Assume you are the general manager of a large hotel and have formulated a strategy of renting banquet facilities to organizations for big events. At a monthly management meeting, your sales manager informs the head of food operations that a big reception in one week will require converting a large hall from a meeting room to a banquet facility in 60 minutes...a difficult but an achievable operation that will require precise planning and extra help. The food operations manager is furious about not being informed earlier. What is wrong here? As the general manager what strategies will you put in place to resolve the issue?

The Wall Street Journal presented data suggesting that United Airlines was not covering its costs on flights from San Francisco to Washington D.C,. The article quoted analysts saying that United should discontinue this service. The costs per flight included the costs of fuel, pilots, attendants, food, etc. used on the flights. They also included shared costs associated with running the hubs at the two airports, such as ticket agents, building charges, baggage handlers, gate charges, etc. Suppose that the revenue collected on the typical United flight from San Francisco to Washington does not cover the costs. Does this fact imply that United should discontinue these flights? What could we learn from this case of study?

PLEASE ANSWER BELOW QUESTIONS...…………………………………. THANKS

Hints: 1) discuss the differences between fixed costs and variable costs and how they could affect our decision-making.

2) How would consumers react if United airlines discontinued the service?

Trade Barriers and Exchange Rates. This question is meant to illustrate how taris and trade costs can inuence exchange rates. Suppose there is a single good that's traded in both the United States and Europe. Let pDt denote the price, in dollars, of the good in the United States; let pFt denote the price, in euros, of the good in Europe. Let Et denote the exchange rate, in euros per dollar. American consumers can purchase goods from either a foreign supplier or a domestic supplier. There are two wrinkles, one related to policy, and one related to technology.

The U.S. government levies a tax on goods imported from Europe. To be precise, if an American brings X units of goods into the country from Europe, then the person needs to pay the U.S. government the market value of τ × X units of goods. American consumers do not have to pay taxes on goods purchased from American suppliers.

We consider the cost of moving goods across borders. Assume that an American importer loses a fraction ι of goods in transit. That is, if you load X units of goods onto your boat in Rotterdam, then i × X units fall on the boat, leaving you with (1 − i) × X units of goods by the time the boat arrives in New York. (That's a stylized story about transit costs, but it's equivalent to assuming that the cost of shipping is proportional to the market value of goods being shipped.) (a) How much does it cost, in euros, for an American to buy one unit of goods from a European supplier? This is the total cost, including taxes and transport costs, so your answer should include τ and i. (b) How much does it cost, in dollars, for an American to acquire the euros necessary to purchase one unit of goods from a European supplier? (c) What does the principle of no arbitrage imply about the relationship between the cost of goods from European suppliers and the cost of goods from American suppliers? Provide a brief (one sentence) answer in words, and provide an equation. (d) Does the dollar appreciate or depreciate if the U.S. government increases the tariff τ? Provide a brief (one or two sentence) explanation. (e) Does the dollar appreciate or depreciate if an improvement in shipping technology causes ι to fall? Provide a brief (one or two sentence) explanation.

Wine Price Study Data

You area an statistician tasked with the challenge of proving that the nation of Remulak is selling its wine in the United States at a price below that which is charged domestically in Remulak. The issue is that the Remulak government is coordinating predatory pricing by subsidizing a lower price charged in the US in order to stimulate export demand for their most prolific product. The data available has been collected from random samples of single bottles of Remulak wine sold in both the United States and in Remulak. Currency exchange experts have adjusted the price charged in Remulak to US Dollars reflecting both the exchange rate differences and differences in real prices between the two nations. You should prepare confidence intervals of the difference of the two pricing levels at both the 95% and 99 % confidence levels. Further, you should conduct an appropriate hypothesis test for a difference in price of $1.70 per bottle lower in the US, which agricultural economists have determined is the minimum difference required to significantly induce increases in US demand for Remulak wine. Please include your math calculations.

1. Suppose X is normal with ?=10 and ?=5. Find x0 such that P(X?x0)=0.0643 10.8 15 10.32 17.6 2.4

2. A survey was conducted to measure the number of hours per week adults in the United States spend on home computers. In the survey, the number of hours was normally distributed, with a mean of 7 hours and a standard deviation of 1 hour. A survey participant is randomly selected. Which of the following statements is true?

5. Weights of newborn babies in a certain state have normal distribution with mean 5.33 lb and standard deviation 0.65 lb. A newborn weighing less than 4.85 lb is considered to be at-risk, that is, has a higher mortality rate.

(a) A baby just born in this state is picked at random. The probability that the baby is at-risk is about                            [ Select ]                       ["0.23", "0.53", "0.43", "0.33", "0.13"]      

(b) The hospital wants to take pictures of the heaviest 10% of the newborn babies. The minimum weight (in lbs) required for a picture to be taken is about                           [ Select ]                       ["6.16", "7.27", "8.12", "5.89", "9.12"]      

Let x represent the average annual salary of college and university professors (in thousands of dollars) in the United States. For all colleges and universities in the United States, the population variance of x is approximately σ² = 47.1. However, a random sample of 14 colleges and universities in Kansas showed that x has a sample variance s² = 82.6. Use a 5% level of significance to test the claim that the variance for colleges and universities in Kansas is greater than 47.1. Find a 95% confidence interval for the population variance.

