Real estate asset manager performs services for customers and bills the customers. Provide the

journal entry for these transactions?

1. Accounts receivable increase by $5,000; revenues increase by $5,000

Cash increases by $5,000; revenues increase by $5,000.

c. Cash increases by $5,000; accrued liability increase by $5,000.

d. Cash decrease by $5,000; Prepaid Expenses increase by $5,000.

Assignment 2

After several months of planning, Denise Murphy started a property management business for

the for the properties that its owners invest called ABC Property Management (“ABC”). The

following events occurred during its first month:

1. On May 1, Murphy started the firm, investing $3,000 cash and $15,000 of equipment.
2. On May 2, ABC paid $600 cash for furniture for the shop.
3. On May 3, ABC paid $500 cash to rent space in a strip mall for May.
4. On May 4, ABC purchased $1,200 of equipment on credit for the shop (using a long-term note payable).
5. On May 5, ABC opened for business. Cash received from services provided in the first week and a half of business (ended May 15) is $825.
6. On May 15, it provided $100 of property management services on account (invoiced).
7. On May 17, it received a $100 check for services previously rendered on account.
8. On May 17, it paid $125 to an assistant for work during the store opening.
9. Cash received from services provided during the second half of May is $930.
10. On May 31, it paid an $400 installment toward principal on the note payable entered into on May 4.
11. On May 31, it paid $900 cash dividends to Murphy.

1. Prepare journal entries for each of the transactions 1 through 11.

Write your code inside of SecondProgrammingExam.java including all

Part I:

Part II:

Part III:

Please write down your response after reading the paragraph. (At least 5 sentences long. 150-200 words)

First of all, I would say the technology might not make 100% safety. Also, people should not be controlled by technology, and people should control technology because I think that only people, human, think molal. I want to respect moral for life. If I was in this situation weather driverless car kills me or five pedestrians, I would chose to kill myself and save other five people instead of my live. I know it is easy to say like that. Like he said in this video" It's still going to involve trade-offs, and trade-offs often require ethics.", this problem is very complicated and connected with ethics. People can think ethically in usual but in an emergency situation, they stop think ethically and tend to save themselves first, so people say easily "in this situation, should save five people" but they do not want to buy the driverless car to kill themselves. Therefore, I think that people should more consider about the moral and ethics.

Already, in Japan, it starts to test of dreverless bus in public road. However, even if the driverless bus, always one driver is sitting in front of the handle because if when the bus is not working normally, the driver can drive the bus. I think driverlass car is very convenient and develop our society but the driver has responsibility to drive the car. People can act for responsibility but the technology cannot understand responsibility. Therefore, I think that in the future, even if the technology can make 100% safety, people should keep driving by themselves.

QUESTION 14

1. If the price received by a producer is less than average variable cost in the short run, then the firm

   	A.	is earning zero economic profits
   	B.	is earning positive economic profits
   	C.	should continue to produce in the short run
   	D.	should shut down immediately

5 points   

QUESTION 15

1. The short-run price elasticity of demand for gasoline in the US is roughly equal to -0.25, which tells us that

   	A.	the short-run demand for gasoline is elastic
   	B.	gasoline consumers are completely unresponsive to price changes
   	C.	the short-run demand for gasoline is inelastic
   	D.	gasoline is an inferior good in the US

5 points   

QUESTION 16

1. Firms that manufacture graphic chips for televisions and computers have downward sloping average cost curves at all quantity levels.  What does this imply about the scale economies in this industry?

   	A.	Business has neither economies of scale or diseconomies of scale
   	B.	Business has economies of scope but not economies of scale
   	C.	Business has economies of scale
   	D.	Business has diseconomies of scale

5 points   

QUESTION 17

1. Which of the following will decrease the break-even quantity?

   	A.	an increase in the price level
   	B.	a decrease in the price level
   	C.	an increase in fixed costs
   	D.	an increase in marginal costs

5 points   

QUESTION 18

1. Suppose you invest $100 today in bonds that have an annual discount rate equal to -2% per year.  At this time next year, your investment will be worth:

   	A.	$98
   	B.	$100
   	C.	$102
   	D.	$104

5 points   

QUESTION 19

1. Suppose you are enrolled in an MBA program and your parents ask you how much the education will cost. Your reply includes the tuition charges and book expenses, but you do not include the opportunity cost of your time. Have you fallen into a logical trap?

