As we’ve seen before in this class, the roasting of limestone (calcium carbonate) to make quicklime (calcium oxide) and carbon dioxide is an important industrial process because the quicklime is used to make cement, among other things. How many kJ of heat are needed to produce 1.0 metric tons of quicklime?
In: Chemistry
Consider the following reaction and associated equilibrium
constant:
aA(g)+bB(g)⇌cC(g),
Kc = 4.0
Find the equilibrium concentrations of A, B, and C for a=1, b=1, and c=2. Assume that the initial concentrations of A and B are each 1.0 M and that no product is present at the beginning of the reaction.
In: Chemistry
2 Milky entered into a contract for the hire of 6 rooms in New Castle Hotel in Kowloon West. The purpose of the contract was to watch the fireworks gala in the Victoria Harbour on the 1st July (Reunification Day) through the windows of the rooms. Milky planned to invite her close friends and their families to stay in the 6 rooms to enjoy the fireworks. Just two hours before start of the fireworks, the Hong Kong Police Force received a serious threat from some terrorist organizations that they would launch large scale attack to the crowds who gathered to watch the fireworks. The Hong Kong Government immediate ordered the cancellation of the fireworks and gave an order that this kind of gala will not be launched at least for five years. Milky, having already paid a deposit, refused to pay the balance of the room charges. The hotel took legal action to recover the balance.
Required:
Analyse the chance of success by the hotel and explain in detail the legal principles that you base on for analysis.
3 Devil Computers Ltd (DCL) produces hard disks for installing in computers. The Hong Kong Land Bank (HKLB) would like to purchase new computers for its new computer room situate at the fourth floor of its headquarters in Homantin. HKLB asked DCL for their hard disks which could survive in good conditions for at least 3 years. DCL sold some of their “long life” hard disks to HKLB.
In fact, the “long life” hard disks only survived for 6 months and the staff of HKLB complained about the performance and quality of the hard disks.
Required:
Advise whether HKLB could claim damages and repudiate the contract of sale with DCL under the provisions of the Sale of Goods Ordinance. Detail explanation of that specific provision is necessary.
In: Accounting
Please answer questions 2 through 7
1. A deli raises the price of its deluxe cheeseburger from $9.50 to $10.50. The quantity sold falls from 125/day to 100/day. Calculate the arc price elasticity of demand.
2. Given your answer to (1), and given that the marginal cost of is $5, should the restaurant raise or lower its price of its deluxe cheeseburger to increase profits?
3. AutoClean does car detailing for $80 per car. Market research indicates that if the price was increased to $105 quantity demanded would fall to zero. Assuming that demand can be modeled with a linear demand curve, estimate the price elasticity of demand at $80.
4. The only thing that changes in Dullsville is the price of a stay at the Dullsville Inn. You've collected the following data on the rates charged (for a suite with 2 queen-sized beds and 'free' continental breakfast) and the number of rooms occupied. The Inn has 100 suites, and at no time were potential visitors turned away due to no vacancy. Use this data to estimate a 'constant elasticity' demand function. Estimate the price elasticity of demand.
Observation Rate per night Quantity (rooms rented)
1 $70 40
2 $65 50
3 $80 30
4 $52 62
5 $92 31
6 $64 41
7 $43 78
8 $74 35
9 $83 33
10 $54 52
11 $87 30
12 $84 28
13 $68 40
14 $43 69
15 $48 53
16 $78 34
17 $72 48
18 $58 53
19 $56 59
5 - 7. Next door to the Dullsville Inn is the Vagabond Hotel. Their rate for a single room is $50/night, with an average of 60 rooms occupied per night. Assume that the industry norm for the price elasticity of demand for hotels like the Vagabond Hotel is -1.6. Further assume that the demand function is reasonably approximated with a constant-price elasticity of demand functional form: Q = aP^b, where b is the price elasticity of demand.
5. Use the above information to calculate the value for 'a.'
6. Use the resulting demand function to estimate the number of rooms occupied if the price was increased to $60/night.
7. The marginal cost of providing a room at the Vagabond Hotel is $20. Use the markup rule for profit maximization to calculate the profit maximizing rate.
