JAVA program

Create a class called Array

Outside of the class, import the Scanner library

Outside of main declare two static final variables and integer for number of days in the week and a double for the revenue per pizza (which is $8.50).

Create a method called main

Inside main:

1. Declare an integer array that can hold the number of pizzas purchased each day for one week.
2. Declare two additional variables one to hold the total sum of pizzas sold in a week and one to hold the average pizzas sold per day
3. Instantiate a Scanner object
4. Using an appropriate loop, ask the user to enter in the number of pizza for each day
   1. The program must test the entry value.
   2. If the number entered is negative, the program must display an error message and allow for the reentry of the value for that day. The program will continue to ask for a valid response until a valid response is entered.
   3. If the number is valid (greater than or equal to zero), the program will then prompt for the next value until the loop ends.
   4. Extra Credit will be given if the validation test is done via a method call.
5. Send the array to a method that displays a title for the report as well as the number of pizzas sold for each day.
6. Send the array to a method that calculates the sum total of pizzas sold for the week; the method returns the sum total back to main().
7. Send the array to a method that calculates the average number of pizzas sold for the week; the method returns the average back to main().
8. Display the following:
   1. The total number of pizzas sold for the week
   2. The average number of pizzas sold per day
   3. The total revenue from the pizza sold for the week
   4. The average revenue per day
9. Display a thank you/goodbye message.
10. Comment your code.

Screen Shots:

Please enter the number of pizzas sold for

Day 1: 5

Day 2: 9

Day 3: -3

Invalid value. Please enter valid value

Day 3: 3

Day 4: 12

Day 5: 4

Day 6: 16

Day 7: 22

Pizza Calculator

Sales Report

Day 1: 5

Day 2: 9

Day 3: 3

Day 4: 12

Day 5: 4

Day 6: 16

Day 7: 22

Total Pizzas Sold for the Week: 71

Average Pizza Sold for the week: 10.1

Total Revenue for the week: $603.50

Average Revenue per day: $86.21

Thank you for using Pizza Counter. Goodbye!

1. Complete Programming Problem #14, Stadium Seating, on page 199 of the textbook. A revised form (original form provided in Figure 3-49) is provided below based upon theAdditional Requirements. Data is also provided to test the application.

The ADDITIONAL REQUIREMENTS described below MUST also be implemented:

• Apply the currency format string for displaying monetary output (i.e., displays a leading currency symbol, digits, comma separators, and a decimal point)

• Apply the number format string for displaying non-monetary output with no decimal places (i.e., the precision must be specified)

• Implement simple exception handling to catch any exceptions that are thrown and display the exception's default error message

• Implement named constants where applicable (i.e., the cost of the different classes of seats)

• Calculate the total tickets sold for each individual transaction

• Implement the following fields:
  • Sum of revenue which accumulates the overall revenue (i.e., running sum of the Total Revenue)
  • Sum of Tickets which accumulates the total tickets (i.e., running sum of the Total Tickets)
  • Count of Transactions which counts the number of times the Calculate Revenue button is clicked (i.e., adding to the Count of Transactions)

• Add the following Label controls to the form (Note: GroupBox controls are used to group the various TextBox and Label controls):
  • Total Tickets (descriptive and output)
  • Sum of Revenue (descriptive and output)
  • Sum of Tickets (descriptive and output)
  • Transactions (descriptive and output

This the instructions for my class and I am lost. Here is my code

using System;
using System.Collections.Generic;
using System.ComponentModel;
using System.Data;
using System.Drawing;
using System.Linq;
using System.Text;
using System.Threading.Tasks;
using System.Windows.Forms;

namespace _3333_SilmonD_Lab03
{
public partial class Form1 : Form
{
public Form1()
{
InitializeComponent();
}
  

private void calRevButton_Click(object sender, EventArgs e)
{
double CATickets;
double CBTickets;
double CCTickets;
double totalRevenue;

if (classATicketsTextBox.Text != "" && classBTicketsTextBox.Text != "" && classCTicketsTextBox.Text != "")
{
CATickets = double.Parse(classATicketsTextBox.Text);
CBTickets = double.Parse(classBTicketsTextBox.Text);
CCTickets = double.Parse(classCTicketsTextBox.Text);