(a) What is the level of significance?


State the null and alternate hypotheses.

H_o: σ² = 47.1; H₁: σ² > 47.1H_o: σ² < 47.1; H₁: σ² = 47.1    H_o: σ² = 47.1; H₁: σ² < 47.1H_o: σ² = 47.1; H₁: σ² ≠ 47.1

(b) Find the value of the chi-square statistic for the sample. (Round your answer to two decimal places.)


What are the degrees of freedom?


What assumptions are you making about the original distribution?

We assume a binomial population distribution.We assume a exponential population distribution.    We assume a normal population distribution.We assume a uniform population distribution.

(c) Find or estimate the P-value of the sample test statistic.

P-value > 0.1000.050 < P-value < 0.100    0.025 < P-value < 0.0500.010 < P-value < 0.0250.005 < P-value < 0.010P-value < 0.005

(d) Based on your answers in parts (a) to (c), will you reject or fail to reject the null hypothesis?

Since the P-value > α, we fail to reject the null hypothesis.Since the P-value > α, we reject the null hypothesis.    Since the P-value ≤ α, we reject the null hypothesis.Since the P-value ≤ α, we fail to reject the null hypothesis.

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

At the 5% level of significance, there is insufficient evidence to conclude the variance of annual salaries is greater in Kansas.At the 5% level of significance, there is sufficient evidence to conclude the variance of annual salaries is greater in Kansas.    

(f) Find the requested confidence interval for the population variance. (Round your answers to two decimal places.)

Interpret the results in the context of the application.

We are 95% confident that σ² lies above this interval.We are 95% confident that σ² lies within this interval.    We are 95% confident that σ² lies outside this interval.We are 95% confident that σ² lies below this interval.

Paraphrase and write these two paragraphs in your own words.

Progressivism was a movement starting at the end of the nineteenth century (1880) and ended in the second decade of the twentieth century (1920). In this era, tremendous changes at the economic, social, and political level were made. People taking part in the movement had diversified backgrounds, different political views, and varied social interests. It included political leaders from both Democrats and Republicans. The movement was led by people of different groups comprising teachers, political leaders, labor leaders, religious leaders, journalists, from both genders. It included famous people like; Theodore Roosevelt- President of the United States; Woodrow Wilson- President of the United States; Robert M. La Follette, former governor of Wisconsin.

Muckrakers, a group of journalists such as Lincoln Steffens and Ida Tarbell, exposed corruption practices in government and highlighted business scandals. They portrayed the miserable working conditions of poor and exploitations of large industries along with issues of concentration of wealth. Henry Ford introduced a lucrative pay scale for his workers during the Progressive era. Among prominent ladies were Lucy Burns- an advocate of women's rights, and Jane Adams- a social worker and first women winner of the Noble Peace Prize. As regards, goals of Progressivism, one of them was 'social welfare' aiming to provide social justice to everyone irrespective of social class. It strived to eliminate differences in social classes and supported attaining social justice by promoting the idea of charity and welfare by large organizations. For this purpose, a large force comprising social workers was prepared and trained to perform their task effectively. The second goal of Progressivism was 'promotion of moral improvement', for example, women's Suffrage by providing women the right to vote. Certain prohibition laws were introduced, for example, Progressive leaders were of the view that the use of alcohol limited thinking and working of a person. Third goal was to provide 'economic reforms' by regulating especially large corporations to ensure independence and remove restrictions imposed by capitalism. The fourth main goal of Progressivism was 'efficiency'. Among other ideas, it included creating a professional city manager to run affairs at the local, state, and national level more effectively. Moreover, leaders of Progressivism reduced powers given to local wards through effective organization of city governments.

Paraphrase and rewrite these 2 paragraphs in your own words, please.

Let x represent the average annual salary of college and university professors (in thousands of dollars) in the United States. For all colleges and universities in the United States, the population variance of x is approximately σ² = 47.1. However, a random sample of 17 colleges and universities in Kansas showed that x has a sample variance s² = 82.6. Use a 5% level of significance to test the claim that the variance for colleges and universities in Kansas is greater than 47.1. Find a 95% confidence interval for the population variance.

(a) What is the level of significance?


State the null and alternate hypotheses.

H_o: σ² < 47.1; H₁: σ² = 47.1H_o: σ² = 47.1; H₁: σ² < 47.1    H_o: σ² = 47.1; H₁: σ² > 47.1H_o: σ² = 47.1; H₁: σ² ≠ 47.1

(b) Find the value of the chi-square statistic for the sample. (Round your answer to two decimal places.)


What are the degrees of freedom?


What assumptions are you making about the original distribution?

We assume a binomial population distribution.We assume a normal population distribution.    We assume a exponential population distribution.We assume a uniform population distribution.

(c) Find or estimate the P-value of the sample test statistic.