In: Economics
Said Al Hamli and his friend Khaled Al Masri are the owners of a small hotel, the Sun Star, in the Red Sea town of Hurghada. Close to Cairo, the resort town has grown from a fishing village to one of Egypt’s famous vacation spots. Hurghada is the gateway to many small islands and offshore reefs favored by recreational snorkelers and divers and many tourists combine their stay with excursions to the Nile Valley, the Great Pyramids and Luxor.
To take advantage of the growing numbers of tourists, particularly from Europe and the Middle East, Said and Khaled are planning to double the room capacity of their hotel by adding a second building to the already existing structure. Fortunately, Said recognized the great potential of Hurghada ten years ago, well before the town became a hub for recreational tourism, and bought the land adjacent to the hotel for relatively little money when it was still under construction.
Now, Said and Khaled are studying the new layout and trying to determine if the expected revenues justify the substantial initial investment of EGP 70 million ($11.8 million). According to their calculations, operating cost would rise by EGP 23.8 million ($4 million) in the first year, which would include hiring and training of new personnel, maintenance of facilities and equipment etc., and likely increase by about 5 percent per year thereafter. With an aggressive marketing strategy, Said and Khaled believe that a revenue enhancement of EGP 20.8 million in the first year is realistic and that a subsequent annual increase of about 15 percent for eight to nine years, with revenues leveling off thereafter, can be achieved. Ideally, Khaled would like to retire in ten years. Seeking advice from you, a knowledgeable friend, they share their detailed cost and revenue projections with you.
|
Year |
Cash (EGP) |
Revenue (EGP) |
|
0 |
−70,000,000 |
|
|
1 |
−23,800,000 |
20,825,000 |
|
2 |
−24,990,000 |
23,949,000 |
|
3 |
−26,239,000 |
27,541,000 |
|
4 |
−27,551,000 |
31,672,000 |
|
5 |
−28,929,000 |
36,423,000 |
|
6 |
−30,375,000 |
41,887,000 |
|
7 |
−31,894,000 |
48,169,000 |
|
8 |
−33,489,000 |
55,395,000 |
|
9 |
−35,163,000 |
63,704,000 |
|
10 |
−36,922,000 |
73,259,000 |
QUESTIONS
|
1. |
Determine the resulting net cash flow for each year; and compute:
|
||||||
|
2. |
Give your decision on each result in terms of the project’s expected profitability and Khaled’s ten-year investment horizon |
In: Accounting
The Sai Kung Inn is a small family-run hotel in the New Territories. As a family-owned business, it relies mainly on traveler recommendations and on visitors to local Sai Kung residents. In particular, it ranks in the top 10% of TripAdvisor’s accommodations in Sai Kung. The Sai Kung Inn has 12 guest rooms, and to keep the operation running efficiently it employs two full-time reception staff, and three morning housekeeping staff.
Winnie is the hotel manager and the daughter of the property owner. She is considering to adopt a balanced scorecard approach for performance evaluation. She has identified a number of potential performance measures:
1) Number of items on hotel restaurant menu
2) Revenue
3) Percentage of reception staff completing hospitality and customer satisfaction course
4) Customer satisfaction with dining options
5) Average percentage occupancy
6) Number of restaurant staff completing cooking training courses
7) Percentage of cleaning staff completing housekeeping and hygiene courses
8) Average TripAdvisor rating
9) Number of guest complaints about room cleanliness
10) Average number of minutes taken to process guests’ check-in
11) Total profits
12) Frequency and quality of room cleaning
Required:
(a) Using the 12 performance measures suggested above, draw a balanced scorecard diagram for The Sai Kung Inn with the four main categories of the balanced scorecard, classifying each of the performance measures into one of the four categories. Draw arrows between individual performance measures to show causal links and indicate with a “+” or “–” whether the performance measure should increase or decrease.
(b) Winnie believes that The Sai Kung Inn’s occupancy rate is lower than her competitors because The Sai Kung Inn charges slightly higher prices and does not attract guests who prefer cheaper accommodation. Winnie believes that in order to improve the financial performance of The Sai Kung Inn, the company should focus on improving customer satisfaction to justify higher prices, instead of reducing costs to compete on price. She would like to improve the rank on TripAdvisor to be the top-rated accommodation in Sai Kung, by focusing on operational and staff improvements. Help Winnie develop two new performance measures to build into her balanced scorecard. For each performance measure you suggest, identify which category it would fit into, how to measure it, and how it relates to the organization goal.
