Questions
Suppose that there are only three people that live in a (very) small town: Eric, Greg,...

  1. Suppose that there are only three people that live in a (very) small town: Eric, Greg, and Katie. The town is thinking of building a park which you can assume is a public good for these three individuals in the town. Based on the individuals’ demand schedules for the park, which are given below, calculate and graph the social marginal benefit curve for the park.

Eric’s Demand

Greg’s Demand

Katie’s Demand

Price per Acre

Number of Acres

Price per Acre

Number of Acres

Price per Acre

Number of Acres

$14

1

$11

1

$18

1

$13

2

$10

2

$17

2

$12

3

$9

3

$16

3

$11

4

$8

4

$15

4

$10

5

$7

5

$14

5

$9

6

$6

6

$13

6

$8

7

$5

7

$12

7

$7

8

$4

8

$11

8

b. Assume that the supply curve for the park is shown in the following chart. Graph this supply curve on your graph from part b. What is the socially optimal size of the park (in acres)?

Supply Curve

Price per Acre

Number of Acres

$13

1

$17

2

$22

3

$27

4

$31

5

$35

6

$39

7

$44

8

In: Economics

Descriptive statistics (mean, median, range, standard deviation, and coefficient of variation) to summarize each of the three variables for the all Domestic cars.

 

1 Descriptive statistics (mean, median, range, standard deviation, and coefficient of variation) to summarize each of the three variables for the all Domestic cars. Use z-scores to determine if there any outliers in the data set for any of the three variables. If there are any outliers in any category, please list them and state for which category they are an outlier. If a result is an outlier, state whether it is below or above the mean.

2 Descriptive statistics (mean, median, range, standard deviation, and coefficient of variation) to summarize each of the three variables for the all Foreign cars. Use z-scores to determine if there any outliers in the data set for any of the three variables. If there are any outliers in any category, please list them and state for which category they are an outlier. If a result is an outlier, state whether it is below or above the mean.

3 Compare your summary results from #1 and #2. Discuss any specific statistical results that would help the car expert understand the car market.

4 Develop a 98% confidence interval estimate of the population mean sales price and population mean number of days to sell for Domestic cars. What is the Margin of error? What are the lower (or left) and upper (or right) endpoints of the confidence interval? Interpret your results.

5 Develop a 98% confidence interval estimate of the population mean sales price and population mean number of days to sell for Foreign cars. What is the Margin of error? What are the lower (or left) and upper (or right) endpoints of the confidence interval? Interpret your results.

6 Assume the car expert requested estimates of the mean number of days to sell for the Domestic cars with a margin of error of seven days and the mean number of days of Foreign cars with a margin of error of eight days. Using 98% confidence, how large should the sample sizes be for each?

7 Suppose a Domestic car has a list price of $30,000 and a Foreign car has a list price of $30,000. What is your estimate of the final selling price (based on the percent difference for the sale and list price) and number of days required to sell each of these cars?

