Please answer each question in 350-500 words.

How have you observed/experienced diversity in the work place(Marriott Hotel)? This can be co-worker to co-worker, co-worker to guest, etc. These different groups include male/female, ages, sexual orientation, race, socioeconomic status, etc.

Price ceilings, such as rent controls, will lead to _______ if they are binding.

Group of answer choices

an equitable distribution of housing

surpluses

shortages

more apartments being built

Prove that any amount of postage greater than or equal to 14 cents can be built using only 3-cent and 8-cent stamps

You observe that of late in preference to fixed price issues, more and more book-built issues are becoming the order of the day. Discuss the reasons for this phenomenon.

Explain when and how the built in loss exception works in regards to liquidating distributions. Be thorough in your explanation and provide an example to illustrate your analysis.

Caesars​ Palace® Las Vegas made headlines when it undertook a​ $75 million renovation.

In​ mid-September 2015, the hotel closed its​ then-named Roman​ Tower, which was last updated in​ 2001, and started a major renovation of the 567 rooms housed in that tower. On January​ 1, 2016, the newly renamed Julius Tower​ reopened, replacing the Roman Tower. In addition to renovating the existing rooms and suites in the former Roman​ Tower, 20 guest rooms were added to the Roman Tower. With the renovation​ completed, Caesars expects the Julius Tower room rate to average around $149 per night. This​ increase, a $25 or​ 20.2% increase,​ reflects, in​ part, the room improvements. Assume that the annual fixed operating costs for the Julius Tower in Caesars​ Palace® Las Vegas will be $5,000,000. This amount represents an increase of​ $200,000 per year compared to​ pre-renovation. Also assume that the variable cost per hotel room night after the renovation is $27​; before the​renovation, the variable cost per room night was $20. The contribution margin per room night after the renovation is $122​; before the​ renovation, the contribution margin per room night was $129. The average hotel occupancy​ rate, in​ 2014, for Caesars Entertainment Corporation was​ 91.2%, according to its 2014 Form​ 10-K. By​ comparison, the average hotel occupancy rate in Las Vegas​ overall, for that same time​ period, was​ 86.8%, according to Stastia.com.

1. if Caesars has a target profit of $15,000,000​, how much sales revenue does the company need to make to achieve its target​ profit? ​(Round interim calculations to the nearest whole percent​ and/or dollar. Round your final answer to the nearest whole​ dollar.)

A. $42,153,444

B. $29,845,345

C. $24,390,244

D. $15,852,843

2. If Caesars has a target profit of $15,000,000​, how many rooms must the company occupy throughout the year in order to reach its target​ profit? ​(Round your answer up to the nearest whole​ room.)

A. $240,385

B. $134,229

C. $1122,951

D. $163,935

3. What is each​ room's contribution margin after the​ renovations?

A. $104

B. $122

C. $97

D. $129

13-7: Real Options – Nevada Enterprise is considering buying a vacant lot that sells for $1.2 million. If the property is purchased, the company’s plan is to spend another $5 million today (t = 0). To build a hotel on the property. The cash flows from the hotel will depend critically on whether the state imposes a tourism tax in this year’s legislative session. If the tax is imposed, h the hotel is expected to produce cash flows of $600, 000 at the end of each of the next 15 years. If the tax is not imposed, the hotel is expected to produce cash flows of $1, 200, 000 at the end of each of the next 15 years. The project has a 12% WACC. Assume at the outset that the company does not have the option to delay the project.  

a. What is the project’s expected NPV If the tax is imposed?  

b. What is the project’s expected NPV if the tax is not imposed?  

c. Given that there is a 50% chance that the tax will be imposed, what is the project’s expected NPV if management proceeds  

d. Although the company does not have an option to delay construction, it does have the option to abandon the project 1 year from now if the tax is imposed. If it abandons the project, it will sell the complete property 1 year from now at an expected price of $6 million after taxes. Once the project is abandoned, the company will no longer receive any cash flows. Assuming that all cash flows are discounted at 12%, will the existence of this abandonment option affect the company’s decision to proceed with the project today? Explain.  

e. Finally, assume that there is no option to abandon or delay the project, but that the company has an option to purchase an adjacent property in 1 year at price of $1.5 million (outflow at t =1). If the tourism tax is imposed, the expected net present value of developing this property (as of t =1) will be only $300, 000 (so it doesn’t make sense to purchase the property for $1.5 million. However, if the tax is not imposed, the expected net present value of the future opportunities from developing the property will be $4 million (as of t=1). Thus, under the scenarios, it makes sense to purchase the property for $.5 million (at t=1). Assume that these cash flows are discounted at 12%, and the probability that the tax will be imposed is still 50%. What is the most the company would pay today (t=0) for the $1.5 million purchase options (at t=1) for the adjacent property?  

