A luxury hotel believes that 90% of their customers are very satisfied with its service. A random sample of 120 guests were surveyed to determine how satisifed they are with the service and accommodations at the hotel.

a. Describe the random variable for this probability distribution (i.e., what type of variable, what is the probability distribution, what does the variable represent, what are it's possible values, etc.).

b. What is the probability that at least 110 of the people in the sample report being very satisfied with the hotel's service?

c. What is the probability that less than 100 people in the sample report being very satisfied with the service at the hotel?

d. Employees have been promised a bonus if more than 90% of the sample are very satisfed with the hotel's service. What is the probability that the employees will receive the bonus?

e. How many people in the sample can be expected to report that they are very satisfied with the service at the hotel?

f. if the sample shows only 100 of the customers reporting being very satisfied with the service at the hotel, explain using probability why the hotel might want to re-assess the accuracy of the belief that 90% of customers are very satisfied with service at the hotel.

Consider the following marginal benefit (demand) curves of two individuals for a certain good: MB_A(q) = 100 – q and MB_B(q) = 300 – q.

Consider the Marginal Private Costs of providing Fireworks in The Park, MC(q) = 50 + q.

1. Find q^M, the amount of Fireworks in the Park provided by the Market, when individuals provide the good with no co-operation and act only in their self-interest.
2. What is the efficient level of Fireworks in the Park, q*?
3. Person B brings a friend to the park (person C), with the same MB curve as theirs (MB_C = 300 – q). Find the new quantity provided by the Market (q^M) and the new efficient level of Fireworks in the Park (q*).
4. Despite being visually appealing, fireworks are known to cause negative externalities such as noise pollution and increased deaths by heart attacks in dogs. We estimated the marginal external costs of Fireworks in the Park, MEC (q) = 70 + q. What is the new efficient level of Fireworks in the Park? Consider the MSB curve found in part f, which includes person C. How does this new efficient allocation compare to the Market equilibrium, q^M, found in f?

Explain the relationship of varying output with total fixed cost (TFC), total variable cost (TVC), average fixed cost (AFC), average variable cost (AVC) and average total cost (ATC).

2. Answer the following question based on the chart below:

If the good is selling for $8, the optimal amount for this firm to produce in the short run is? When would the firm shut-down in the short-run (i.e. at what price)? What if the price of the good was $5.50? What would the firm do if the price fell to $2? What about in the long-run?

Total Cost Concept of Product Costing

Willis Products Inc. uses the total cost concept of applying the cost-plus approach to product pricing. The costs of producing and selling 5,000 units of medical tablets are as follows:

Willis Products desires a profit equal to a 20% rate of return on invested assets of $733,875.

a. Determine the amount of desired profit from the production and sale of 5,000 units.
$ 146,775

b. Determine the total costs for the production of 5,000 units.

Determine the cost amount per unit for the production and sale of 5,000 units.
$ per unit

c. Determine the total cost markup percentage per unit. (rounded to one decimal place).
%

d. Determine the selling price per unit. Round to the nearest cent.
$ per unit

From the following information on costs of production, calculate Total Fixed Cost, Total Variable Cost, Average Variable Cost, and Marginal Cost.

I also need to graph the total cost curves as well as the average and marginal cost curves.

TC = TFC + TVC so for Q=1 TC=30, assume TFC=20 so TVC=10 (20+10=30); continue with logic about
FC, it is independent of output, so it would be an incremental 20 with each additional level of output, TVC for each Q is calculated with simple math TVC=TC-20

Please help me complete the spreadsheet

Problem 1: The average Saturday attendance at a movie theater is 974 people with a standard deviation of 54 people.

Part A: What is the probability that less than 900 people will attend this coming Saturday?

Part B: What is the probability of between 875 and 1075 people will attend this Saturday?

Part C: Eighty percent of Saturday attendances will be less than how many people?

Part D: The movie theater manager wants to determine a staffing level such that 98% of the time she can service the customers. How many customers should she set a staffing plan to serve?

A home theater in a box is the easiest and cheapest way to provide surround sound for a home entertainment center. A sample of prices is shown here (Consumer Reports Buying Guide, 2004). The prices are for models with a DVD player and for models with a DVD player.

1. Compute the mean price for models with a DVD player and the mean price for models without a DVD player. What is the additional price paid to have a DVD player included in a home theater unit?
2. Compute the range, variance, and standard deviation for the two samples. What does this information tell you about the prices for models with and without a DVD player?

Suppose the JLFB movie production company has produced two movies, A and B, and distributes them to theaters with willingness to pay for the two movies, which is shown below,

Movie A Movie B

A. Smith Theater                         $135 $95

J. Schumpeter Theater                $85 $115

a. Which package will result in the largest profit for the JFLB movie production company?

b. Charge $85 for movie A and $95 for movie B.

c. Charge $135 for movie A and $115 for movie B.

d. Charge $100 for both movie A and B if they are bought together.

e. Charge $110 for both movie A and B if they are bought together.

as a marketing director for an hotel, illustrate with the use of a diagram how you can apply the service marketing mix to the hotel