In: Finance
Q-1
# of workers Output (flags(
0 0
1 50
2 110
3 180
4 260
5 350
The table shows the number of flags that can be made per month depending on the number of workers at Acme Flag Company. Does the Acme Flag Company experience the law of diminishing returns in the table above?
| a. |
No, because marginal product is increasing as more workers are added. |
|
| b. |
Yes, because marginal product is decreasing as more workers are added. |
|
| c. |
Yes, because total product is increasing as more workers are added. |
|
| d. |
Yes, because total product is decreasing as more workers are added |
Q-2
The major characteristic of a monopoly is
| a. |
the degree of control over price it can exercise. |
|
| b. |
the ability to produce numerous products. |
|
| c. |
its price elasticity of demand. |
|
| d. |
its source of revenue |
Q-3
Ceteris paribus, the demand curve faced by a firm that is a monopoly will be ______the demand curve faced by a firm in perfect competition.
| a. |
less steep than |
|
| b. |
more steep than |
|
| c. |
the same steepness as |
|
| d. |
the opposite of |
Q-4
As output increases, marginal cost
| a. |
continually increases. |
|
| b. |
continually decreases. |
|
| c. |
increases, reaches a maximum and then declines. |
|
| d. |
decreases, reaches a minimum and then rises. |
Q-5
# of workers Output (flags)
0 0
1 50
2 110
3 180
4 260
3 350
The table shows the number of flags that can be made per month depending on the number of workers at Acme Flag Company. The price that Acme can charge for flags is $20. What is the average product of the 4th worker?
| a. |
65 flags. |
|
| b. |
80 flags. |
|
| c. |
260 flags. |
|
| d. |
$1600 |
Q-7
Long-run competitive equilibrium implies that
| a. |
all firms in the industry are earning economic profits. |
|
| b. |
all firms in an industry are producing output at the point where marginal profit equals marginal cost. |
|
| c. |
there is no incentive for firms to enter or leave an industry. |
|
| d. |
the accounting profits of all firms in a competitive industry are zero. |
Q-9
Which of the following statement is true?
| a. |
Diminishing returns occur when a firm can change the amount of all the factors of production it uses. |
|
| b. |
if Helena finds that the marginal benefit of eating an ice cream cone is equal to the marginal cost of eating an ice cream cone, then Helena would be better off to eat one more ice cream cone. |
|
| c. |
the production possibilities curve is positively sloped. |
|
| d. |
none of the above are true statements |
Q-11
A price ceiling _______ output and ________ price in a monopoly market.
| a. |
increase; increase. |
|
| b. |
decrease; increase. |
|
| c. |
decrease; decrease. |
|
| d. |
increase; decrease |
Q-13
Economic theory suggests that a monopoly is the best form of business organization when
| a. |
a natural monopoly exists. |
|
| b. |
the average cost curve is downward sloping over the relevant range of output levels. |
|
| c. |
a single firm is able to produce output at a lower average cost than would occur if there were two or more firms in the industry. |
|
| d. |
all of the above. |
Q-15
If a local movie theater is a monopolist, price discrimination means that;
| a. |
economic profits earned by the theater will redistribute income from consumers to resource owners. |
|
| b. |
the theater can charge different prices for its product in different markets. |
|
| c. |
the theater's price/output decision results in an unequal distribution of income. |
|
| d. |
the theater can charge a higher price than a competitive firm. |
Q-16
Monopolies generally offer consumers ___ and ____ than competitive firms.