  Domestic Cars   Foreign Cars
Car List Price in K Sale Price in K Days to Sell   List Price in K Sale Price in K Days to Sell
1 6.1 4.4 36   83.1 78.5 101
2 67.6 66.8 51   59.6 57.1 62
3 14 13.4 87   37 32.5 63
4 83.4 80.5 80   43.4 43.2 47
5 40 35.4 38   16.3 15 93
6 56 52 24   8.3 5.9 21
7 71.2 68.7 27   29.2 27.5 107
8 50.7 49.7 52   32.7 32.7 15
9 4.9 4.3 74   23.9 23.5 12
10 70.5 66.5 84   85.5 85.1 58
11 58 56 30   19 16.3 96
12 75 73.7 31   19 18.9 106
13 2.8 1.1 88   80.8 77.4 50
14 7.7 4 11   17.7 15.6 42
15 20 16.2 20   71.4 70.4 75
16 23 21.5 71   16.1 13.8 62
17 6.2 6 88   49.2 45.2 91
18 18 14 43   40 38 6
19 97 93.2 95   32 29.2 52
20 69.2 66.8 37   27.2 22.5 71
21 63.5 60.7 13   85.5 82.8 106
22 65 61.9 60   87.4 85.7 91
23 9.9 7 24   58.9 56.9 83
24 90.2 88.3 42   56.2 52.8 29
25 56 55 91   13.5 10 76
26 80 75.2 39   55.7 54.2 40
27 58.7 58.3 58   75.7 74.6 47
28 33.1 32.9 47   89.1 85.7 67
29 31.5 28.7 86   3.5 3.2 106
30 54.5 54.1 88   67.5 65.3 100
31 22.4 17.8 30   41.4 40.1 10
32 40.3 38.4 29   45.3 43.3 36
33 27.2 22.6 34   87.2 85.1 61
34 14.4 14.1 12   16.4 14.3 65
35 5.6 1.5 86   32.6 29.1 25
36 42.2 40.8 72   14.2 14.2 39
37 9.5 6.2 69   60.5 59.1 79
38 93.1 90.5 32   73.1 68.3 83
39 10.7 7.3 15   48.7 44.7 65
40 93.3 91.7 15   38.3 38.2 35
41 50 49.1 19   6.6 4.3 6
42 33.2 29.6 27   86.2 81.4 53
43 67 60 18   5 4.6 108
44 56 53.1 54   37 32.7 85
45 49.5 48.2 37   23.5 21.2 32
46 52.7 48.8 66   90.7 87.4 97
47 41.1 39.7 78   84.1 83.8 16
48 72.1 70.9 12   45.1 42.7 38
49 50 46.9 84   51.7 49.9 53
50 88 84.2 20   36 34.6 97
51 11.8 11.3 20   66.8 65 45
52 69.5 69 90   54.5 50.2 31
53 63 62.6 35   33 33 44
54 60 58.1 46   11.4 10.8 92
55 66.7 66.1 47   59.7 57.9 49
56 58 55.5 51   84.2 80.1 52
57 67.2 62.7 96   48.2 43.4 101
58 74.9 70.4 59   68.9 64.9 14
59 71.4 70.2 14   60.4 59.9 98
60 71.1 67.8 75   87.1 85.1 90
61 54 54 52   68.3 66.4 61
62 19.9 17.2 60   8.9 7.5 32
63 49.5 48.6 56   39.5 39.3 48
64 56.8 54.8 11   57.8 53.1 29
65 74 71.3 71   59 57.5 98
66 20.4 17 31   22.4 19.4 6
67 34.5 32.5 40   78.5 77.3 6
68 17.2 14.4 29   11.2 9.4 83
69 45 42.5 72   86.2 82 79
70 82 81 32   4 3.5 70
71 40 39.3 21   22.6 21.1 38
72 16 12.4 62   36 36 18
73 25 20.1 72   88 87.1 26
74 64.1 61.5 10   88.1 85.2 41
75 39.5 35.4 71   66.5 61.8 100
76 72 67.3 97   4.1 3.1 7
77 13 10.4 80   22 20.6 11
78 37.1 36.1 26   71.1 70.5 33
79 67.7 62.7 29   36.7 33.5 42
80 40 36.6 28   69.2 66.3 9
81 55.9 52.8 71   14.9 12.6 94
82 51 47.4 81   81 78.8 104
83 50 45.4 41   46.9 44.3 25
84 44.2 41 15   11.2 6.6 69
85 12 9.8 31   7 5.3 66
86 72 70 78   36 31.9 52
87 51.6 46.6 84   49.6 46.8 39
88 54.4 52.6 26   42.4 38.3 92
89 44.5 42.5 92   4.5 4 46
90 61.6 60.9 19   31.6 31 64
91 34.1 33.1 91   57.1 53.3 38
92 80 79 38   42 39 64
93 61.9 61.1 85   71.9 71 11
94 74.6 73.4 84   86.6 86.5 11
95 17 14.5 90   90 87.2 6
96 10.8 7.9 70   47.8 42.9 73
97 44.7 43.8 61   52.7 52.6 66
98 11.7 10.3 73   35.7 32 31
99 97.9 95.9 92   44.9 43.3 24
100 67.5 63 10   21.5 19.4 89