CATickets = CATickets * 15.0;
CBTickets = CBTickets * 12.0;
CCTickets = CCTickets * 9.0;

totalRevenue = CATickets + CBTickets + CCTickets;
  
classARevenueTextBox.Text = CATickets.ToString("c");
classBRevenueTextBox.Text = CBTickets.ToString("c");
classCRevenueTextBox.Text = CCTickets.ToString("c");
totalRevenueTextBox.Text = totalRevenue.ToString("c");
sumofRevenueTextBox.Text = totalRevenue.ToString("c");
  
}
}

private void clearButton_Click(object sender, EventArgs e)
{
classATicketsTextBox.Text = "";
classBTicketsTextBox.Text = "";
classCTicketsTextBox.Text = "";
classARevenueTextBox.Text = "";
classBRevenueTextBox.Text = "";
classCRevenueTextBox.Text = "";
totalRevenueTextBox.Text = "";
}

private void exitButton_Click(object sender, EventArgs e)
{
this.Close();
}

private void sumofRevenueTextBox_TextChanged(object sender, EventArgs e)
{

}

private void totalTicketsBox_TextChanged(object sender, EventArgs e)
{

}
}
}

Carrington would invest in software and some hardware upgrades that will allow them to better analyze the traffic coming in to their website. Total acquisition costs for this option are estimated to be $400,000. This improved analytics capability is expected to lead to increased revenue of $80,000 in year 1, $120,000 in year 2, $250,000 in year 3, $350,000 in year 4, and $500,000 in year 5. The estimated cost of this obtaining this revenue will be 20% per revenue dollar related to sales staff that will analyze this data and use it to generate new client relationships. Carrington will also incur fixed cost of $10,000 per year related to software updates and hardware maintenance. Carrington will set aside $250,000 in working capital for this project and this capital will be recovered at the end of 5 yrs. The salvage value of the new equipment will be $9,000 at the end of 5 yrs. Carrington uses a 10% hurdle rate to evaluate all projects, Acquisition costs qualify for modified accelerated depreciation of 50,30, and 20% in the first three yrs, Being profitable company income would be taxed at Carrington's tax rate of 30%, and all dollar values referenced in this case are in nominal dollars so for analysis ignore the effect of inflation. This option has five year useful life.

1. Calculate the payback period, internal rate of return, and NPV.

2. The data analytics program pays off a lot faster than expected. Revenue is projected to be $200,000 in yr 1, $250,000 in yr 2, $250,000 in yr 3, $300,000 in yr4, and $300,000 in yr 5.

3. The data analytics program pays off slower than expected. Revenue is projected to be $20,000 in yr 1,$80,000 in yr 2, $200,000 in yr 3, $500,000 in yr 4, and $500,000 in Year 5.

4.A great tax plan. Congress is proposing a new corporate tax plan that reduces the federal tax rate that Carrington pays from 30% to 20%. However, this tax plan would also do away with MACRS and replace it with straight line depreciation for tax purposes ( over 5 yrs).

a. Using the original estimates for your designated option, estimate the effect of this tax plan on NPV.

b. Next, given the uncertainty related to the effect of the proposed tax plan on future business, use a 14% hurdle rate instead of the 10% hurdle rate used before in estimating the effect of the plan (i.e just redo 4A).

5. What are some qualitative concerns related to accepting this designated option. Discuss and list at least 2. Provide why each would be considered an advantage or disadvantage.

1. ShopSmart’s International Growth Strategy

ShopSmart, founded by in 1919 by Nick Smart, is a British multinational grocery and merchandise retailer. It is the largest grocery retailer in the United Kingdom, with a 28% share of the local market and the second largest after Walmart measured in revenue. In 2017, ShopSmart had sales of more than £62 billion ($70 billion US dollars), more than 480,000 employees and 6,553 stores in 13 countries.