| a. |
lower output; lower prices. |
|
| b. |
lower output; higher prices. |
|
| c. |
higher output; lower prices. |
|
| d. |
higher output; higher prices |
Q-16
f output changes in fixed proportion to a change in all of a firm's productive resources, the firm has
| a. |
constant marginal returns. |
|
| b. |
constant returns to scale. |
|
| c. |
decreasing marginal returns. |
|
| d. |
decreasing returns to scale. |
Q-17
Profits for the profit maximizing monopolist will equal
| a. |
marginal cost times output. |
|
| b. |
price minus average total cost, times output. |
|
| c. |
zero economic profit most of the time. |
|
| d. |
price minus marginal cost, times output. |
Q-18
Unlike a firm in perfect competition, a monopolist may be able to
| a. |
block the entry of new firms into the industry. |
|
| b. |
continue to an economic profits in the long run. |
|
| c. |
earn economic profits in the short rum |
|
| d. |
both (a) and (b). |
20
he point of diminishing returns occur at the point where
| a. |
the slope of the total product curve is zero. |
|
| b. |
the slope of the total product curve is negative. |
|
| c. |
the slope of the total product curve is positive. |
|
| d. |
the slope of the total product curve begins decreasing. |
In: Economics
Lon Timur is an accounting major at a midwestern state
university located approximately 60 miles from a major city. Many
of the students attending the university are from the metropolitan
area and visit their homes regularly on the weekends. Lon, an
entrepreneur at heart, realizes that few good commuting
alternatives are available for students doing weekend travel. He
believes that a weekend commuting service could be organized and
run profitably from several suburban and downtown shopping mall
locations. Lon has gathered the following investment
information.
| 1. | Five used vans would cost a total of $74,429 to purchase and would have a 3-year useful life with negligible salvage value. Lon plans to use straight-line depreciation. | ||
| 2. | Ten drivers would have to be employed at a total payroll expense of $48,900. | ||
| 3. | Other annual out-of-pocket expenses associated with running the commuter service would include Gasoline $15,900, Maintenance $3,500, Repairs $4,400, Insurance $4,400, and Advertising $2,600. | ||
| 4. | Lon has visited several financial institutions to discuss funding. The best interest rate he has been able to negotiate is 15%. Use this rate for cost of capital. | ||
| 5. | Lon expects each van to make ten round trips weekly and carry an average of six students each trip. The service is expected to operate 30 weeks each year, and each student will be charged $12 for a round-trip ticket. |
Click here to view PV table.
(a)
Determine the annual (1) net income and (2) net annual cash flows
for the commuter service. (Round answers to 0 decimal
places, e.g. 125.)
| Net income | $
3490.04 |
||
| Net annual cash flows | $
28300 |
(b)
Compute (1) the cash payback period and (2) the annual rate of
return. (Round answers to 2 decimal places, e.g.
10.50.)
| Cash payback period |
2.63 |
years | |
| Annual rate of return |
9.4 |
% |
(c)
Compute the net present value of the commuter service.
(Round answer to 0 decimal places, e.g. 125. If the net
present value is negative, use either a negative sign preceding the
number eg -45 or parentheses eg (45). For
calculation purposes, use 5 decimal places as displayed in the
factor table provided.)
| Net present value |
???? |
In: Accounting
You collect the following data on the average speed (in miles per hour) of a student driver on the highway:
| Speed |
| 68 |
| 66 |
| 69 |
| 82 |
| 83 |
| 82 |
| 75 |
| 79 |
| 86 |
| 79 |
| 80 |
| 79 |
| 77 |
| 59 |
| 73 |
| 72 |
| 71 |
| 51 |
| 73 |
| 100 |
| 73 |
| 80 |
| 80 |
| 67 |
| 72 |
| 70 |
| 67 |
| 68 |
| 75 |
| 66 |
| 63 |
| 87 |
| 72 |
| 62 |
| 69 |
| 58 |
| 74 |
| 78 |
| 73 |
| 67 |
| 73 |
| 79 |
| 84 |
| 75 |
| 65 |
| 65 |
| 68 |
| 78 |
| 64 |
| 60 |
| 85 |
| 77 |
| 82 |
| 86 |
| 74 |
| 87 |
| 100 |
| 77 |
| 71 |
| 75 |
| 72 |
| 72 |
| 76 |
| 58 |
| 76 |
| 63 |
| 76 |
| 72 |
| 66 |
| 73 |
| 79 |
| 83 |
| 84 |
| 86 |
| 78 |
| 78 |
| 77 |
| 64 |
| 65 |
| 78 |
| 68 |
| 81 |
| 92 |
| 86 |
| 56 |
| 84 |
| 83 |
a.If you want to construct a 95% confidence interval, what would use for the t-critical value?
b. what would be the lower boundof your 95% confidence interval?
c. what would be the upper bound of your 95% confidence interval?
In: Economics
In: Physics