TipTop Flight School offers flying lessons at a small municipal airport. The school’s owner and manager has been attempting to evaluate performance and control costs using a variance report that compares the planning budget to actual results. A recent variance report appears below: TipTop Flight School Variance Report For the Month Ended July 31 Actual Results Planning Budget Variances Lessons 185 180 Revenue $ 36,980 $ 36,000 $ 980 F Expenses: Instructor wages 11,360 11,160 200 U Aircraft depreciation 7,215 7,020 195 U Fuel 4,020 3,600 420 U Maintenance 2,970 2,820 150 U Ground facility expenses 2,455 2,540 85 F Administration 4,260 4,350 90 F Total expense 32,280 31,490 790 U Net operating income $ 4,700 $ 4,510 $ 190 F After several months of using such variance reports, the owner has become frustrated. For example, she is quite confident that instructor wages were very tightly controlled in July, but the report shows an unfavorable variance. The planning budget was developed using the following formulas, where q is the number of lessons sold: Cost Formulas Revenue $200q Instructor wages $62q Aircraft depreciation $39q Fuel $20q Maintenance $ 660 + $12q Ground facility expenses $1,640 + $5q Administration $4,170 + $1q Required: 2. Complete the flexible budget performance report for the school for July. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)

TipTop Flight School offers flying lessons at a small municipal airport. The school’s owner and manager has been attempting to evaluate performance and control costs using a variance report that compares the planning budget to actual results. A recent variance report appears below:

After several months of using such variance reports, the owner has become frustrated. For example, she is quite confident that instructor wages were very tightly controlled in July, but the report shows an unfavorable variance.

The planning budget was developed using the following formulas, where q is the number of lessons sold:

  
Required:

2. Complete the flexible budget performance report for the school for July. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)

TipTop Flight School offers flying lessons at a small municipal airport. The school’s owner and manager has been attempting to evaluate performance and control costs using a variance report that compares the planning budget to actual results. A recent variance report appears below:

After several months of using such variance reports, the owner has become frustrated. For example, she is quite confident that instructor wages were very tightly controlled in July, but the report shows an unfavorable variance.  

The planning budget was developed using the following formulas, where q is the number of lessons sold:  

Required:

2. Complete the flexible budget performance report for the school for July. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)

Problem #2: Schooling Bill lives for four periods. He is currently considering the following alternative education work options.

A) He starts working immediately, earning $200,000 in period 1 (today), $250,000 in period 2, $280,000 in period 3, and $300,000 in period 4. 1

B) He spends $100,000 to attend college in period 1 (and does not work), earns $300,000 in periods 2, $450,000 in period 3, and $550,000 in period 4.

C) After completing college in period 1 (which costs $100,000), he attends graduate school in period 2 (and does not work), which costs another $100,000. After receiving his graduate degree, he will earn $600,000 in period 3, and $800,000 in period 4.

Assume Bill’s discount rate is 10% per period and answer the following questions.

1. Calculate the present value of Bill’s earnings associated with each of these alternatives (using a calculator). What education path maximizes Bill’s net present value of his lifetime earnings?

2. Now assume that the graduate program offers a research assistantship which covers his graduate school expenses in period 2 for alternative c. What education path maximizes Bill’s net present value of his lifetime earnings now?

3. Suppose Ann has the same alternatives as Bill but her discount rate is 30%. What education path maximizes Ann’s net present value of his lifetime earnings? (assume that she also receives an assistantship for grad school so that her direct schooling cost in period 2 is zero for alternative c)

Assignment #3: Independent Samples T test Conduct an Independent Samples T test to answer the questions based on the following scenario. (Assume a non-directional research hypothesis (two-tailed test) and a level of significance of .05) The superintendent who collected data for Assignments 1 and 2, continued to examine the district’s data. One question that concerned the superintendent’s constituencies was the difference between the school performance scores of the superintendent’s district and a neighboring district that had similar demographic and socio-economic characteristics. The superintendent collected the following information: School performance scores for superintendent’s district: 72 64 67 71 80 65 72 64 64 69 61 68 79 66 75 88 72 60 70 74 63 62 69 81 69 57 School performance scores for comparison district: 76 63 58 65 77 65 71 58 79 66 71 80 63 76 79 73 81 76 79 65 60 88 56 82 60 52 57 66 83

1. What are the mean and standard deviation for the superintendent’s district?

2. What are the mean and standard deviation for the comparison district?

3. State an appropriate null hypothesis for this analysis.

4. What is the observed or computed value of t?

5. What is the value of the degrees of freedom that are reported in the output (equal variances assumed)?

6. What is the reported level of significance?

7. Based on the reported level of significance, would you reject the null hypothesis?

8. Present the results as they might appear in an article. This must include a narrative statement that reports and interprets the results of the Independent Samples T test.