In its home market of the United Kingdom, the company’s strengths are reputed to come from strong competencies in marketing and store site selection, logistics and inventory management and its own label product offerings. By the early 1990s, these competencies had already given the company a leading position in the United Kingdom. ShopSmart was generating strong cash flows and senior managers had to decide how to use that cash. One strategy they settled n was international expansion.

As managers looked at international markets, they soon concluded that the best opportunities were not in established markets in North America and Western Europe where strong competitors already existed but in emerging markets of Eastern Europe and Asia, where there were strong underlying growth trends. ShopSmart’s first international foray was into Hungary in 1995 where it acquired Globals Stores, a state-owned grocery chain. By 2017, ShopSmart was the market leader in Hungary accounting for 1% of the whole economy of Hungary.

Next, ShopSmart acquired 31 stores in Poland from Stavia Limited. The following year, in 1996, ShopSmart added 13 stores that it purchased from Kmart in the Czech Republic and Slovakia. The next year, ShopSmart moved to purchase stores in the Republic of Ireland.

ShopSmart’s Asian expansion begun in 1998 when it moved into Thailand. In 1999, the company entered South Korea when it partnered with Samsung to develop a chain of hypermarkets. This was followed by entry into Taiwan in 2000, Malaysia in 2002, Japan in 2003 and China in 2004.

The move into China came after three years of careful research and discussions with potential partners. Like many other western companies, ShopSmart was attracted to the Chinese market by its large size and rapid growth. In the end, ShopSmart settled on a 50-50 joint venture with Hymall, a hypermarket chain that is controlled by Ting Hsin, which has been operating in China for six years. In 2014, ShopSmaart combined its 131 stores in China in a joint venture with the state-run China Resources Enterprise and its nearly 3,000 stores. ShopSmart owned 20% of the joint venture. As a result of these moves, by 2017, ShopSmart generated sales of about $21 billion outside the United Kingdom. The addition of international stores has helped make ShopSmart the second largest company in the global grocery market behind only Walmart. By 2017, all its foreign ventures were making money.  

(Source: Adapted from Hill, C.W.L. & Hult, G.T.M., (2019), International Business: Competing in the Global Marketplace, 12th Edition, McGraw Hill Education)

1. Examine two reasons why ShopSmart’s initial international expansion focused on emerging markets rather than competing with established companies in the more advanced markets of North America and Western Europe.

2. Discuss two disadvantages that ShopSmart encountered as a first mover into these emerging markets.

3. ShopSmart’s entry strategy into the Eastern European countries was through acquisition. Discuss three disadvantages that the company is likely to encounter as a result of this entry strategy

4. Identify ShopSmart’s strategic entry into the Asian market and discuss two benefits that the company sought to achieve with this strategy

The function print_mean() that you wrote in the previous lesson calculates an average value and prints it on the screen. Change this function so that instead of printing the average it returns the average.In order to calculate the sum, you won't need to form a loop; call the function column_sum() instead.

# columns are [0]title [1]year [2]rating [3]length(min) [4]genre [5]budget($mil) [6]box_office_gross($mil)
oscar_data = [
["The Shape of Water", 2017, 6.914, 123, ['sci-fi', 'drama'], 19.4, 195.243464],
["Moonlight", 2016, 6.151, 110, ['drama'], 1.5, 65.046687],
["Spotlight", 2015, 7.489, 129, ['drama', 'crime', 'history'], 20.0, 88.346473],
["Birdman", 2014, 7.604, 119, ['drama', 'comedy'], 18.0, 103.215094],
["12 Years a Slave", 2013, 7.71, 133, ['drama', 'biography', 'history'], 20.0, 178.371993],
["Argo", 2012, 7.517, 120, ['thriller', 'drama', 'biography'], 44.5, 232.324128],
["The Artist", 2011, 7.942, 96, ['drama', 'melodrama', 'comedy'], 15.0, 133.432856],
["The King\'s Speech", 2010, 7.977, 118, ['drama', 'biography', 'history'], 15.0, 414.211549],
["The Hurt Locker", 2008, 7.298, 126, ['thriller', 'drama', 'war', 'history'], 15.0, 49.230772],
["Slumdog Millionaire", 2008, 7.724, 120, ['drama', 'melodrama'], 15.0, 377.910544],
["No Country for Old Men", 2007, 7.726, 122, ['thriller', 'drama', 'crime'], 25.0, 171.627166],
["The Departed", 2006, 8.456, 151, ['thriller', 'drama', 'crime'], 90.0, 289.847354],
["Crash", 2004, 7.896, 108, ['thriller', 'drama', 'crime'], 6.5, 98.410061],
["Million Dollar Baby", 2004, 8.075, 132, ['drama', 'sport'], 30.0, 216.763646],
["The Lord of the Rings: Return of the King", 2003, 8.617, 201, ['fantasy', 'drama', 'adventure'], 94.0, 1119.110941],
["Chicago", 2002, 7.669, 113, ['musical', 'comedy', 'crime'], 45.0, 306.776732],
['A Beautiful Mind', 2001, 8.557, 135, ['drama', 'biography', 'melodrama'], 58.0, 313.542341],
["Gladiator", 2000, 8.585, 155, ['action', 'drama', 'adventure'], 103.0, 457.640427],
["American Beauty", 1999, 7.965, 122, ['drama'], 15.0, 356.296601],
["Shakespeare in Love", 1998, 7.452, 123, ['drama', 'melodrama', 'comedy', 'history'], 25.0, 289.317794],
["Titanic", 1997, 8.369, 194, ['drama', 'melodrama'], 200.0, 2185.372302],
["The English Patient", 1996, 7.849, 155, ['drama', 'melodrama', 'war'], 27.0, 231.976425],
["Braveheart", 1995, 8.283, 178, ['drama', 'war', 'biography', 'history'], 72.0, 210.409945],
["Forrest Gump", 1994, 8.915, 142, ['drama', 'melodrama'], 55.0, 677.386686],
["Schindler\'s List", 1993, 8.819, 195, ['drama', 'biography', 'history'], 22.0, 321.265768],
["Unforgiven", 1992, 7.858, 131, ['drama', 'western'], 14.4, 159.157447],
["Silence of the Lambs", 1990, 8.335, 114, ['thriller', 'crime', 'mystery', 'drama', 'horror'], 19.0, 272.742922],
["Dances with Wolves", 1990, 8.112, 181, ['drama', 'adventure', 'western'], 22.0, 424.208848],
["Driving Miss Daisy", 1989, 7.645, 99, ['drama'], 7.5, 145.793296],
["Rain Man", 1988, 8.25, 133, ['drama'], 25.0, 354.825435],
]

def column_sum(data, column):
result = 0
for row in data:
result += row[column]
return result

def column_mean(data, column):
# < write code here >
  

mean_score = column_mean(oscar_data, 2)
print('Average rating: {:.2f}'.format(mean_score))

mean_length = column_mean(oscar_data, 3)
print('Average length: {:.2f} min.'.format(mean_length))

mean_budget = column_mean(oscar_data, 5)
print('Average budget: ${:.2f} mil.'.format(mean_budget))

mean_gross = column_mean(oscar_data, 6)
print('Average revenue: ${:.2f} mil.'.format(mean_gross))