101 64 61.9 43   84.3 83.2 31
102 97.7 93.7 73   69.7 65.7 100
103 8.9 6.5 87   37.9 37.9 43
104 51.3 47.7 18   49.3 45.5 18
105 56 53.1 47   82.7 82.5 67
106 12.6 8.4 95   3.6 3.2 7
107 42.6 38.7 73   53.6 48.9 87
108 50 47.7 84   74.2 69.2 11
109 25.7 24.8 38   56.7 53.2 50
110 72.4 67.6 98   54.4 51 69
111 20.7 18.3 16   38.7 34 28
112 62.3 57.9 13   4.3 2.9 85
113 41.4 37.4 61   19.4 15.9 7
114 50 49 97   16.5 12.8 95
115 77.9 76.7 84   41.9 41 52
116 10 9.2 25   73 69.4 98
117 80 76.1 44   56 55.9 68
118 61.5 60 48   69.5 68.9 43
119 61.1 58.3 73   36.1 32.4 85
120 38.6 34.2 54   32.6 28 7
121 73.9 68.9 39   85.9 80.9 63
122 30 30 94   68.9 68.8 26
123 56 51.3 17   81.3 78.6 53
124 39 36.1 72   52 50.4 104
125 7.4 3.5 81   60.4 58.2 67
126 74.9 74.5 16   23.9 19.4 43
127 40 37.9 43   59.6 55.8 28
128 43 39 23   44.5 44.3 54
129 28.8 24.6 67   90.8 88.8 67
130 14.5 10.5 14   66.5 63.5 11
131 10.8 9.9 59   60.8 56 19
132 6.6 1.9 12   83.6 82.5 8
133 12.6 10.7 51   35.6 33.7 41
134 3.4 0.2 86   81.4 78.5 45
135 40.6 40.6 30   8.6 3.7 12
136 67 63.5 70   7.2 6.3 35
137 33.6 32 97   80.6 75.7 44
138 67 66 59   3.5 3.2 84
139 14 9.5 94   52 49.4 24
140 22.7 19.7 34   6.7 2.7 18
141 69.6 65.6 26   54.6 49.6 65
142 68.7 65.2 38   11.7 8.5 13
143 70 68 95   84.7 82.7 83
144 57 54 89   57.9 57.1 103
145 56.6 54.6 89   22.6 18.3 97
146 69.4 69.2 80   85.4 80.9 77
147 81.7 77.3 86   72.7 70.8 22
148 70 65.8 72   30.3 28.5 57
149 39.3 37.2 52   10.3 6.2 108
150 16.8 13.3 49   80.8 80.1 11
151 65.3 62.5 19   64.3 59.6 100
152 15.9 14 91   31.9 29 84
153 57.5 54.8 72   70.5 66.5 45
154 55.7 55 61   7.7 5.7 71
155 67.3 63.5 39   20.3 16.5 54
156 10 9.6 72   56 52.3 77
157 96 94.1 81   6 2.1 46
158 57.7 55.7 22   24.7 23.7 75
159 15.7 15.2 77   59.7 55.4 35
160 12.2 7.8 94   53.2 48.8 13
161 56.1 52.5 58   48.1 47.8 24
162 10.3 9.6 36   19.3 16.3 64
163 58 54.7 98   6.3 3.5 61
164 7.5 6.5 59   26.5 22 84
165 14.4 12.8 62   44.4 43.7 59
166 57.5 57.4 46   89.5 89.2 36
167 40.1 39.7 68   69.1 67.5 49
168 23.3 21 33   48.3 44.7 103
169 59 57.9 53   89 84.4 108
170 24.2 19.3 33   56.2 54.6 20
171 62 59.2 22   30 25.1 67
172 45 40.7 37   57.8 56.3 42
173 42 42 33   70.4 68.5 16
174 60 59.5 54   50.1 46.5 43
175 77.8 75 32   18.8 15.9 63
176 73 70 76   24 22.2 103
177 13.4 12 53   38.4 35.5 16
178 29 27.9 57   73.6 71.5 93
179 97 92.7 31   25 24.7 60
180 10 7.7 62   19 18.5 70
181 21.7 19.5 13   49.7 49.6 47
182 42.9 41.1 69   67.9 63.2 107
183 23 20 42   28.6 28.3 50
184 35 34.7 15   26.7 24.2 40
185 3.4 3.3 34   51.4 47 25
186 45 40.6 72   53.5 53.1 99
187 7.9 4.6 50   6.9 2.2 23
188 44 41.2 63   9.1 6.2 97
189 8 3.1 36   70 68.3 83
190 33 31.9 27   17 13 106
191 2.6 2.4 63   57.6 55.6 87
192 24 23 63   19.2 17.8 52
193 23.6 19.7 30   34.6 32.2 46
194 49.1 45.3 67   57.1 54.2 37
195 1.5 1.3 69   80.5 80.4 98
196 57.4 52.8 89   81.4 80.4 108
197 60.9 59.8 56   69.9 69 88
198 59.7 56.1 65   16.7 14.9 106
199 1.8 1.7 20   78.8 75.4 7
200 63.1 61.7 40   54.1 52.2 57

