A person with a cough is a persona non grata on airplanes, elevators, or at the theater. In theaters especially, the irritation level rises with each muffled explosion. According to Dr. Brian Carlin, a Pittsburgh pulmonologist, in any large audience you'll hear about 18 coughs per minute.

(a) Let r = number of coughs in a given time interval. Explain why the Poisson distribution would be a good choice for the probability distribution of r. Coughs are a common occurrence. It is reasonable to assume the events are independent. Coughs are a common occurrence. It is reasonable to assume the events are dependent. Coughs are a rare occurrence. It is reasonable to assume the events are independent. Coughs are a rare occurrence. It is reasonable to assume the events are dependent.

(b) Find the probability of seven or fewer coughs (in a large auditorium) in a 1-minute period. (Use 4 decimal places.)

(c) Find the probability of at least eight coughs (in a large auditorium) in a 28-second period. (Use 4 decimal places.)

provide and discuss a specific example of socialization from life experience. (For example, you can discuss your involvement in sports, music, theater, or other group activities, your first paid job, moving to a new city, or an important family/cultural event or holiday, like Thanksgiving).

1. First, explain the experience in detail and then talk about what skills, values, or knowledge you developed as a result.
2. Identify the key agents of socialization (such as family, teachers, or coaches) and their various social roles and identities.  What agents were most directly involved in this experience, and why?
3. Reflect on the ways in which this experience is connected to cultural values and norms.  Which cultural values and norms did you learn about through this experience?
4. Discuss how this experience contributed to your perspective and position in society or social group.  What did you learn about yourself? What did you learn about society?

MicroEcon chapter 7&8
#4-9

PLEASE EXPLAIN WHY ANSWER IS CORRECT

Use the table below to answer questions 4 to 6

4. The marginal product of the second unit of the variable input (labor) is

(a)        20                                            (c)        30

(b)        25                                            (d)       50

5.   Diminishing marginal productivity occurs with which unit of labor?

(a)        first                                          (c)        third

(b)       second                                     (d)       fourth

6.   Short run marginal costs rise because of

(a)        rising prices of variable inputs                     

(b)        declining productivity of fixed factors of production

(c)        diminishing marginal productivity of variable inputs           

(d)       reduced incentives to work in large plants

7.   When average total cost is declining as output increases, marginal cost must be

(a)        declining                                 (c)        above average total cost

(b)        below average total cost                     (d)       rising

8. Total cost is $30 at 10 units of output and $32 at 11 units of output. In this output range, marginal cost must be

(a)        equal to average total cost                  (c)        less than average total cost

(b)        greater than average total cost                        (d)       indeterminate

9. If the difference between ATC and AVC is $1.00 at 100 units of output, then at 200 units of output the difference between ATC and AVC must be

(a)        $2.00                                                   (c)        $0.50

(b)        $1.00                                                   (d)       indeterminate

Martinez Company's relevant range of production is 7,500 units to 12,500 units. When it produces and sells 10,000 units, its unit costs are as follows: Amount per Unit Direct Materials $5.50, Direct Labor $3.00, Variable manufacturing overhead $1.50, Fixed Manufacturing overhead $3.50, Fixed selling expense $2.50, Fixed administrative expense $2.00, Sales Commissions $1.00, and Variable administrative expense $0.50.

1.)For financial accounting purposes, what is the total amount of product cost incurred to make 10,000 units?

2.)For financial accounting purposes, what is the total amount of period costs incurred to sell 10,000 units?

3.)If 8,000 units are sold, what is the variable cost per unit sold?

4.)If 12,500 units are sold, what is the variable cost per unit sold?

5.)If 8,000 units are sold, what is the total amount of variable costs related to the units sold?

6.)If 12, 500 units are sold, what is the total amount of variable costs related to the units sold?

7.)If 8,000 units are produced, what is the average fixed manufacturing cost per unit produced?

8.)If 12,500 units are produced, what is the average fixed manufacturing cost per unit produced?

9.)If 8,000 units are produced, what is the total amount of fixed manufacturing cost incurred to support this level of production?

10.)If 12,500 units are produced, what is the total amount of fixed manufacturing cost incurred to support this level of production?

11.)If 8,000 units are produced, what is the total amount of manufacturing overhead cost incurred to support this level of production? What is the total amount expressed on a per unit basis?

12.)If 12,500 units are produced, what is the total amount of manufacturing overhead cost incurred to support this level of production? What is the total amount expressed on a per unit basis?

13.)If selling price is $22 per unit, what is the contribution margin per unit sold?

14.)If 11,000 units are produced, what are the total amounts of direct and indirect manufacturing costs incurred to support this level of production?

15.)What total incremental cost will Martinez incur if it increases production from 10,000 to 10, 001 units?

Martinez Company�s relevant range of production is 7,500 units to 12,500 units. When it produces and sells 10,000 units, its unit costs are as follows: Amount per Unit Direct Materials $5.70, Direct Labor $3.20, Variable manufacturing overhead $1.60, Fixed Manufacturing overhead $4.00, Fixed selling expense $2.70, Fixed administrative expense $2.10, Sales Commissions $1.10, and Variable administrative expense $0.55.

1.)For financial accounting purposes, what is the total amount of product cost incurred to make 10,000 units?

2.)For financial accounting purposes, what is the total amount of period costs incurred to sell 10,000 units?