Nevada Enterprises is considering buying a vacant lot that sells for $1.2 million. If the property is purchased, the company’s plan is to spend another $5 million today (t = 0) to build a hotel on the property. The cash flows from the hotel will depend critically on whether the state imposes a tourism tax in this year’s legislative session. If the tax is imposed, the hotel is expected to produce cash flows of $500,000 at the end of each of the next 15 years. If the tax is not imposed, the hotel is expected to produce cash flows of $1,400,000 at the end of each of the next 15 years. The project has a 12% WACC. Assume at the outset that the company does not have the option to delay the project.

a. What is the project’s expected NPV if the tax is imposed?

b. What is the project’s expected NPV if the tax is not imposed?

c. Given that there is a 55% chance that the tax will be imposed, what is the project’s expected NPV if management proceeds with it today?

d. Although the company does not have an option to delay construction, it does have the option to abandon the project 1 year from now if the tax is imposed. If it abandons the project, it will sell the complete property 1 year from now at an expected price of $6 million after taxes. Once the project is abandoned, the company will no longer receive any cash flows. Assuming that all cash flows are discounted at 12%, will the existence of this abandonment option affect the company’s decision to proceed with the project today? Explain.

e. Finally, assume that there is no option to abandon or delay the project, but that the company has an option to purchase an adjacent property in 1 year at a price of $1.5 million (outflow at t = 1). If the tourism tax is imposed, the expected net present value of developing this property (as of t = 1) will be only $300,000 (so it doesn’t make sense to purchase the property for $1.5 million). However, if the tax is not imposed, the expected net present value of the future opportunities from developing the property will be $4 million (as of t = 1). Thus, under this scenario, it makes sense to purchase the property for $1.5 million (at t = 1). Assume that these cash flows are discounted at 12%, and the probability that the tax will be imposed is still 55%. What is the most the company would pay today (t = 0) for the $1.5 million purchase option (at t = 1) for the adjacent property?

Chapter 8 hand-in Homework
Pat I
A random sample of 15 customers’ waiting time in a bank was selected, giving the following results in minutes:

0.38
2.34
3.02
3.2
3.54
3.79
4.21
4.5
4.77
5.1
5.13
5.55
6.1
6.19
6.46

1) Based on the sample above, what is the point estimate of the true percentage (same as True Population) of customers’ waiting time in a bank?  
2) To estimate the true percentage of customers’ waiting time in a bank, how large a sample must be taken to insure the estimate is off by no more than + 2% with 99% certainty?  

3) What would happen to the sample size above if the error was increased to 4%?  

4) What would happen to the sample size in question 2 above if the error was decreased to 1%?  
Part II
A bottle of water distributor wants to estimate the amount of water contained in 1-gallon bottles purchased from a nationally known water bottling company. The water bottling company’s specifications state that the standard deviation of the amount of water is equal to 0.02 gallon. A random sample of 50 bottle is selected, and the sample mean amount of water per 1-gallon bottle is 0.995 gallon.

Construct a 99% confidence interval estimate for the population mean amount of water included in a 1-gallon bottle.

b) On the basis of these results, do you think that the distributor has a right to complaint to the water bottling company? Why?

c) Must you assume that the population amount of water per bottle is normally distributed? Explain.

Part III
In a survey of 529 travelers, 386 said that location was very important and 323 said that room quality was very important in choosing a hotel.
a) Construct a 95% confidence interval estimate for the population proportion of travelers who said that location was very important for choosing a hotel.
b) The percentage of travelers that said that location was very important for choosing a hotel is a statistic or a parameter? Explain
c) If we need to conduct a follow up study, what sample size is need to estimate the population proportion of travelers who said that location was very important for choosing a hotel with 95% confidence within ± 5%?