1. The faculty of a university mathematics department is concerned about the performance of students in the introductory calculus offered by the department and required of all science and engineering majors. Historically, class averages on the test have been about 75, a passing grade but indicative that students may not be learning the material as well as they need to in order to go on to the next course. The chair would like to raise the average to at least 80. The department decides to implement a tutoring program in which each section of the course has assigned to it an advanced student who has done very well in the course previously. That student attends the section assigned and is available for student consultation 10 hours each week outside of class. A random sample of 50 students from the first semester of the program is selected and the test score for each student in the sample is recorded. The sample of scores is provided below.

78      75      74      73      70      75      70      71      77      78

74      77      81      76      78      72      73      73      75      77

72      82      80      74      72      77      77      73      79      75

74      80      78      76      79      81      75      71      74      78

75      71      75      77      72      74      77      75      77      78

What do these 50 scores suggest about the chair’s concern? Be specific about assumptions, hypotheses being tested, test statistic used, and the critical region for your test. Interpret the results of your test in regard to the concerns of the chair. (You may do this test by hand or get SPSS to do it for you. If you use SPSS, please provide the output it produces along with your interpretation of the results.) As in problem 2, you need not consider any confidence intervals.

1. Among other things, the Container Store has grown and flourished because of strong customer relationships, which include listening to customer needs, containing products that meet customer needs, having salespeople who understand both customer needs and the products, and creating a store environment that is customer friendly both in layout and in culture. Suppose company management wants to formally measure customer satisfaction at least once a year and develops a brief survey that includes the following four questions. Suppose that the survey was administered to 115 customers with the following results. Use techniques presented in this chapter to analyze the data to estimate the population responses to these questions.

2. The Container Store is well known as a great company to work for. In addition, company management states that their employee is their number one stakeholder. Suppose in spite of their history as an employee-friendly company, management wants to measure employee satisfaction this year to determine if they are maintaining this culture. A researcher is hired by the company who randomly selects 21 employees and asks them to complete a satisfaction survey under the supervision of an independent testing organization. As part of this survey, employees are asked to respond to questions by providing a score of from 0 to 50 along a continuous scale, where 0 denotes no satisfaction and 50 denotes the utmost satisfaction. Assume that the data are normally distributed in the population. The questions and the results of the survey are shown below. Analyze the results by using techniques from this chapter. Discuss your findings.

Chamberlain Enterprises Inc. reported the following receivables in its December 31, 2021, year-end balance sheet:

Additional Information:

1. The notes receivable account consists of two notes, a $55,000 note and a $225,000 note. The $55,000 note is dated October 31, 2021, with principal and interest payable on October 31, 2022. The $225,000 note is dated June 30, 2021, with principal and 6% interest payable on June 30, 2022.
2. During 2022, sales revenue totaled $1,360,000, $1,290,000 cash was collected from customers, and $24,000 in accounts receivable were written off. All sales are made on a credit basis. Bad debt expense is recorded at year-end by adjusting the allowance account to an amount equal to 10% of year-end accounts receivable.
3. On March 31, 2022, the $225,000 note receivable was discounted at the Bank of Commerce. The bank's discount rate is 8%. Chamberlain accounts for the discounting as a sale.

Required:
1. In addition to sales revenue, what revenue and expense amounts related to receivables will appear in Chamberlain’s 2022 income statement?
2. & 3. What amounts will appear in the 2022 year-end balance sheet for accounts receivable and Calculate the receivables turnover ratio for 2022.

Chamberlain Enterprises Inc. reported the following receivables in its December 31, 2021, year-end balance sheet:

Additional Information:

1. The notes receivable account consists of two notes, a $55,000 note and a $225,000 note. The $55,000 note is dated October 31, 2021, with principal and interest payable on October 31, 2022. The $225,000 note is dated June 30, 2021, with principal and 6% interest payable on June 30, 2022.
2. During 2022, sales revenue totaled $1,360,000, $1,290,000 cash was collected from customers, and $24,000 in accounts receivable were written off. All sales are made on a credit basis. Bad debt expense is recorded at year-end by adjusting the allowance account to an amount equal to 10% of year-end accounts receivable.
3. On March 31, 2022, the $225,000 note receivable was discounted at the Bank of Commerce. The bank's discount rate is 8%. Chamberlain accounts for the discounting as a sale.

Required:
1. In addition to sales revenue, what revenue and expense amounts related to receivables will appear in Chamberlain’s 2022 income statement?
2. & 3. What amounts will appear in the 2022 year-end balance sheet for accounts receivable and Calculate the receivables turnover ratio for 2022.

Chamberlain Enterprises Inc. reported the following receivables in its December 31, 2018, year-end balance sheet: Current assets: Accounts receivable, net of $26,000 in allowance for uncollectible accounts $ 228,000 Interest receivable 7,850 Notes receivable 280,000 Additional Information: The notes receivable account consists of two notes, a $55,000 note and a $225,000 note. The $55,000 note is dated October 31, 2018, with principal and interest payable on October 31, 2019. The $225,000 note is dated June 30, 2018, with principal and 6% interest payable on June 30, 2019. During 2019, sales revenue totaled $1,360,000, $1,290,000 cash was collected from customers, and $24,000 in accounts receivable were written off. All sales are made on a credit basis. Bad debt expense is recorded at year-end by adjusting the allowance account to an amount equal to 10% of year-end accounts receivable. On March 31, 2019, the $225,000 note receivable was discounted at the Bank of Commerce. The bank's discount rate is 8%. Chamberlain accounts for the discounting as a sale.