In: Statistics and Probability

Two fair coins are flipped at the same time. 1) What is the probability of getting...

Two fair coins are flipped at the same time.

1) What is the probability of getting a match (same face on both coins)? Answer for part 1 [The answer should be a number rounded to five decimal places, don't use symbols such as %]

2) What is the probability of getting at least two heads? Answer for part 2 [The answer should be a number rounded to five decimal places, don't use symbols such as %]

In: Statistics and Probability

Find the z-score corresponding to a score of X= 40 and the X value corresponding to...

Find the z-score corresponding to a score of X= 40 and the X value corresponding to z = 0.25 for each of the following distributions.

a. μ = 50 and σ = 20

b. μ = 50 and σ = 4

c. μ = 30 and σ = 8

d. μ = 30 and σ = 4

In: Statistics and Probability

A Sleep researcher coducts an experiment to determine whether a hypnotic drug called Drowson, Which is...

A Sleep researcher coducts an experiment to determine whether a hypnotic drug called Drowson, Which is advertised as a remedy for insomnia, Actually does promote sleep. In addition, the researcher is interested in whether a tolerance to the drug develops with chronic use. The design of the experiment is a 2 X 2 factorial independent groups design.
One of the variables is the concentration of Drowson. There are two levels: 1- zero concentration (placebo) and 2- the manufacturer’s minimum recommended dosage. The other variable concerns the previous use of Drowson. Again there are two levels: 1- Subjects with no previous use and 2- chronic users. Sixteen individuals with Sleep- onset insomnia (difficulty in falling a sleep) Who Have Had no previous use of Drowson Are randomly assigned to the two concentration conditions, such that there are eight subjects in each condition.
Sixteen chronic users of Drowson are also assigned randomly to the two conditions, eight subjects per condition. All subjects take their prescribed “medication” for 3 consecutive nights, and the Time To Fall asleep is recorded.

No previous use(Placebo):
45 53
48 58
62 55
70 64
No Previous use(Min. Recommended Dosage):
30 47
33 35
40 31
50 39

Chronic Users(Placebo):
47 68
52 64
55 58
62 59
Chronic users(Min. Recommended Dosage):
52 46
60 49
58 50
68 55

Test all the null hypotheses at both .05 and .01 level.

In: Statistics and Probability

A Sleep researcher coducts an experiment to determine whether a hypnotic drug called Drowson, Which is...