3.)If 8,000 units are sold, what is the variable cost per unit sold?

4.)If 12,500 units are sold, what is the variable cost per unit sold?

5.)If 8,000 units are sold, what is the total amount of variable costs related to the units sold?

6.)If 12, 500 units are sold, what is the total amount of variable costs related to the units sold?

7.)If 8,000 units are produced, what is the average fixed manufacturing cost per unit produced?

8.)If 12,500 units are produced, what is the average fixed manufacturing cost per unit produced?

9.)If 8,000 units are produced, what is the total amount of fixed manufacturing cost incurred to support this level of production?

10.)If 12,500 units are produced, what is the total amount of fixed manufacturing cost incurred to support this level of production?

11.)If 8,000 units are produced, what is the total amount of manufacturing overhead cost incurred to support this level of production? What is the total amount expressed on a per unit basis?

12.)If 12,500 units are produced, what is the total amount of manufacturing overhead cost incurred to support this level of production? What is the total amount expressed on a per unit basis?

13.)If selling price is $22 per unit, what is the contribution margin per unit sold?

14.)If 11,000 units are produced, what are the total amounts of direct and indirect manufacturing costs incurred to support this level of production?

15.)What total incremental cost will Martinez incur if it increases production from 10,000 to 10, 001 units?

You operate your own small building company and have decided to bid on a government contract to build a pedestrian walkway in a national park during the coming winter. The walkway is to be of standard government design and should involve no unexpected costs. Your present capacity utilization rate is moderate and allows sufficient scope to understand this contract, if you win it. You calculate your incremental costs to be $268,000 and your fully allocated costs to be $440,000. Your usual practice is to add between 60% and 80% to your incremental costs, depending on capacity utilization rate and other factors. You expect three other firms to also bid on this contract, and you have assembled the following competitor intelligence about those companies.

Show all of your calculations and processes. Describe your answers in three- to five-complete sentences.

A.) What price would you bid if you must win the project?

Smoky Mountain Corporation makes two types of hiking boots—the Xtreme and the Pathfinder. Data concerning these two product lines appear below:

The company has a traditional costing system in which manufacturing overhead is applied to units based on direct labor-hours. Data concerning manufacturing overhead and direct labor-hours for the upcoming year appear below:

Required:

1. Compute the product margins for the Xtreme and the Pathfinder products under the company’s traditional costing system. (Round your intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount.)

2. The company is considering replacing its traditional costing system with an activity-based costing system that would assign its manufacturing overhead to the following four activity cost pools (the Other cost pool includes organization-sustaining costs and idle capacity costs):

2. Compute the product margins for the Xtreme and the Pathfinder products under the activity-based costing system. (Round your intermediate calculations to 2 decimal places.)

3. Prepare a quantitative comparison of the traditional and activity-based cost assignments.

Prepare a quantitative comparison of the traditional and activity-based cost assignments. (Round your intermediate calculations to 2 decimal places.)

How might the principles of sustainability (such as increased efficiency) affect cost behavior overall? Think of an example of a sustainable change in process or material that could impact the cost equation of that cost (i.e., the total fixed cost versus the variable cost per unit). Describe this example in detail and what might happen to total fixed costs and per unit variable costs.

Mears Production Company makes several products and sells them for an average price of $75. Mears' accountant is considering two different approaches to estimating the firm's total monthly cost function, account analysis and high-low. In both cases, she used units of production as the independent variable. For the account analysis approach, she developed the cost function by analyzing each cost item in June, when production was 1,950 units. The following are the results of that analysis:

For the high-low method, she developed the cost function using the same data from June and data from August, when production was 2,500 units and total costs were $47,969.

After developing the two cost functions, the accountant used them to make predictions for the month of October, when production was expected to be 2,125 units.

REQUIRED [ROUND UNIT COSTS TO THE NEAREST CENT AND TOTAL COSTS TO THE NEAREST DOLLAR.]

Part A
1. Using account analysis, what was the accountant's estimate of total fixed costs for October?    

2. Using account analysis, what was the accountant's estimate of total variable costs for October?   


Part B
1. Using the high-low method, what was the accountant's estimate of total fixed costs for October?    

2. Using the high-low method, what was the accountant's estimate of variable costs per unit for October?

Mears Production Company makes several products and sells them for an average price of $75. Mears' accountant is considering two different approaches to estimating the firm's total monthly cost function, account analysis and high-low. In both cases, she used units of production as the independent variable. For the account analysis approach, she developed the cost function by analyzing each cost item in June, when production was 1,900 units. The following are the results of that analysis:

For the high-low method, she developed the cost function using the same data from June and data from May, when production was 2,350 units and total costs were $43,350.

After developing the two cost functions, the accountant used them to make predictions for the month of October, when production was expected to be 2,250 units.

REQUIRED [ROUND UNIT COSTS TO THE NEAREST CENT AND TOTAL COSTS TO THE NEAREST DOLLAR.]

Part A
1. Using account analysis, what was the accountant's estimate of total fixed costs for October?    

2. Using account analysis, what was the accountant's estimate of total variable costs for October?   

Part B
1. Using the high-low method, what was the accountant's estimate of total fixed costs for October?    

2. Using the high-low method, what was the accountant's estimate of variable costs per unit for October?