Required: 1. Not including sales revenue, what revenue and expense amounts related to receivables will appear in Chamberlain’s 2019 income statement? 2. & 3. What amounts will appear in the 2019 year-end balance sheet for accounts receivable and Calculate the receivables turnover ratio for 2019.

Chamberlain Enterprises Inc. reported the following receivables in its December 31, 2018, year-end balance sheet: Current assets: Accounts receivable, net of $42,000 in allowance for uncollectible accounts $ 308,000 Interest receivable 15,200 Notes receivable 440,000 Additional Information: The notes receivable account consists of two notes, a $90,000 note and a $350,000 note. The $90,000 note is dated October 31, 2018, with principal and interest payable on October 31, 2019. The $350,000 note is dated June 30, 2018, with principal and 8% interest payable on June 30, 2019. During 2019, sales revenue totaled $1,520,000, $1,370,000 cash was collected from customers, and $40,000 in accounts receivable were written off. All sales are made on a credit basis. Bad debt expense is recorded at year-end by adjusting the allowance account to an amount equal to 10% of year-end accounts receivable. On March 31, 2019, the $350,000 note receivable was discounted at the Bank of Commerce. The bank's discount rate is 8%. Chamberlain accounts for the discounting as a sale. Required: 1. Not including sales revenue, what revenue and expense amounts related to receivables will appear in Chamberlain’s 2019 income statement? 2. & 3. What amounts will appear in the 2019 year-end balance sheet for accounts receivable and Calculate the receivables turnover ratio for 2019.

Chamberlain Enterprises Inc. reported the following receivables in its December 31, 2018, year-end balance sheet:

Additional Information:

The notes receivable account consists of two notes, a $60,000 note and a $200,000 note. The $60,000 note is dated October 31, 2018, with principal and interest payable on October 31, 2019. The $200,000 note is dated June 30, 2018, with principal and 6% interest payable on June 30, 2019.

During 2019, sales revenue totaled $1,340,000, $1,280,000 cash was collected from customers, and $22,000 in accounts receivable were written off. All sales are made on a credit basis. Bad debt expense is recorded at year-end by adjusting the allowance account to an amount equal to 10% of year-end accounts receivable.

On March 31, 2019, the $200,000 note receivable was discounted at the Bank of Commerce. The bank's discount rate is 8%. Chamberlain accounts for the discounting as a sale.

Required:
1. Not including sales revenue, what revenue and expense amounts related to receivables will appear in Chamberlain’s 2019 income statement?
2. & 3. What amounts will appear in the 2019 year-end balance sheet for accounts receivable and Calculate the receivables turnover ratio for 2019.

Chamberlain Enterprises Inc. reported the following receivables in its December 31, 2021, year-end balance sheet:

Additional Information:

1. The notes receivable account consists of two notes, a $55,000 note and a $225,000 note. The $55,000 note is dated October 31, 2021, with principal and interest payable on October 31, 2022. The $225,000 note is dated June 30, 2021, with principal and 6% interest payable on June 30, 2022.
2. During 2022, sales revenue totaled $1,360,000, $1,290,000 cash was collected from customers, and $24,000 in accounts receivable were written off. All sales are made on a credit basis. Bad debt expense is recorded at year-end by adjusting the allowance account to an amount equal to 10% of year-end accounts receivable.
3. On March 31, 2022, the $225,000 note receivable was discounted at the Bank of Commerce. The bank's discount rate is 8%. Chamberlain accounts for the discounting as a sale.

Required:
1. In addition to sales revenue, what revenue and expense amounts related to receivables will appear in Chamberlain’s 2022 income statement?
2. & 3. What amounts will appear in the 2022 year-end balance sheet for accounts receivable and Calculate the receivables turnover ratio for 2022.

Question 1

Suppose a yacht dealer has five potential customers who each have a maximum willingness to pay of:
$15 million; $13 million; $11 million; $9 million; $7 million
The MARGINAL revenue (with no price discrimination; in millions of dollars) at the following prices are:
at a price of $15 million
at a price of $13 million
at a price of $11 million
at a price of $9 million
at a price of $7 million
*In answering this question, assume the price begins somewhere above $15 million (with zero sales) and is continually lowered to $7 million.*

QUESTION 2

If the yacht dealer wants to maximize TOTAL revenue, how much should he charge?

$15 million

$13 million

$11 million

$9 million

$7 million

QUESTION 3

Suppose the marginal cost of selling a yacht is $6 million. If the yacht dealer wants to maximize NET revenue, how much should he charge?

$15 million

$13 million

$11 million

$9 million

$7 million
1.5 points

QUESTION 4

Supposing only marginal (no fixed) costs, how many millions of dollars in profits would the yacht dealer make?


QUESTION 5

Now suppose that the yacht dealer can engage in perfect price discrimination, if this were the case (with no fixed costs), how much profit would the yacht dealer make?

A paper manufacturer uses 3 different automated production lines to produce its’ product. Each line was installed at different times as the business grew. The business started with the first machine in 2005, the 2nd line was added in 2010, and the 3rd line was installed in 2015. Each line operates 24 hours/day, 7 days/week and are only down when switching between types of paper, clearing jams, and performing routine maintenance. Because of their age differences each line has a different design capacity and has different amounts of downtime (i.e. newer lines experience fewer jams and take less time to set up and perform maintenance). The plant manager collected the statistics for each line over the last four weeks of operation and they are provided in the table below. Calculate the Effective Capacity, Efficiency, and Utilization for each line. ROUND EFFICIENCY & UTILIZATION ANSWERS TO 4 DECIMAL PLACES

Prod Line Design Capacity in tons per Hour Average hours of Run Time per Day Actual Output over last 4 weeks (in Tons)

2005 25 18.5 11,250

2010 37.5 19.5 17,910

2015 45 21 23,475