   	A.	No, I always tell my parents the complete truth
   	B.	Yes, you have violated the Law of Demand
   	C.	Yes, the hidden-cost fallacy
   	D.	Yes, the sunk-cost fallacy

5 points   

QUESTION 20

1. Your restaurant sells 300 pizzas in the typical day, and the total costs are $3,000 per day. If your fixed costs are $1,200 per day, what is average variable cost?

   	A.	$6
   	B.	$4
   	C.	$10
   	D.	$8

The mean preparation fee H&R Block charged retail customers last year was $183. Use this price as the population mean and assume the population standard deviation of preparation fees is $50.

Let X be the population random variable. What does X stand for and why is X a random variable?

What probability distribution does the random variable X follow? Suppose  and  are the mean and the standard deviation of the probability distribution of X. What are the values of   and .

Now we randomly select 30 H&R Block retail customers. This process is called random sampling and 30 is the sample size, conventionally denoted by n. Let , known as sample mean, be the average or mean price these 30 retail costumers pay for. Please explain why must also be a random variable.

As a random variable,  must follow some probability distribution.What can we say about this probability distribution? This probability distribution is called the sampling distribution of the sample mean .  Let  be the mean of this sampling distribution and  be the standard deviation of the sampling distribution. , the standard deviation of the sampling distribution of the sample mean, is usually referred to as the standard error for convenience. What can we say about  and ? These results are typically referred to as the Central Limit Theorem.

In this example, the sample size n is 30. If we increase n, what effect does it have on the sampling distribution?

In this example, what are the values of the mean and the standard deviation of the sampling distribution of the sample mean?

What is the probability that the mean price for a sample of 30 H&R Block retail customers is within $8 (this value is generally called margin of error) of population mean? What is the probability that the mean price for a sample of 50 H&R Block retail customers is within $8 of population mean? What is the probability that the mean price for a sample of 100 H&R Block retail customers is within $8 of population mean?

Please copy your R code and the result and paste them here.

What conclusions can we draw from g)?

What sample size would you recommend to have at least a .95 probability that the sample mean is within $8 of population mean?

Please copy your R code and the result and paste them here.

In reality, we rarely know about  and . Therefore, we usually apply the process described above reversely. For instance, we can use the sample mean to infer the population mean. And this process is called statistical inference. Now, let’s assume we don’t know the population mean; but we still know the population standard deviation to be $ (We will handle the situation where  is unknown later). We randomly sampled n H&R Block retail customers and the mean price is . What is the probability that the population mean is within $m (recall that this is the margin of error) of the sample mean? This range of m is called a confidence interval and the resulting probability is called the confidence level. To answer the question above, first understand that the probability we seek after is .  Please prove the following and explain why we want this result:

Furthermore, use pnorm(.) from R as the CDF of a normal distribution. Prove that

      .

Let’s apply the above result. Given that the population standard deviation is $50, we randomly sampled 40 H&R Block retail customers and the mean price is $183. What is the probability that the population mean is within $5 of the sample mean?

Please copy your R code and the result and paste them here.

In practice, we typically have desirable confidence levels, with 90%, 95%, and 99% being the most commonly used ones. We, instead, would like to find the corresponding margin of error and the resulting confidence interval. Once again, let $ be the population standard deviation, which is known. We randomly sampled n H&R Block retail customers and the mean price is . Suppose the confidence level we want is 1-. ( is called significance level, which we will use extensively later on. If the confidence level is, say 90%, then the significance level is 10%, vice versa.) What would be the margin of error that provides the confidence level of 1-? And what would be the confidence interval that provides the confidence level of 1-? To answer these questions, we are essentially looking for the value of m (margin of error) such that

.   

