Suppose you are the controller of Nebraska State University. The university president, Lisa Larsson, is preparing for her annual fund-raising campaign for 20X7–20X8. To set an appropriate target, she has asked you to prepare a budget for the academic year. You have collected the following data for the current year (20X6–20X7):

For 20X7–20X8, all faculty and staff will receive a 6% salary increase. Undergraduate enrollment is expected to decline by 2%, but graduate enrollment is expected to increase by 5%.

The 20X6–20X7 budget for operation and maintenance of facilities was $500,000, which includes $240,000 for salaries and wages. Experience so far this year indicates that the budget is accurate. Salaries and wages will increase by 6% and other operating costs will increase by $12,000 in 20X7–20X8.

The 20X6–20X7 and 20X7–20X8 budgets for the remaining expenditures are as follows:

Tuition is $92 per credit hour. In addition, the state legislature provides $780 per full-time-equivalent student. (A full-time equivalent is 30 undergraduate hours or 24 graduate hours.) Full-tuition scholarships are given to 30 full-time undergraduates and 50 full-time graduate students.

Revenues other than tuition and the legislative apportionment are as follows:

The chemistry/physics classroom building needs remodeling during the 20X7–20X8 period. Projected cost is $575,000.

Prepare a schedule for 20X7–20X8 that shows, by division, (a) expected enrollment, (b) total credit hours, (c) full-time-equivalent enrollment, and (d) number of faculty members needed.

Calculate the budget for faculty salaries for 20X7–20X8 by division.

Calculate the budget for tuition revenue and legislative apportionment for 20X7–20X8 by division.

Prepare a schedule for President Larsson showing the amount that must be raised by the annual fund-raising campaign.

A researcher wants to determine the relationship between the typing speed of administrative assistants at a major university is related to the time that it takes for the admin assistant to learn to use a new software program and may be used to predict learning time. Data are gathered from 12 departments at the university.

Dept Typing speed (words per minute) Learning time (hours)

A 48 7

B 74 4

C 52 8

D 79 3.5

E 83 2

F 56 6

G 85 2.3

H 63 5

I 88 2.1

J 74 4.5

K 90 1.9

L 92 1.5

Run a regression analysis of the data on Excel. Use your output to answer the following:

d. What is the value of the correlation coefficient between typing speed and learning time? What does is say about the strength of the relationship?

Fifteen students from Poppy High School were accepted at Branch University. Of those students, six were offered academic scholarships and nine were not. Mrs. Bergen believes Branch University may be accepting students with lower ACT scores if they have an academic scholarship. The newly accepted student ACT scores are shown here.

Academic scholarship: 25, 24, 23, 21, 22, 20
No academic scholarship: 23, 25, 30, 32, 29, 26, 27, 29, 27

Part A: Do these data provide convincing evidence of a difference in ACT scores between students with and without an academic scholarship? Carry out an appropriate test at the α = 0.02 significance level. (5 points)

Part B: Create and interpret a 98% confidence interval for the difference in the ACT scores between students with and without an academic scholarship. (5 points)

Twenty students from Sherman High School were accepted at Wallaby University. Of those students, eight were offered military scholarships and 12 were not. Mr. Dory believes Wallaby University may be accepting students with lower SAT scores if they have a military scholarship. The newly accepted student SAT scores are shown here.

Military scholarship: 850, 925, 980, 1080, 1200, 1220, 1240, 1300
No military scholarship: 820, 850, 980, 1010, 1020, 1080, 1100, 1120, 1120, 1200, 1220, 1330

Part A: Do these data provide convincing evidence of a difference in SAT scores between students with and without a military scholarship? Carry out an appropriate test at the α = 0.05 significance level. (5 points)

Part B: Create and interpret a 95% confidence interval for the difference in SAT scores between students with and without a military scholarship.

1) Rising worker productivity means that more workers are demanded, other things being equal. When workers have access to better tools, they can produce more, and when they produce more, they become more valuable to their companies. If this works, then why do some people oppose technological progress, fearing that better technology will lead to less, not more, jobs being created?

2) Suppose that you have a choice between two options. Option A - you can study four years in the world’s best university, but you are not allowed to tell anyone that you have studied there. Option B - after 4 years of never once attending the world’s best university, you will get the diploma from this school and you can display it whenever and however you please. Which of these options would enhance your future earnings more and why?

Matt and Meg Comer are married and file a joint tax return. They do not have any children. Matt works as a history professor at a local university and earns a salary of $66,000. Meg works part-time at the same university. She earns $31,800 a year. The couple does not itemize deductions. Other than salary, the Comers’ only other source of income is from the disposition of various capital assets (mostly stocks). (Use the tax rate schedules ,Dividends and Capital Gains Tax Rates.) (Round final answers to the nearest whole dollar amount.)

