A firm uses two factors of production: individuals with tattoos and individuals without tattoos, which have different MPs and assume wage of tattooed is < wage of non-tattooed. The firm can hire as many tattooed individuals and non-tattooed individuals as they want at their respective wages. Also, assume that tattooed individuals and non-tattooed individuals are not perfect substitutes for each other in production.

First, show on a diagram the optimal amount of tattooed individuals and non-tattooed individuals the firm would like to employ to minimize costs given q₀. (Put tattooed individuals labor on horizontal axis).

Then, draw a diagram with a potential mix of two inputs given same q₀ when firm has a strong preference for non-tattooed employees. What will happen to this firm in the long run? Why?

The Yale program of affairs is interested in understanding student perspectives of their educational experience and has tasked you with taking a look at the problem.  You have obtained data from your school as well as several other schools that offer a Program of Affairs that includes the type of curriculum (traditional on-campus versus non-traditional online), and the student’s evaluation of the course(low versus high).  You also have data for a third variable, which includes the emphasis of the course of study(quantitative (i.e., a lot of math) versus non-quantitative).  You are interested in explaining evaluations of the program made by students.  Based on the data below, what can you report?

Combined Data

Quantitative Emphasis

Non-Quantitative Emphasis

6. Unions can affect the wage and employment of non-union sectors in various ways. Discuss the wages and employments for union sector and non-union sector with the following situations.

a. Union wage rate is higher than an ordinary market equilibrium wage rate. And labours who fail to get a position in the union sector will move to non-union sector.

b. Union wage rate is higher than an ordinary market equilibrium wage rate. And labours who fail to get a position in the union sector will stay on the union sector to find a job since union wage is higher than the rate of non-union sector.

c. Union wage rate is higher than an ordinary market equilibrium wage rate. And labours who fail to get a position in the union sector will move to the non-union sector. The non-union sector has two groups. Group one is able to organize unions and threatens to organize unions if wages are not increased. Group Two is not able to organize unions.

(60)A researcher hypothesized that there was an association between smoking and lung disease. The following data were observed:

1. 1. Create a Contingency Table to represent these data

2. 2. The Following results were obtained in R:

Pearson's Chi-Squared test with Yates' Community correction

data: smoke and disease

X-squared = 3.0387, df= 1, p-value = 0.0813

State the Null and Alternative Hypothesis

c. What is the critical Chi-square value for this test at the alpha = 0.05 level?

d. State your conclusion for this problem?

A medical researcher wants to compare the pulse rates of smokers and non-smokers. He believes that the pulse rate for smokers and non-smokers is different and wants to test this claim at the 0.01 level of significance. A sample of 75 smokers has a mean pulse rate of 76, and a sample of 73 non-smokers has a mean pulse rate of 72. The population standard deviation of the pulse rates is known to be 9 for smokers and 10 for non-smokers. Let μ1 be the true mean pulse rate for smokers and μ2 be the true mean pulse rate for non-smokers.

Step 1. State the null and alternative hypotheses for the test.

Step 2. Compute the value of the test statistic. Round your answer to two decimal places.

Step 3. Find the p-value associated with the test statistic. Round your answer to four decimal places.

Step 4. Make the decision for the hypothesis test.

A) Reject Null Hypothesis

B) Fail to Reject Null Hypothesis

Step 5. State the conclusion of the hypothesis test.

A) There is sufficient evidence to support the claim that the mean pulse rate for smokers and non-smokers is different.

B) There is not sufficient evidence to support the claim that the mean pulse rate for smokers and non-smokers is different.

A medical researcher wants to compare the pulse rates of smokers and non-smokers. He believes that the pulse rate for smokers and non-smokers is different and wants to test this claim at the 0.01 level of significance. A sample of 74 smokers has a mean pulse rate of 87, and a sample of 76 non-smokers has a mean pulse rate of 84. The population standard deviation of the pulse rates is known to be 8 for smokers and 7 for non-smokers. Let μ1 be the true mean pulse rate for smokers and μ2 be the true mean pulse rate for non-smokers. Step 1 of 5: State the null and alternative hypotheses for the test.

Step 2 of 5:

Compute the value of the test statistic. Round your answer to two decimal places.

Step 3 of 5:

Find the p-value associated with the test statistic. Round your answer to four decimal places.

Step 4 of 5:

Make the decision for the hypothesis test.

Step 5 of 5:

State the conclusion of the hypothesis test.

Answer

2 Points

Keypad

There is sufficient evidence to support the claim that the mean pulse rate for smokers and non-smokers is different.
There is not sufficient evidence to support the claim that the mean pulse rate for smokers and non-smokers is different.