Recall that

      . Let qnorm (.) from R be the inverse norm distribution function. Show that:

. (In many books, , or some similar notations, usually called the critical z score, have been used to denote the z score that corresponds to the confidence level of 1-; i.e., .)

Let’s apply the results above. We randomly sampled 100 H&R Block retail customers and the mean price is $183, assuming the population standard deviation is still $50. Construct a 90%, 95%, and 99% confidence interval of the population mean, respectively.

Please copy your R code and the result and paste them here.

Provide a practical interpretation of the above 90% confidence interval. What conclusions can you draw based on the 90%, 95%, and 99% confidence intervals you constructed above?

Now, assume the sample mean is still $183 and the population standard deviation is $50. Construct a 92% confidence interval for the sample sizes 36, 64, and 100, respectively. What conclusions can you draw based on the 92% confidence intervals you constructed for different sample sizes 36, 64, and 100?

Please copy your R code and the result and paste them here.

So far, we have assumed that the population standard deviation is known. In practice, it usually isn’t the case. When the population standard deviation is unknown, the best we can do is to replace it with the sample standard deviation, s. Just like the sample mean is a random variable, so is the sample standard deviation s. The replacement of  with s adds more variability. Some adjustment to the Central Limit Theorem is thus necessary. It turns out that when the population standard deviation is unknown and the sample size n is sufficiently large,  approximately follows a t distribution with a degree of freedom n-1. As a result, when we look for a confidence interval with unknown, we will replace the normal distributes with the t distribution. Let t.inv be the inverse t distribution function. More specifically, the margin of error m, can be given as . Use this result to find a 92% confidence interval for the population mean price that the retail customers pay for, given the sample mean is $183, the sample standard deviation is $50, and the sample size is 36. Comparing this result to that in question (o), you should notice that the margin of error is slightly larger when the population standard deviation is unknown.   

Please copy your R code and the result and paste them here.

SUBJECT: GAME THEORY
QUESTION: Price discrimination is designed to;

A) Extract surplus from consumers who are most willing to pay for the good

B) Raise profits by charging all consumers more than they would without price discrimination.

C) Raise profits by allowing some consumer to pay less and therefore become more loyal.

D) None of the above.

The nation of Ectenia has 20 competitive apple orchards, all of which sell apples at the world price of $2 per apple. The following equations describe the production function and the marginal product of labor in each orchard:

Q = 100L − L^2

MP L = 100 − 2L,

where Q is the number of apples produced in a day, L is the number of workers, and MP L is the marginal product of labor.

(a) What is each orchard's labor demand as a function of the daily wage W? What is the market's labor demand?

(b) Ectenia has 200 workers who supply their labor inelastically. Solve for the wage W. How many workers does each orchard hire? How much profit does each orchard owner make?

(c) Calculate what happens to the income of workers and orchard owners if the world price doubles to $4 per apple.

(d) Now suppose that the price is back at $2 per apple but a hurricane destroys half of the orchards. Calculate how the hurricane affects the income of each worker and of each remaining orchard owner. What happens to the income of Ectenia as a whole?

4. Fuel is sold through local fuel stations under perfectly competitive conditions. All fuel stations owners face the same long – run average cost curve by AC = 0.01q – 1 +100/q and the same long – run marginal cost curve given by MC = 0.02q – 1 where q is the number of gallons sold per day.

1. i) Assume the market is in the long – run equilibrium, how much fuel will each individual owner sell per day?                                                                                         

ii) What are the long – run average cost and marginal cost at this output level?

2. The market demand for fuel is given by QD – 2,500,000 - 500,000P where QD is the number of gallons demanded per day and P is the price per gallon.
   1. Given your answer in part a, what will be the price of fuel in long – run equilibrium? How much fuel will be demanded?                                                     
   2. How many gas stations will there be?                                                

3. Suppose that because of the development of solar – powered cars, the market demand for fuel shifts inward to QD = 2,000,000 – 1,000,000P. In the long – run equilibrium, what will be the price of fuel? How much total Fuel will be demanded, and how many fuel stations will there be?