A Sleep researcher coducts an experiment to determine whether a hypnotic drug called Drowson, Which is advertised as a remedy for insomnia, Actually does promote sleep. In addition, the researcher is interested in whether a tolerance to the drug develops with chronic use. The design of the experiment is a 2 X 2 factorial independent groups design.
One of the variables is the concentration of Drowson. There are two levels: 1- zero concentration (placebo) and 2- the manufacturer’s minimum recommended dosage. The other variable concerns the previous use of Drowson. Again there are two levels: 1- Subjects with no previous use and 2- chronic users. Sixteen individuals with Sleep- onset insomnia (difficulty in falling a sleep) Who Have Had no previous use of Drowson Are randomly assigned to the two concentration conditions, such that there are eight subjects in each condition.
Sixteen chronic users of Drowson are also assigned randomly to the two conditions, eight subjects per condition. All subjects take their prescribed “medication” for 3 consecutive nights, and the Time To Fall asleep is recorded.

No previous use(Placebo):
45 53
48 58
62 55
70 64
No Previous use(Min. Recommended Dosage):
30 47
33 35
40 31
50 39

Chronic Users(Placebo):
47 68
52 64
55 58
62 59
Chronic users(Min. Recommended Dosage):
52 46
60 49
58 50
68 55

What is the conclusion of these decisions? Put these conclusions in the words of what was investigated in the study.

In: Math

Given a normal distribution with u = 70 and o= 20, what is the probability that...

Given a normal distribution with u = 70 and o= 20, what is the probability that

  1. X>110
  2. X<10
  3. X < 70 or x> 130
  4. Between what two x values (symmetrically distributed around the mean) are 70% of the values

In: Statistics and Probability

Date Activity 3/1/2021 The company borrowed $1,000 on a two-year note, with principle and 8% interest...

Date

Activity
  1. 3/1/2021

The company borrowed $1,000 on a two-year note, with principle and 8% interest due at maturity. This loan from FNB Destin requires preparation of monthly financial statements.
  1. 3/1/2021

The company sold common stock to shareholders and received $90 cash.
  1. 3/1/2021

The company purchased one week worth of office supplies for use in the administrative offices, $500 cash.
  1. 3/1/2021

The company completed one tax return for a client and billed the client, Jenna Smart, $600 on invoice #101. Smart will pay the invoice within 30 days
  1. 3/4/2021

The company completed one consulting service and received cash from the client, Joseph Gerard, $100 on invoice #102.
  1. 3/5/2021

The company paid current month’s administrative expenses in cash, $150.
  1. 3/6/2021

The company paid sales commissions, $40.
  1. 3/15/2021

The company completed one tax return for a client, Regan Elise, and billed her $700 on invoice #103. Elise agreed to pay the invoice next month.
  1. 3/16/2021

Collected $450 from Joseph Smith on invoice #100 (from previous month).
  1. 3/17/2021

The company completed consulting service for a client, Riggs Auto, and billed him $300 on invoice #104. Riggs promised to pay next month.
  1. 3/31/2021

Collected $400 from Jenna Smart on invoice #101.
  1. 3/31/2021

The company paid administrative salaries, $70.
  1. 3/31/2021

The company accrues $7 of interest payable on the outstanding note payable.
  1. 3/31/3021

The company recognized that the equipment has lost value due to depreciation. Using straight-line depreciation, the controller computed depreciation of $5 for the month.
  1. 3/31/2021

Paid $25 dividends to owners.

  1. Use the general journal to record the March activity.
  2. Create formula cell references in the general ledger that will pull the general journal entries into the general ledger.
  3. Create formula cell references in the trial balance that will pull the general ledger balances into the trial balance.
  4. Create formula cell references in the financial statements that pulls the trial balance numbers into the financial statements.

In: Accounting

Suppose that Xtel currently is selling at $40 per share. You buy 500 shares using $15,000...