Jack and Mari decided to open a new bakery and pastry shop in Encino. On 10 January 2000 they entered into a written agreement providing that each of them would contribute $50,000 to the capital of the business. Jack and Mari agreed to work full-time for the partnership. It was agreed that both Jack and Mari would have authority to buy and sell property on behalf of the business; they would also have the authority to borrow money for the partnership. They agreed that profits would be shared equally. The business was to be called “Romulus Bakery and Pastry Partnership”.

On 11 January 2000 Jack and Mari made an arrangement with Rob for Rob to become the pastry chef of Romulus. Rob did not sign the partnership agreement; however Jack, Mari and Rob agreed in writing that Rob would work at least 40 hours per week at Romulus. The agreement also provided that Rob was to be paid the minimum hourly wage plus an additional $15 per hour; in addition to this he was to receive 10% of any profits which Romulus might make.

On 12 January 2000 Jack and Mari made an arrangement with Lulu to use a building which Lulu owned as a location for the bakery and pastry shop. The written agreement between Jack, Mari and Lulu provided that Romulus would be allowed to occupy the building for at least one year. Jack and Mari also agreed that Lulu would be paid $500 per month and also 10% of any profits that Romulus might make.

Jack and Mari needed more capital to establish the business. Ned, a friend of Jack’s, said: “I will invest $50,000 in your business, but I don’t want to be a partner.” Jack said: “That’s fine – you will not be a partner but you will get 10% of all profits of the business”.   On 2 February 2000 Ned gave Jack and Mari a check for $50,000. At the same time they each signed a document that stated: “Jack and Mari hereby acknowledge that Ned has invested $50,000 in Romulus Bakery and Pastry Partnership. Ned shall be entitled to 10% of the profits of Romulus Partnership. It is hereby agreed that Ned shall not be a partner in Romulus Bakery and Pastry Partnership.”   

On 1 March 2000 Jack negotiated a written agreement with Santa Rita Bank; the bank loaned $50,000 to Romulus Bakery and Pastry Partnership.

Jack and Mari needed still more capital for the operation of the business. Mari discussed the situation with her old friend Mr. Moneybags (a multi-billionaire). On 20 May 2000 Mr. Moneybags said: “If you have trouble borrowing money, you can always tell people that I am your partner”. On 21 May 2000 Jack and Mari approached Morris, an officer at the Bank of Money, about the possibility of borrowing money from the Bank. Mari said: “Mr. Moneybags is our new partner”. Morris replied: “We will lend you $100,000”.

Romulus was not successful. About 18 months after it began doing business, the bakery and pastry shop closed. Romulus still owed $49,000 to the Santa Rita Bank and $99,000 to the Bank of Money. The Santa Rita Bank and the Bank of Money each brought lawsuits against Romulus, Jack, Mari, Rob, Lulu, Ned and Mr. Moneybags in an attempt to recover payment for the loans that they had made to Romulus Partnership. What would the result of those suits be? Explain.

The insurance premium outstanding on January 1, 2018, covers the period January 1 through August 31, 2018. The insurance premium of $9300 recorded in August covers the period of September 1, 2018 thru August 31, 2019. Prepaid Insurance Balance on 1/1/2018 is $3220. 11/30 Balance is $11,020. What is the adjusting journal on 12/31/18?

Cheyenne Corp. enters into a contract with a customer to build an apartment building for $995,600. The customer hopes to rent apartments at the beginning of the school year and provides a performance bonus of $145,500 to be paid if the building is ready for rental beginning August 1, 2018. The bonus is reduced by $48,500 each week that completion is delayed. Cheyenne commonly includes these completion bonuses in its contracts and, based on prior experience, estimates the following completion outcomes:

(a) Determine the transaction price for the contract, assuming Cheyenne is only able to estimate whether the building can be completed by August 1, 2018, or not (Cheyenne estimates that there is a 70% chance that the building will be completed by August 1, 2018). (If answer is 0, please enter 0. Do not leave any fields blank.)

(b) Determine the transaction price for the contract, assuming Cheyenne has limited information with which to develop a reliable estimate of completion by the August 1, 2018, deadline.

On January 1, 2018, the Haskins Company adopted the dollar-value LIFO method for its one inventory pool. The pool’s value on this date was $850,000. The 2018 and 2019 ending inventory valued at year-end costs were $897,000 and $972,000, respectively. The appropriate cost indexes are 1.04 for 2018 and 1.08 for 2019.
Required:
Complete the below table to calculate the inventory value at the end of 2018 and 2019 using the dollar-value LIFO method. (Round "Year end cost index" to 2 decimal places. Round other final answer values to the nearest whole dollars.