You run out of avocados for your daily avocado toast and you need to resupply. However, you are low on funds and decide to search for average prices of avocados. You discover the following prices (in dollars) for a bushel of avocados:

Use the data to complete the information below (round to two decimals when appropriate)

Suppose you found out that the average price of a bushel of avocados in the united states is $8, with a standard deviation of $1.95.   Your neighbor wants to sell you his bushel for $7. Are you getting an extraordinary deal from your neighbor?

To answer this, calculate the z score for your neighbor's price and find the probability of getting a price lower than that.

z =  round to two decimal places

p =  do not round

Pretend that you are an accountant and these following entries are needed to be put in the books. Describe and show how each transaction affects the U.S balance of payment.

1. Put a description of the debit and credit items, and identify which specific account is affected for example - imports of goods and services, IM; exports of assets, EXA; and so on.

2. Show which accounts work in the Balance of Payments, if they increase or decrease, and explain why you choose that specifically for those accounts.

Part a. A medical Institute in S.Korea sends medical aid which is worth $3 million to United States due to COVID-19 crisis.

Part b. A New York art gallery purchases a $1500 worth painting from a museum in Paris-France, paying the funds from a bank account in Paris.

Part c. A U.S. tourist visiting Istanbul-Turkey sells his MacBook to a local resident for worth $3500.

Chapeau Company, a U.S. corporation, operates through a branch in Champagnia. The source rules used by Champagnia are identical to those used by the United States. For 2019, Chapeau has $2,800 of gross income: $1,680 from U.S. sources and $1,120 from sources within Champagnia. The $1,680 of U.S. source income and $980 of the foreign source income are attributable to manufacturing activities in Champagnia (foreign branch income). The remaining $140 of foreign source income is passive category interest income. Chapeau had $700 of expenses other than taxes, all of which are allocated directly to manufacturing income ($280 of which is apportioned to foreign sources). Chapeau paid $182 of income taxes to Champagnia on its manufacturing income. The interest income was subject to a 10 percent withholding tax of $14.

Compute Chapeau’s total allowable foreign tax credit in 2019. (Do not round any division. Round other intermediate computations to the nearest whole dollar amount.)

Information from the American Institute of Insurance indicates the mean amount of life insurance per household in the United States is $128,000. This distribution follows the normal distribution with a standard deviation of $33,000.

If we select a random sample of 66 households, what is the standard error of the mean? (Round your answer to the nearest whole number.)

What is the expected shape of the distribution of the sample mean?

What is the likelihood of selecting a sample with a mean of at least $130,000? (Round your z value to 2 decimal places and final answer to 4 decimal places.)

What is the likelihood of selecting a sample with a mean of more than $120,000? (Round your z value to 2 decimal places and final answer to 4 decimal places.)

Find the likelihood of selecting a sample with a mean of more than $120,000 but less than $130,000. (Round your z value to 2 decimal places and final answer to 4 decimal places.)

The Pew Research Center conducted the Global Attitudes Survey in spring 2017 in multiple countries. In Canada, a random sample of 1,022 adults were surveyed.2 In Russia, a random sample of 1,002 adults were surveyed.3 One question asked was “How closely do you follow news specifically about the United States?”4 The proportion of Canadian adults who said they follow US news closely was 0.78 while the proportion of Russian adults who said they follow US news closely was 0.48. The standard error for Canada was 0.036 and Russia was 0.04.

a. Describe the parameters of interest in context.

b. What are the 95% confidence intervals?

Canada:

Russia:

c. Interpret the 95% confidence intervals.

Canada:

Russia:

d. Do the intervals overlap? What does that tell us about the difference in the proportion of adults who say they follow US news closely for the two different countries?

For each of the following transactions, explain briefly why they would or would not be counted in the GDP of the United States. In your explanation, point out what component(s) or element(s) of GDP change and why. a) German auto producer Daimler AG builds a van factory in South Carolina. b) You buy the latest Samsung Galaxy J2 cell phone produced at a factory in South Korea. c) You baby-sit for your uncle’s children and he gives you $25 for a job well done. d) US auto producer Ford builds a factory in Puebla, Mexico. e) You buy a fresh loaf of bread at your local bakery. f) A Chrysler dealership in Utah has 20 unsold new 2019 model cars at the end of 2019. g) You marry your accountant and (s)he then takes care of your tax returns for free.  

Suppose a study reports that the average price for a gallon of self-serve regular unleaded gasoline is $3.76. You believe that the figure is higher in your area of the country. You decide to test this claim for your part of the United States by randomly calling gasoline stations. Your random survey of 25 stations produces the following prices.

Appendix A Statistical Tables

Assume gasoline prices for a region are normally distributed. Do the data you obtained provide enough evidence to reject the claim? Use a 1% level of significance. (Round the intermediate values to 2 decimal places. Round your answer to 2 decimal places.)

Information from the American Institute of Insurance indicates the mean amount of life insurance per household in the United States is $132,000. This distribution follows the normal distribution with a standard deviation of $40,000.

If we select a random sample of 70 households, what is the standard error of the mean? (Round your answer to the nearest whole number.)

What is the expected shape of the distribution of the sample mean?

What is the likelihood of selecting a sample with a mean of at least $139,000? (Round your z value to 2 decimal places and final answer to 4 decimal places.)

What is the likelihood of selecting a sample with a mean of more than $127,000? (Round your z value to 2 decimal places and final answer to 4 decimal places.)

Find the likelihood of selecting a sample with a mean of more than $127,000 but less than $139,000. (Round your z value to 2 decimal places and final answer to 4 decimal places.)

Citrus Girl Company (CGC) purchases quality citrus produce from local growers and sells the produce via the Internet across the United States. To keep costs down, CGC maintains a warehouse, but no showroom or retail sales outlets. CGC has the following information for the second quarter of the year:

1. Expected monthly sales for April, May, June, and July are $260,000, $230,000, $350,000, and $130,000, respectively.
2. Cost of goods sold is 30 percent of expected sales.
3. CGC’s desired ending inventory is 40 percent of the following month’s cost of goods sold.
4. Monthly operating expenses are estimated to be:

• Salaries: $34,000
• Delivery expense: 8 percent of monthly sales
• Rent expense on the warehouse: $6,500
• Utilities: $1,300
• Insurance: $240
• Other expenses: $340

Required:

1. Compute the budgeted cost of purchases for each month in the second quarter.

2. Complete the budgeted income statement for each month in the second quarter.

The foreclosure crisis has been particularly devastating in housing markets in much of the south and west United States, but even when analysis is restricted to relatively strong housing markets the numbers are staggering. For example, in 2017 an average of three residential properties were auctioned off each weekday in the city of New York, up from an average of one per week in 2011. Use Excel functions to compute the probabilities. Write the Excel function to the solution.

1. What is the probability that exactly four foreclosure auctions occurred on a randomly selected weekday of 2017 in New York?
2. What is the probability that at least one foreclosure auction occurred in New York on a randomly selected weekday of 2017?
3. What is the probability that no more than two foreclosure auctions occurred on a randomly selected weekday of 2017 in New York?
4. What is the probability that exactly 10 foreclosure auctions occurred during a randomly selected five-day week in 2017 in New York?