Suppose that Xtel currently is selling at $40 per share. You buy 500 shares using $15,000 of your own money, borrowing the remainder of the purchase price from your broker. The rate on the margin loan is 8%.


a. What is the percentage increase in the net worth of your brokerage account if the price of Xtel immediately changes to (a) $44; (b) $40; (c) $36? (Leave no cells blank - be certain to enter "0" wherever required. Negative values should be indicated by a minus sign. Round your answers to 2 decimal places.)

  
a. Percentage gain %
b. Percentage gain %
c. Percentage gain %

b. If the maintenance margin is 25%, how low can Xtel’s price fall before you get a margin call? (Round your answer to 2 decimal places.)


Price            $


c. How would your answer to requirement 2 would change if you had financed the initial purchase with only $10,000 of your own money? (Round your answer to 2 decimal places.)


Strike price            $

d. What is the rate of return on your margined position (assuming again that you invest $15,000 of your own money) if Xtel is selling after one year at (a) $44; (b) $40; (c) $36? (Negative values should be indicated by a minus sign. Round your answers to 2 decimal places.)

  
a. Rate of return %
b. Rate of return %
c. Rate of return %

e. Continue to assume that a year has passed. How low can Xtel’s price fall before you get a margin call? (Round your answer to 2 decimal places.)

Price            $

In: Economics

The Salary Institute of America (SIOA) has gathered the following data on individuals working in the...

The Salary Institute of America (SIOA) has gathered the following data on individuals working in the retail industry in Alabama.

a. Construct a 90% confidence interval to estimate the population mean salary for females with bachelors who work in the retail industry in Alabama. Interpret your interval.  

b. Suppose you would like to estimate the population proportiion of retail workers in Georgia who have a masters degree with 95% confidence and a margin of error of 3 percentage points. How large of a sample would you need?  Interpret your interval.  

Gender Age Experience Education Annual_Salary
Male 30 3 Bachelors $38,556
Male 31 1 Masters $35,829
Female 29 5 High School $14,371
Male 34 2 Bachelors $19,106
Female 33 1 Masters $36,109
Female 27 0 High School $17,439
Female 42 11 Bachelors $49,987
Female 21 0 Bachelors $17,784
Male 29 3 Bachelors $22,100
Male 23 0 Bachelors $26,118
Female 36 5 Masters $39,205
Male 37 11 Bachelors $42,331
Female 44 7 Bachelors $49,861
Female 25 2 Bachelors $27,750
Female 39 5 Bachelors $38,450
Female 50 10 Bachelors $76,927
Male 56 5 Bachelors $109,285
Male 44 12 Masters $50,912
Female 32 4 Bachelors $33,100
Male 28 0 Bachelors $36,901
Male 46 4 Masters $54,613
Female 23 0 Bachelors $28,743
Female 20 0 High School $15,945
Female 34 10 Bachelors $37,183
Male 46 7 Bachelors $57,966
Male 60 10 Bachelors $85,471
Male 47 5 Bachelors $54,199
Female 51 10 Bachelors $90,473
Female 33 6 Masters $40,207
Male 58 9 Bachelors $88,763
Male 53 13 Masters $90,874
Male 55 11 Masters $89,867
Male 31 5 Masters $41,956
Male 40 4 Masters $54,965
Male 33 2 Bachelors $39,224
Male 25 0 Bachelors $30,327
Female 51 12 Masters $87,489
Female 45 20 Bachelors $51,259
Female 52 12 Bachelors $93,278
Male 63 16 Bachelors $93,588
Female 35 5 Masters $43,184
Female 27 0 High School $18,014
Male 26 0 Bachelors $21,750
Male 38 6 Masters $39,455
Female 48 6 Bachelors $53,388
Male 24 0 Bachelors $29,356
Male 47 11 Bachelors $49,638
Female 50 8 Bachelors $51,194
Female 41 9 Bachelors $48,442
Female 42 11 Bachelors $50,712
Female 37 8 Bachelors $31,008
Female 35 3 Bachelors $36,932

In: Statistics and Probability