# columns are [0]title [1]year [2]rating [3]length(min) [4]genre [5]budget($mil) [6]box_office_gross($mil)
oscar_data = [
["The Shape of Water", 2017, 6.914, 123, ['sci-fi', 'drama'], 19.4, 195.243464],
["Moonlight", 2016, 6.151, 110, ['drama'], 1.5, 65.046687],
["Spotlight", 2015, 7.489, 129, ['drama', 'crime', 'history'], 20.0, 88.346473],
["Birdman", 2014, 7.604, 119, ['drama', 'comedy'], 18.0, 103.215094],
["12 Years a Slave", 2013, 7.71, 133, ['drama', 'biography', 'history'], 20.0, 178.371993],
["Argo", 2012, 7.517, 120, ['thriller', 'drama', 'biography'], 44.5, 232.324128],
["The Artist", 2011, 7.942, 96, ['drama', 'melodrama', 'comedy'], 15.0, 133.432856],
["The King\'s Speech", 2010, 7.977, 118, ['drama', 'biography', 'history'], 15.0, 414.211549],
["The Hurt Locker", 2008, 7.298, 126, ['thriller', 'drama', 'war', 'history'], 15.0, 49.230772],
["Slumdog Millionaire", 2008, 7.724, 120, ['drama', 'melodrama'], 15.0, 377.910544],
["No Country for Old Men", 2007, 7.726, 122, ['thriller', 'drama', 'crime'], 25.0, 171.627166],
["The Departed", 2006, 8.456, 151, ['thriller', 'drama', 'crime'], 90.0, 289.847354],
["Crash", 2004, 7.896, 108, ['thriller', 'drama', 'crime'], 6.5, 98.410061],
["Million Dollar Baby", 2004, 8.075, 132, ['drama', 'sport'], 30.0, 216.763646],
["The Lord of the Rings: Return of the King", 2003, 8.617, 201, ['fantasy', 'drama', 'adventure'], 94.0, 1119.110941],
["Chicago", 2002, 7.669, 113, ['musical', 'comedy', 'crime'], 45.0, 306.776732],
['A Beautiful Mind', 2001, 8.557, 135, ['drama', 'biography', 'melodrama'], 58.0, 313.542341],
["Gladiator", 2000, 8.585, 155, ['action', 'drama', 'adventure'], 103.0, 457.640427],
["American Beauty", 1999, 7.965, 122, ['drama'], 15.0, 356.296601],
["Shakespeare in Love", 1998, 7.452, 123, ['drama', 'melodrama', 'comedy', 'history'], 25.0, 289.317794],
["Titanic", 1997, 8.369, 194, ['drama', 'melodrama'], 200.0, 2185.372302],
["The English Patient", 1996, 7.849, 155, ['drama', 'melodrama', 'war'], 27.0, 231.976425],
["Braveheart", 1995, 8.283, 178, ['drama', 'war', 'biography', 'history'], 72.0, 210.409945],
["Forrest Gump", 1994, 8.915, 142, ['drama', 'melodrama'], 55.0, 677.386686],
["Schindler\'s List", 1993, 8.819, 195, ['drama', 'biography', 'history'], 22.0, 321.265768],
["Unforgiven", 1992, 7.858, 131, ['drama', 'western'], 14.4, 159.157447],
["Silence of the Lambs", 1990, 8.335, 114, ['thriller', 'crime', 'mystery', 'drama', 'horror'], 19.0, 272.742922],
["Dances with Wolves", 1990, 8.112, 181, ['drama', 'adventure', 'western'], 22.0, 424.208848],
["Driving Miss Daisy", 1989, 7.645, 99, ['drama'], 7.5, 145.793296],
["Rain Man", 1988, 8.25, 133, ['drama'], 25.0, 354.825435],
]

def column_sum(data, column):
result = 0
for row in data:
result += row[column]
return result

def column_mean(data, column):
total = column_sum(oscar_data, 6)
mean = total / len(data)
return mean

# < write code here >
  

mean_score = column_mean(oscar_data, 2)
print('Average rating: {:.2f}'.format(mean_score))

mean_length = column_mean(oscar_data, 3)
print('Average length: {:.2f} min.'.format(mean_length))

mean_budget = column_mean(oscar_data, 5)
print('Average budget: ${:.2f} mil.'.format(mean_budget))

mean_gross = column_mean(oscar_data, 6)
print('Average revenue: ${:.2f} mil.'.format(mean_gross))