TipTop Flight School offers flying lessons at a small municipal airport. The school’s owner and manager has been attempting to evaluate performance and control costs using a variance report that compares the planning budget to actual results. A recent variance report appears below:

After several months of using such variance reports, the owner has become frustrated. For example, she is quite confident that instructor wages were very tightly controlled in July, but the report shows an unfavorable variance.

The planning budget was developed using the following formulas, where q is the number of lessons sold:

  
Required:

2. Complete the flexible budget performance report for the school for July. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)

TipTop Flight School offers flying lessons at a small municipal airport. The school’s owner and manager has been attempting to evaluate performance and control costs using a variance report that compares the planning budget to actual results. A recent variance report appears below

After several months of using such variance reports, the owner has become frustrated. For example, she is quite confident that instructor wages were very tightly controlled in July, but the report shows an unfavorable variance.  

The planning budget was developed using the following formulas, where q is the number of lessons sold:  

  Required:

2. Complete the flexible budget performance report for the school for July. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)

Students completed a high school senior level standardized algebra exam. Major for students was also recorded. Data in terms of percent correct is recorded below for 32 students. We are interested to see if there is any difference between students' high-school algebra test scores and subsequent declared college major.

These students have now also just completed the same college-level calculus class and received a grade. We are therefore now also interested to see if there is any relationship between the students' algebra test scores and their calculus course grades: On average, did students who tended to score higher on the high-school algebra test also finish the course with higher grades? Conveniently, only one student of each major received the same grade (see table - for example, there is only one Education major who received a grad of A).

Use the Microsoft Excel "Anova Single-Factor" Data Analysis tool to conduct a 2-way ANOVA test for the data in the following table:

1. What are your two null hypotheses in this study?
2. What are your two corresponding alternate hypotheses? Use the phrase "at least one" in each of your hypothesis statements.
3. What level of significance did you choose and why?
4. What are your F_crit values?

TipTop Flight School offers flying lessons at a small municipal airport. The school’s owner and manager has been attempting to evaluate performance and control costs using a variance report that compares the planning budget to actual results. A recent variance report appears below:

After several months of using such variance reports, the owner has become frustrated. For example, she is quite confident that instructor wages were very tightly controlled in July, but the report shows an unfavorable variance.

The planning budget was developed using the following formulas, where q is the number of lessons sold:

  
Required:

2. Complete the flexible budget performance report for the school for July. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)

Question 39

In terms of forming expectations about the future, which school of Macroeconomic thought would most strongly agree with the following: "we base our decisions about the future on all available information and all information is available"?

the "Say What?" School

the Keynesians

the Monetarists

Rational Expectationists

Question 40

“Money is all that matters" could be thought of as the motto of

the Keynesians

the Monetarists

the Very Silly Theorists

Rational Expectationists

the Trump family

Question 41

The Classical AS curve suggests that (hint: Say's Law):

real output is directly related to the price level

idle capital & unemployed workers are available in the economy

the price level is constant

changes in aggregate demand will have no impact on the level of full-employment real GDP

Question 42

Rational Expectationists say that a fully anticipated increase in aggregate demand, perhaps as a result of easy (expansionary) monetary policy

misallocates resources

instantaneously moves the economy up the AS curve

shifts the AS curve to the left

shifts the AS curve to the right

increases real GDP & output prices

Question 43

Which school of macroeconomic thought believes that due to "crowding out", expansionary fiscal policy can potentially end up being contractionary?

Rational Expectations Theory

Monetarism

none of these

Keynesianism

Question 44

The concept that claims the fiscal policy will typically have no effect on real GDP because households will increase their saving to pay for an impending increase in taxes to finance that policy is known as

the paradox of thrift

Ricky Ricardo

Ricardian Equivalence

crowding out

adaptive expectations

Question 45

“Sticky” prices and wages are most closely associated with which group of economists?

Group of answer choices

Monetarists

none of these

Classicals

Keynesians

Rational Expectationists