P-value > 0.1000.050 < P-value < 0.100    0.025 < P-value < 0.0500.010 < P-value < 0.0250.005 < P-value < 0.010P-value < 0.005

(d) Based on your answers in parts (a) to (c), will you reject or fail to reject the null hypothesis?

Since the P-value > α, we fail to reject the null hypothesis.Since the P-value > α, we reject the null hypothesis.    Since the P-value ≤ α, we reject the null hypothesis.Since the P-value ≤ α, we fail to reject the null hypothesis.

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

At the 5% level of significance, there is insufficient evidence to conclude the variance of annual salaries is greater in Kansas.At the 5% level of significance, there is sufficient evidence to conclude the variance of annual salaries is greater in Kansas.    

(f) Find the requested confidence interval for the population variance. (Round your answers to two decimal places.)

Interpret the results in the context of the application.

We are 95% confident that σ² lies outside this interval.We are 95% confident that σ² lies within this interval.    We are 95% confident that σ² lies below this interval.We are 95% confident that σ² lies above this interval.

This assignment is designed to illustrate how a spreadsheet program such as Microsoft Excel supplemented by PHStat can enable you to easily accomplish hypothesis tests and confidence intervals that compare two population parameters. All work should be accomplished using PHStat. You should provide all the appropriate printouts of the tests you do and the confidence intervals you create along with explanations of the meaning of your answers and business implications for each problem. The assignment should be submitted to the drop box created for this purpose. Use the information in your text both within the chapter and at the end of the chapter and in the appendices at the end of the book as a guide to completing the assignment of needed.

You have been asked once again to study the mean tuition at private universities throughout the United States. You will also again study the proportions of universities throughout the United States that regularly award more than 50% of their students some form of financial aid. The specific questions you will be asked to answer are stated below. In addition, appropriate sample data for the studies you will be accomplishing is given below. Answer the following questions concerning the situations posed.

You first wish to know whether there is a difference in the mean tuition at private universities that are located east and west of the Mississippi River. The population standard deviation in the tuition of private universities east of the Mississippi is thought to equal $11,000, and the standard deviation in the tuition of private universities west of the Mississippi is thought to equal $10,000. A random sample of 25 private universities located east of the Mississippi River is chosen. The sample mean tuition for these universities is found to equal $19,850. A random sample of 35 universities located west of the Mississippi River is selected. The sample mean tuition for these universities is found to equal $14,765. At each of the 5% and 10% levels of significance, is there a difference in the mean tuition rates for these two groups of private universities? If at either level of significance, you do observe that there is a difference in the mean tuition, is that difference different from $2,000? If the software permits it, construct both 95% and 90% confidence intervals for the difference in the mean tuition for universities located east and west of the Mississippi River. Explain their meanings in the context of the problem. Use these intervals to test whether there is a difference in the mean tuition rates. Use the 95%

confidence interval to perform the test at the 5% level of significance and the 90% confidence interval to perform the test at the 10% level of significance.

You should explain the confidence intervals you create along with explanations of the meaning of your answers and business implications for each problem.

Scenario:

You have been asked once again to study the mean tuition at private universities throughout the United States. You will also again study the proportions of universities throughout the United States that regularly award more than 50% of their students some form of financial aid. The specific questions you will be asked to answer are stated below. In addition, appropriate sample data for the studies you will be accomplishing is given below. Answer the following questions concerning the situations posed.

2.) Once again, as has happened in the past, you are very much in doubt concerning the validity of the known population standard deviations in the tuitions charged by private universities. Therefore, you wish to conduct your study with the knowledge that the population standard deviations are unknown. These unknown population standard deviations will be estimated using sample standard deviations. You collect random samples of the tuitions at private universities east and west of the Mississippi River. The data that has been collected is shown in appendix one. At both the 5% and 10% levels of significance, are there any differences in the mean tuition rates at private universities east and west of the Mississippi River? Based upon the procedure you use to compare the means in this problem, once again, if the software allows for it, find 95% and 90% confidence intervals for the difference in the mean tuition rates for universities both east and west of the Mississippi River. Explain their meanings in the context of the problem. As you did in the previous problem, of the procedure allows for it, use these intervals to confirm the results of the hypothesis tests in the problem. Use the 95% confidence interval to confirm the results at which you arrived at the 5% level of significance and use the 90% confidence interval to confirm the results at which you arrived at the 10% level of significance.

Appendix One (Tuition)

East of the Mississippi River:

$21,165 $20,435 $29,110 $11,890 $19,500 $21,450

$22,250 $18,450 $22,225 $21,550 $19,990 $18,255

$23,350 $24,110 $20,000 $21,340 $22,500 $23,185

$19,080 $24,320 $17,850 $19,990 $16,760 $12,460

$18,150

West of the Mississippi River:

$17,740 $13,000 $19,550 $18,450 $15,050 $18,600

$18,000 $17,500 $16,900 $21,000 $19,990 $14,520

$18,400 $15,000 $19,750 $17,450 $15,575 $13,260

$12,375 $19,750 $15,560 $17,880 $13,450 $16,660

$20,000