In this problem, assume that the distribution of differences is approximately normal. Note: For degrees of freedom d.f. not in the Student's t table, use the closest d.f. that is smaller. In some situations, this choice of d.f. may increase the P-value by a small amount and therefore produce a slightly more "conservative" answer. Are America's top chief executive officers (CEOs) really worth all that money? One way to answer this question is to look at row B, the annual company percentage increase in revenue, versus row A, the CEO's annual percentage salary increase in that same company. Suppose a random sample of companies yielded the following data:

B: Percent increase for company 6 12 12 18 6 4 21 37

A: Percent increase for CEO 15 28 21 14 -4 19 15 30

Do these data indicate that the population mean percentage increase in corporate revenue (row B) is different from the population mean percentage increase in CEO salary? Use a 5% level of significance. (Let d = B − A.)

(a) What is the level of significance?

State the null and alternate hypotheses.

H₀: μ_d = 0; H₁: μ_d > 0

H₀: μ_d = 0; H₁: μ_d < 0

H₀: μ_d ≠ 0; H₁: μ_d = 0

H₀: μ_d = 0; H₁: μ_d ≠ 0

H₀: μ_d > 0; H₁: μ_d = 0

(b) What sampling distribution will you use? What assumptions are you making?

The standard normal. We assume that d has an approximately uniform distribution.

The Student's t. We assume that d has an approximately normal distribution.

The Student's t. We assume that d has an approximately uniform distribution.

The standard normal. We assume that d has an approximately normal distribution.

What is the value of the sample test statistic? (Round your answer to three decimal places.)

(c) Find the P-value. (Round your answer to four decimal places.)

Sketch the sampling distribution and show the area corresponding to the P-value.

(d) Based on your answers in parts (a) to (c), will you reject or fail to reject the null hypothesis? Are the data statistically significant at level α?

Since the P-value ≤ α, we fail to reject H₀. The data are statistically significant.

Since the P-value > α, we reject H₀. The data are not statistically significant.

Since the P-value > α, we fail to reject H₀. The data are not statistically significant.

Since the P-value ≤ α, we reject H₀. The data are statistically significant.

(e) Interpret your conclusion in the context of the application.

Fail to reject H₀. At the 5% level of significance, the evidence is sufficient to claim a difference in population mean percentage increases for corporate revenue and CEO salary.

Reject H₀. At the 5% level of significance, the evidence is insufficient to claim a difference in population mean percentage increases for corporate revenue and CEO salary.

Reject H₀. At the 5% level of significance, the evidence is sufficient to claim a difference in population mean percentage increases for corporate revenue and CEO salary.

Fail to reject H₀. At the 5% level of significance, the evidence is insufficient to claim a difference in population mean percentage increases for corporate revenue and CEO salary.

In this problem, assume that the distribution of differences is approximately normal. Note: For degrees of freedom d.f. not in the Student's t table, use the closest d.f. that is smaller. In some situations, this choice of d.f. may increase the P-value by a small amount and therefore produce a slightly more "conservative" answer.

Are America's top chief executive officers (CEOs) really worth all that money? One way to answer this question is to look at row B, the annual company percentage increase in revenue, versus row A, the CEO's annual percentage salary increase in that same company. Suppose a random sample of companies yielded the following data:

Do these data indicate that the population mean percentage increase in corporate revenue (row B) is different from the population mean percentage increase in CEO salary? Use a 5% level of significance. (Let d = B ? A.)

(a) What is the level of significance?


State the null and alternate hypotheses.

H₀: ?_d = 0; H₁: ?_d < 0H₀: ?_d > 0; H₁: ?_d = 0     H₀: ?_d ? 0; H₁: ?_d = 0H₀: ?_d = 0; H₁: ?_d > 0H₀: ?_d = 0; H₁: ?_d ? 0

(b) What sampling distribution will you use? What assumptions are you making?

The Student's t. We assume that d has an approximately normal distribution.The Student's t. We assume that d has an approximately uniform distribution.     The standard normal. We assume that d has an approximately uniform distribution.The standard normal. We assume that d has an approximately normal distribution.

What is the value of the sample test statistic? (Round your answer to three decimal places.)


