The following Supply and Demand equations describe the market for Bachelors Degrees in the US in 2018-19 school year. All numbers are in 1,000s. The price represents 4 years of tuition, and the quantity represents the number of graduates with bachelors degrees in a single year.

Qd = 5700 − 38 Pd

Qs = 12.667 Ps + 380

Government subsidies in the form of guaranteed loans and grants are valued at $5,000 per year per student, or $20,000 over four years.

3. Find the free market equilibrium outcome, if no subsidy had been in place for the 2018-19 school year. (5 points)

a) What is the free market price of bachelor’s degrees?

b) What is the free market quantity of bachelor’s degrees?

c) Calculate the CS

d) Calculate the PS

e) Calculate the Total Surplus

You have chosen biology as your college major because you would like to be a medical doctor. However, you find that the probability of being accepted into medical school is about 10 percent. If you are accepted into medical school, then your starting salary when you graduate will be $300,000 per year. However, if you are not accepted, then you would choose to work in a zoo, where you will earn $40,000 per year. Without considering the additional educational years or the time value of money, what is your expected starting salary as well as the standard deviation of that starting salary?

Question 1 options:

Where SAT is the student’s SAT score, Athlete is a dummy variable for if they were a college athlete, High School Rank is their ranking in their high school (1 being the highest), Female being a dummy variable for if they are female, and Total Cred Credit Hours being the total credit hours taken in college.   GPA measures the student’s GPA in college.

Answer the following questions and upload ALL of your work in either a word document, or picture.  

a) Determine the test statistic for the Athlete Variable

b) Interpret the coefficient on the Total Credit Hours variable

c) Which of the following variables can you reject the null that they have no correlation with the dependent variable of GPA, an WHY?

d) What is the change in a student's predicted GPA from scoring 200 points higher on their SAT score?

Show your work in Excel and submit your excel sheet.

Q. Your brother, age 30, working for ABC Corp. wants to quit his job and go back to school for MBA degree. At his current job, he is making $60000 per year and was planning to work until age 65 years. If he goes back to school, he will forego two years of income, but his real income after graduation would be $90000 per year until retirement at age 65. He has been accepted to an MBA program that costs a real $40000 per year. If his real opportunity cost is 10 percent, would leaving his job to get an MBA be a smart financial decision? Show all your calculations along with the recommendation.

A study of undergraduate computer science students examined changes in major after the first year. The study examined the fates of 256 students who enrolled as first-year students in the same fall semester. The students were classified according to gender and their declared major at the beginning of the second year. For convenience we use the labels CS for computer science majors, EO for engineering and other science majors, and O for other majors. The explanatory variables included several high school grade summaries coded as 10 = A, 9 = A-, etc. Here are the mean high school mathematics grades for these students.

Describe the main effects and interaction using appropriate graphs and calculations.

6. Texting and Drinking In a study of high school students at least 16 years of age, researchers obtained survey results summarized in the accompanying table (based on data from “Texting While Driving and Other Risky Motor Vehicle Behaviors Among U. S. High School Students,” by O’Malley, Shults, and Eaton, Pediatrics, Vol. 131, No. 6). Use a 0.05 significance level to test the claim of independence between texting while driving and driving when drinking alcohol. Are those two risky behaviors independent of each other?

Drove When Drinking Alcohol?

Yes No

Texted While Driving 731 3054

No Texting While Driving 156 4564

Triola, Marc M.. Biostatistics for the Biological and Health Sciences (p. 522). Pearson Education. Kindle Edition.

For each of the characters described below, what types of informative speeches (Definitional Speeches, Descriptive Speeches, Explanatory Speeches and Demonstration Speeches) might each person be called upon to give in her or his personal and professional life? List 4 examples for each.

A. Stacy is an emergency room physician and medical school professor. She also serves on the board of directors for a local college. For recreation she enjoys rock climbing.

B. Rick is an animal control officer who volunteers his time at both the animal shelter and the local Habitat for Humanity group. He is in a bowling league with other city employees.

C. Akiko is in insurance sales and volunteers in the math classroom at her children’s middle school. As a hobby, she collects and sells antiques

Consider the following school choice problem: there are four students (George, John, Thomas, and Quincy) and three schools (Washington, Adams, and Madison). Each school has a capacity of one student. The students' preference lists are as follows:

George: Washington, Adams, George, Madison

John: Madison, Adams, Washington, John

Thomas: Adams, Madison, Thomas, Washington

Quincy: Washington, Adams, Madison, Quincy

The schools' priority rankings are as follows:

Washington: John, Quincy, Thomas, George

Adams: John, George, Thomas, Quincy

Madison: George, Thomas, John, Quincy

What is the outcome of the Top Trading Cycles algorithm?

A.) Washington:Quincy, Adams:John, Madison:Thomas, George:George

B.) Washington:George, Adams:John, Madison:Thomas, Quincy:Quincy

C.) Washington:Quincy, Adams:Thomas, Madison:John, George:George

D.) Washington:John, Adams:George, Madison:Quincy, Thomas:Thomas

E.) Washington:George, Adams:Thomas, Madison:John, Quincy:Quincy

Is college worth it? Among a simple random sample of 344 American adults who do not have a four-year college degree and are not currently enrolled in school, 155 said they decided not to go to college because they could not afford school.

1. Calculate a 90% confidence interval for the proportion of Americans who decide to not go to college because they cannot afford it, and interpret the interval in context. Round to 4 decimal places. ( 0.4383 , 0.5269 )

2. Suppose we wanted the margin of error for the 90% confidence level to be about 3.5%. What is the smallest sample size we could take to achieve this? Note: For consistency's sake, round your z* value to 3 decimal places before calculating the necessary sample size. Choose n = 1335