1. 3 e) Of course the number of years smoked and longevity do not follow a normal distribution. That being the case, we have to use a nonparametric test to test if there is a correlation between these two variables. So using the Spearman correlation approach, test the claim at 95% confidence that there is a negative correlation between these two variables.
   1. State the Null and Alternative Hypothesis (1)
   2. Draw the appropriate probability density curve setting up the problem and state the Decision Rule. (1)
   3. Determine the Spearman Correlation Coefficient (2)
   4. Perform the test (2)
   5. State your decision (1)
      
      (Note, to help you out, I have started your Spearman calculation)
      

Designers of consumer products argue that to understand what customers really need, you have to do more than listen to what they say. You have to observe what they do. Why do you think there is often a gap between what people say and what they do?

SVP Waters stresses the importance of training close to the customers experience. What is the connection between the customer service, front line, customer facing positions and accounting? What effect does this interfacing have in a company's profitability? Include two accounting terms/vocabulary words in your comments

Yield management and price discrimination are both designed to increase revenues by charging different customers higher or lower prices. Explain the difference between yield management and price discrimination, and the conditions required to use these methods. Illustrate and explain how yield management is used to increase revenues for airlines.

CIS- Python

Clunker Motors Inc. is recalling all vehicles in its Extravagant line from model years 1999-2002 as well all vehicles in its Guzzler line from model years 2004-2007. Given variables modelYear and modelName write a statement that assigns True to recalled if the values of modelYear and modelName match the recall details and assigns False otherwise.

2. As of July 2004, American Institute for Foreign Study (AIFS) hedge all its costs. Make a case (without any calculations) to CFO, Becky Tabaczynski, that

a) hedging all its costs may not be an optimal strategy for the corporation.

b) an option hedge makes a better choice than forward contracts for hedging. Would Becky Tabaczynski agree with your thought process?

A monopolistically competitive firm is currently producing 20 units of output. At this level of output the firm is charging a price equal to $20, has marginal revenue equal to $12, has marginal cost equal to $12, and has average total cost equal to $24. From this information we can infer that

The traditional view of monopolistic competition holds that this type of industrial structure is inefficient because

Suppose that in a competitive market the equilibrium price is $3.50. What is marginal revenue for the last unit sold by the typical firm in this market?

2. Island Water Sports is a business that provides rental equipment and instruction for a variety of water sports in a resort town. On one particular morning, a decision must be made of how many Wildlife Raft Trips and how many Group Sailing Lessons should be scheduled. Each Wildlife Raft Trip requires one captain and one crew person, and can accommodate six passengers. The revenue per raft trip is $120. Ten rafts are available, and at least 30 people are on the list for reservations this morning. Each Group Sailing Lesson requires one captain and two crew people for instruction. Two boats are needed for each group. Four students form each group. There are 12 sailboats available, and at least 20 people are on the list for sailing instruction this morning. The revenue per group sailing lesson is $160. The company has 12 captains and 18 crew available this morning. Develop the linear programming problem and solve the linear programming model to maximize the number of customers served while generating at most $1800 in revenue and honoring all reservations. (Hint: You need 2 decision variables to develop this LP problem.)

3.50

Passedix is a game of chance played with three fair dice. Players bet whether the sum of the faces shown on the dice will be above or below ten. During the late sixteenth century, the astronomer and mathematician Galileo Galilei was asked by the Grand Duke of Tuscany to explain why “the chance of throwing a 9 with three fair dice was less than that of throwing a 10.” (Interstat, Jan. 2004) The grand duke believed that the chance should be the same because “there are an equal number of partitions of the numbers 9 and 10.” Find the flaw in the Grand Duke’s reasoning and answer the question posed to Galileo. Hint: What the Grand Duke was saying is: There are six ways to get a 9: 1+2+6; 1+3+5; 1+4+4; 2+2+5; 2+3+4; 3+3+3. There are also six ways to get a 10: 1+3+6; 1+4+5; 2+2+6; 2+3+5; 2+4+4; 3+3+4. [10 pts] 3.56 Two fair dice are tossed, and the following events are defined: A: {Sum of the numbers showing is odd} B: {Sum of the numbers showing is 9, 11, or 12} Are events A and B independent? Why? [10 pts]

The production of agricultural products like wheat is one of the few examples of a perfectly
competitive industry. In this question, we analyze results from a study released by the
Pakistan Department of Agriculture about wheat production in the Pakistan.
a. The average variable cost per acre planted with wheat was Rs.1070 per acre. Assuming a
yield of 500 bushels per acre, calculate the average variable cost per bushel of wheat.
b. The average price of wheat received by a farmer was Rs.2.65 per bushel. Do you think the
average farm would have exited the industry in the short run? Explain.
c. With a yield of 500 bushels of wheat per acre, the average total cost per farm was Rs.3.80
per bushel. The harvested acreage for rye (a type of wheat) in the Pakistan fell from 418,000
acres in 2004 to 274,000 in 2019. Using the information on prices and costs here and in parts
a and b, explain why this might have happened.
d. Using the above information, do you think the prices of wheat were higher or lower prior
to 2004? Why?