(c) Find the P-value. (Round your answer to four decimal places.)


Sketch the sampling distribution and show the area corresponding to the P-value.

(d) Based on your answers in parts (a) to (c), will you reject or fail to reject the null hypothesis? Are the data statistically significant at level ??

Since the P-value ? ?, we reject H₀. The data are statistically significant.Since the P-value > ?, we fail to reject H₀. The data are not statistically significant.     Since the P-value > ?, we reject H₀. The data are not statistically significant.Since the P-value ? ?, we fail to reject H₀. The data are statistically significant.

(e) Interpret your conclusion in the context of the application.

Reject H₀. At the 5% level of significance, the evidence is sufficient to claim a difference in population mean percentage increases for corporate revenue and CEO salary.Fail to reject H₀. At the 5% level of significance, the evidence is insufficient to claim a difference in population mean percentage increases for corporate revenue and CEO salary.     Fail to reject H₀. At the 5% level of significance, the evidence is sufficient to claim a difference in population mean percentage increases for corporate revenue and CEO salary.Reject H₀. At the 5% level of significance, the evidence is insufficient to claim a difference in population mean percentage increases for corporate revenue and CEO salary.

The following table shows John’s total utility derived from billiards and bowling games. Assume John has $30 to spend on a game of billiards and/or a game of bowling. A game of billiards costs him $4, and a game of bowling costs him $2. Which of the following is John’s utility-maximizing combination of the games of billiards and the games of bowling?

​

Table 6.5

​

Select one:

a.

​Twelve games of bowling

b.

​Four games of billiards and four games of bowling

c.

​Five games of billiards and five games of bowling

d.

​Five games of billiards and two games of bowling

e.

​Three games of billiards and eight games of bowling

Question 12

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Suppose Ernie gives up his job as financial advisor for P.E.T.S., where he earned $30,000 per year, to open up a store selling pet-care products. He invested $10,000 in the store, which were originally savings that earned 5 percent interest. This year, the revenue from the new business was $50,000 and the explicit costs were $10,000. The economic profit earned by Ernie was _____.​

Select one:

a.

$20,000​

b.

$50,000​

c.

$40,000​

d.

​$10,000

e.

$9,500​

Question 13

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The Hound Dog Bus Company contemplates expanding its New Mexico operations by offering services from Raton to Santa Fe. It has estimated that the total cost of the trip will be $400, of which $150 is the fixed cost, which it has already paid. The company expects an increase in revenue by $275 from the trip. The Hound Dog Bus Co. should:​

Select one:

a.

​offer this service because the additional revenue exceeds the additional cost of this service.

b.

​offer this service because it will earn a positive economic profit.

c.

​not offer this service because marginal revenue is less than marginal cost.

d.

​not offer this service because total cost exceeds total revenue.

e.

​offer this service because total revenue exceeds fixed cost.

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Which of the following would shift the supply curve of a good to the left?​

Select one:

a.

​An increase in the cost of an important resource used to produce the good

b.

​An increase in the price of that good

c.

​An increase in the number of producers of the good

d.

​A decrease in the price of an alternative good

e.

​An improvement in technology used in producing the good

Question 15

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A consumer’s willingness to pay additional money for time-saving goods depends primarily on:​

Select one:

a.

​the number of people in his or her household.

b.

​the wealth and property he or she possesses.

c.

​the opportunity cost of his or her time.

d.

​his or her social status.

e.

​the distance between his or her home and workplace.

1. Review the attached budget report that includes current actuals, current budget, the annualized results based on this year’s YTD, and the prior year’s actuals to use for trending purposes. Build next year’s budget based on the following assumptions and explain why you set the budget category amounts where you set them, use the checklist for building a budget in chapter 15 for help:
   1. The volumes, units of service (UOS), will increase by 5%, both Inpatient days and Outpatient procedures
   2. The ratio of revenue per UOS will decrease by 1%
   3. The ratio of labor to the UOS, productivity target, will stay the same
   4. The labor costs will increase by 2%
   5. The supply costs will increase by 2%