A program written in C that asks for the distance to be entered and then prints the fare

A transportation company has the following rates

1. For the first 100 miles                                                       20 cents a mile
2. For the next 100 miles                                                       a) + 10 cents per mile over 100 miles
3. For the next 100 miles                                                       b) + 8 cents per mile over 200 miles
4. more than 300 miles                                                          c) + 5 cents per mile over 300 miles

Write a program that asks for the distance to be entered and then prints the fare

Check your answers       50 miles should cost    $10
150 miles should cost    $25
300 miles should cost    $38

A person starts walking from home and walks:
3 miles East
5 miles Southeast
6 miles South
2 miles Southwest
3 miles East

A. Find the total displacement vector for this walk: _ i+_ j

B. If this person walked straight home, they'd have to walk ___ Miles

Fatima Hopkins, the CEO of Central Adventures, is having difficulties with all three of her top management level employees. With one manager making questionable decisions, another threatening to leave, and the third likely ‘in the red’, Fatima is hoping there is a simple answer to all her difficulties. She is asking you (her accountant) for some advice on how to proceed.

Central Adventures owns and operates three amusement parks in Michigan: Funland, Waterworld, and Treetops. Central Adventures has a decentralized organizational structure, where each park is run as an investment center. Park managers meet with the CEO at least once annually to review their performance, where each park manager’s performance is measured by their park’s return on investment (ROI). The park manager then receives a bonus equal to 10% of their base salary for every ROI percentage point above the cost of capital.

Fatima’s first difficulty is with the Funland park. Funland is an outdoor theme park, with twelve roller coaster rides and several other attractions. This park has first opened 1965, and most of the rides have been in operation for 20+ years. Attendance at this park has been relatively stable over the past ten years. The park manager of Funland, Janet Lieberman, recently shared with Fatima a proposal to replace one of their older rides with a new roller coaster, a hybrid steel and wood roller coaster with a 90 degree, 200 foot drop and three inversions. The proposal indicated that the ride would cost $8,000,000 with an estimated life of 20 years. In addition, this new style of coaster would require additional maintenance and insurance, costing $125,000 each year. However, it projected that this new attraction would boost attendance, earning the park an additional $1,190,000 per year in revenues. Janet ultimately decided not to invest in this new attraction. Fatima (doing a quick mental calculation) saw that the investment had a payback period of eight years—much shorter than the life of the roller coaster—and is perplexed at Janet’s decision.

The second dilemma concerns the Waterworld park. Waterworld is an indoor water park, operating year-round. Run by park manager David Copperfield, Waterworld was built in 2016 and has increased attendance by 20% every year since. David recently sent you an email complaining that, based on the current bonus payout schedule, Janet Lieberman’s bonus last year was significantly higher than his. He points to the increasing attendance, and says that his park is being punished for having opened so recently (his park assets are much more recent than the roller coasters at Funland). He currently has an employment offer from another company at the same base pay rate, which he says he will accept if his performance is not appropriately acknowledged. Fatima needs to look at the relative performance across parks to determine how to proceed with David.

Central Treetops includes a high ropes course and has a series of ziplines that criss-cross over the Chippewa River. For many years, it was a popular venue for corporate team-building activities, so it is equipped with a main indoor facility with cafeteria and overnight guest rooms. This park has lost popularity in recent years, and has been ‘in the red’ for the past two years. If the park is not profitable this year, you will need to decide whether to close it - permanently. Included in the ‘Fixed COGS’ for Treetops is a $86,000 mortgage payment on the land and buildings for the park, which would still need to be paid by Central Adventures if the park is closed. Incidentally, you recently had a conversation with the regional head of the YMCA, who would like to open a summer camp in the central Michigan region. If you decided to close Treetops, you are fairly certain that you could lease that land to the YMCA for $250,000 annually.

A partial report of this year’s financial results for Central Adventures shows the following:

The ‘Selling and administrative costs’ are all incurred directly by each park, and are determined at the beginning of each year (that is, they do not change with the number of tickets sold). In addition to the information above, there are $2,542,920 in corporate costs, which are currently allocated evenly between the three parks. These costs are primarily due to employee benefits costs, which are billed at the corporate level. If the Treetops park is closed, the allocated corporate costs would decrease by $12,000. Central Adventures has a cost of capital of 12 percent (and Fatima uses the cost of capital as their required rate of return) and are subject to 18% income taxes.

Fatima needs to evaluate this year’s performance results before she can make any decisions. Is David’s complaint about the performance evaluation metrics valid? Is that also affecting management decisions in the form of Janet’s rejection of the proposed new rollercoaster? And is the company better off without Treetops? She sets off to the company accountant’s office to help get some answers.

a.     Create a segmented income statement for Central Adventures.

b.     Calculate the current annual ROI, residual income and EVA for the three parks.

c.    why it was/was not in Central Adventure’s overall best interest for Funland to reject the new rollercoaster.

d.     is David Copperfield’s (the Waterworld park manager) complaint valid? Explain why it is (or is not valid), and what further information would be necessary.

e.     why should they close/ not close treetops.

f.      what should you recommend she do to improve the evaluation of park manager performance measurement at Central Adventures.

Question 2 – ALL CALCULATIONS MUST BE SHOWN

A local theme park is losing money. The current price of admission is $60 per person with an average daily attendance of 750 people. You are an independent consultant employed to recommend a pricing strategy. The demand schedule estimated by the consultant is shown in the table below.

a. Fill in the blanks in the table above. There are 7 empty cells [marked as 0.5 marks per cell correctly filled]. Use the point method (ΔQ/ΔP)*(P/Q) to calculate the own-price elasticity of demand. (3.5 marks)

b. As a consultant what would be your recommendation regarding pricing strategy? Should the theme park change the price from $60? Justify your answer based on the price elasticity of demand. .

c. From the information in the table write the equation for the daily demand for theme park tickets in price dependent form (P=a-bQ). (2.5 marks)

d. Use the midpoint method to calculate the price elasticity of demand from $85 to $90. Explain whether demand is price elastic or price inelastic and interpret the value of this elasticity.

e. Theme park customers are able to purchase a $15 photographic package. At the current ticket price of $60, 34% of customers purchase photographic packages. The theme park estimates that a $3 price increase in theme park tickets would result in a 20% reduction in photographic packages purchased. Provide the name of, and calculate the value of, this elasticity. Interpret its value. What does this elasticity value tell the theme park managers about the relationship between theme park ticket prices and photographic packages? How many customers would purchase the photographic packages if theme park tickets increased by $3?

Table 1: Hot Sauce Titration mass of hotsauce (g) 0.8

Concentration of NaOH solution used 0.1M

Volume needed of NaOH to neutralize the sauce_______?

pH of NaOH 12.5

Table 2: Hot Sauce pH Titration Data Trial 1

Table 3: Hot Sauce pH Titration Data Trial 2

Post-Lab Questions

Construct a graph from Tables 2 and 3 on a computer program such as Microsoft Excel®. Send your graph with your Post-Lab Questions to your lab instructor.

What are the equivalence points for both trials? Use your graphs to determine this. Calculate their average to answer Question 3.

Using the determined equivalence point from question 2 and the balanced reaction of acetic acid and sodium hydroxide, calculate the molarity of the acetic acid in your hot sauce packet. Assume the density of the hot sauce is 1.00 g/mL and use the mass of taco sauce from Table 1 for your calculation.

A trucking company determined that the distance traveled per truck per year is normally​ distributed, with a mean of 40

thousand miles and a standard deviation of 11 thousand miles

c. How many miles will be traveled by at least 65% of the trucks?

1d) If the standard deviation is 7 thousand miles, the proportion of trucks that can be expected to travel between 27 and 40 thousand miles in a year is?

2d) If the standard deviation is 7 thousasnd miles, the percentage of trucks that can be expected to travel either less than 30 or more than 60 thousand miles in a year is x?

3d) If the standard deviation is 7 thousand miles, the number of miles that will be traveled by at least 65% of the trucks is x miles?