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b. What is the Comers’ tax liability for 2018 if they report the following capital gains and losses for the year?

tudies have shown that people who suffer sudden cardiac arrest (SCA) have a better chance of survival if a defibrillator is administered very soon after cardiac arrest. How is survival rate related to the time between when cardiac arrest occurs and when the defibrillator shock is delivered? This question is addressed in the paper “Improving Survival from Sudden Cardiac Arrest: The Role of Home Defibrillators” (by J.K. Stross, University of Michigan, February 2002). The accompanying data give y = survival rate (percent) and x = mean call-to-shock time (minutes) for a cardiac rehabilitative center (where cardiac arrests occurred while victims were hospitalized and so the call-to-shock time tended to be short) and for four communities of different sizes.

Do the following by hand and on Minitab.

Construct a scatter plot.

Calculate the Pearson correlation coefficient.

Determine equation of least squares line that can be used for predicting a value of y based on a value of x.

Compute SSE =  ( y  yˆ)2 for the least squares line.

Why do we call the least squares line the “best fitting line”?

tudies have shown that people who suffer sudden cardiac arrest (SCA) have a better chance of survival if a defibrillator is administered very soon after cardiac arrest. How is survival rate related to the time between when cardiac arrest occurs and when the defibrillator shock is delivered? This question is addressed in the paper “Improving Survival from Sudden Cardiac Arrest: The Role of Home Defibrillators” (by J.K. Stross, University of Michigan, February 2002). The accompanying data give y = survival rate (percent) and x = mean call-to-shock time (minutes) for a cardiac rehabilitative center (where cardiac arrests occurred while victims were hospitalized and so the call-to-shock time tended to be short) and for four communities of different sizes.

Do the following by hand and on Minitab.

Construct a scatter plot.

Calculate the Pearson correlation coefficient.

Determine equation of least squares line that can be used for predicting a value of y based on a value of x.

Compute SSE =  ( y  yˆ)2 for the least squares line.

Why do we call the least squares line the “best fitting line”?

tudies have shown that people who suffer sudden cardiac arrest (SCA) have a better chance of survival if a defibrillator is administered very soon after cardiac arrest. How is survival rate related to the time between when cardiac arrest occurs and when the defibrillator shock is delivered? This question is addressed in the paper “Improving Survival from Sudden Cardiac Arrest: The Role of Home Defibrillators” (by J.K. Stross, University of Michigan, February 2002). The accompanying data give y = survival rate (percent) and x = mean call-to-shock time (minutes) for a cardiac rehabilitative center (where cardiac arrests occurred while victims were hospitalized and so the call-to-shock time tended to be short) and for four communities of different sizes.

Do the following by hand and on Minitab.

Construct a scatter plot.

Calculate the Pearson correlation coefficient.

Determine equation of least squares line that can be used for predicting a value of y based on a value of x.

Compute SSE =  ( y  yˆ)2 for the least squares line.

Why do we call the least squares line the “best fitting line”?

tudies have shown that people who suffer sudden cardiac arrest (SCA) have a better chance of survival if a defibrillator is administered very soon after cardiac arrest. How is survival rate related to the time between when cardiac arrest occurs and when the defibrillator shock is delivered? This question is addressed in the paper “Improving Survival from Sudden Cardiac Arrest: The Role of Home Defibrillators” (by J.K. Stross, University of Michigan, February 2002). The accompanying data give y = survival rate (percent) and x = mean call-to-shock time (minutes) for a cardiac rehabilitative center (where cardiac arrests occurred while victims were hospitalized and so the call-to-shock time tended to be short) and for four communities of different sizes.

Do the following by hand and on Minitab.

Construct a scatter plot.

Calculate the Pearson correlation coefficient.

Determine equation of least squares line that can be used for predicting a value of y based on a value of x.

Compute SSE =  ( y  yˆ)2 for the least squares line.

Why do we call the least squares line the “best fitting line”?

Calculate r2 using the following formula: r 2

  ( y  y)2   ( y  yˆ)2

Interpret the r2 value.

Using your equation in part c, draw the least squares line on the scatterplot you constructed in part a.

Use your prediction equation to predict SCA survival rate for a community with a mean call-to-shock time of 5 min.

Which of the following losses is most likely to be covered under your auto liability insurance?

Speculative risk is NOT:

Berne Company (lessor) enters into a lease with Fox Company to lease equipment to Fox beginning January 1, 2016. The lease terms, provisions, and related events are as follows: