Using Porter’s Five Forces Framework, highlight the factors that would reduce sustainable industry profits (to near zero economic profit). These factors apply to any industry, but you may find it helpful to think of the airline industry in making your selections.
|
Firms seeking to enter the industry faces high entry costs |
Customers view the industry products as commodities |
|
Firms must meet stringent government requirements |
Industry is highly concentrated with a few firms controlling much of the market |
|
The industry does not benefit from economies of scale |
Customers can easily compare the product and prices of all firms |
|
There are hundreds of thousands of customers who have little power as buyers |
Customers can easily switch purchases among firms |
|
Customers have little brand loyalty and low switching costs |
Employees are highly unionized |
|
Incumbent firms enjoy a good reputation for value and service |
Only a few firms are suppliers of the largest factors of production |
|
Customer loyalty programs tie customers to incumbent firms |
Substitutes for the firms’ product(s) are widely available and inexpensive |
|
Large incumbent firms benefit from positive network effects |
Many industry costs are “sunk” |
In: Economics
Thirty-three small communities in Connecticut (population near 10,000 each) gave an average of x = 138.5 reported cases of larceny per year. Assume that σ is known to be 43.1 cases per year.
(a) Find a 90% confidence interval for the population mean annual number of reported larceny cases in such communities. What is the margin of error? (Round your answers to one decimal place.)
| lower limit | |
| upper limit | |
|
margin of error |
(b) Find a 95% confidence interval for the population mean annual number of reported larceny cases in such communities. What is the margin of error? (Round your answers to one decimal place.)
| lower limit | |
| upper limit | |
| margin of error |
(c) Find a 99% confidence interval for the population mean annual number of reported larceny cases in such communities. What is the margin of error? (Round your answers to one decimal place.)
| lower limit | |
| upper limit | |
| margin of error |
(d) Compare the margins of error for parts (a) through (c). As the confidence levels increase, do the margins of error increase?
As the confidence level increases, the margin of error remains the same.
As the confidence level increases, the margin of error decreases.
As the confidence level increases, the margin of error increases.
(e) Compare the lengths of the confidence intervals for parts (a) through (c). As the confidence levels increase, do the confidence intervals increase in length?
As the confidence level increases, the confidence interval increases in length.
As the confidence level increases, the confidence interval remains the same length.
As the confidence level increases, the confidence interval decreases in length.
In: Statistics and Probability
a. Use an equation editor to formulate the null and alternative hypothesis to test the following claim:
“The average life expectancy for all countries is not 68.9 years.”
b. From the AllCountries data, do your best to randomly select 10 of the 213 life expectancies listed. List the 10 values you selected below. (You can use the 10 values from Graded Problem Set 3 if you’d like.)
Bermuda:80.6
Bulgaria: 74.5
Egypt, Arab Rep.: 71.1
Kora Rep: 81.5
Argentina: 76.2
Panama: 77.6
Canada: 81.4
Korea, Dem. Rep.:69.8
Belarus: 72.5
Belize: 73.9
c. Construct a randomization distribution in StatKey to test the above hypothesis. Take at least 1000 samples. Take a screenshot of your StatKey page, and paste it below. (Your graph will differ from other students.)
d. Find and interpret the p-value in regards to the hypothesis and claim.
I have randomly selected the 10 life expectancies from the data set and hopefully, you don't need anything else from the dataset
In: Statistics and Probability
Thirty-three small communities in Connecticut (population near 10,000 each) gave an average of x = 138.5 reported cases of larceny per year. Assume that σ is known to be 43.9 cases per year.
(a) Find a 90% confidence interval for the population mean annual number of reported larceny cases in such communities. What is the margin of error? (Round your answers to one decimal place.)
| lower limit | |
| upper limit | |
| margin of error |
(b) Find a 95% confidence interval for the population mean annual
number of reported larceny cases in such communities. What is the
margin of error? (Round your answers to one decimal place.)
| lower limit | |
| upper limit | |
| margin of error |
(c) Find a 99% confidence interval for the population mean annual
number of reported larceny cases in such communities. What is the
margin of error? (Round your answers to one decimal place.)
| lower limit | |
| upper limit | |
| margin of error |
(d) Compare the margins of error for parts (a) through (c). As the
confidence levels increase, do the margins of error increase?
As the confidence level increases, the margin of error decreases.As the confidence level increases, the margin of error remains the same. As the confidence level increases, the margin of error increases.
(e) Compare the lengths of the confidence intervals for parts (a)
through (c). As the confidence levels increase, do the confidence
intervals increase in length?
As the confidence level increases, the confidence interval decreases in length.As the confidence level increases, the confidence interval increases in length. As the confidence level increases, the confidence interval remains the same length.
How much does a sleeping bag cost? Let's say you want a sleeping bag that should keep you warm in temperatures from 20°F to 45°F. A random sample of prices ($) for sleeping bags in this temperature range is given below. Assume that the population of x values has an approximately normal distribution.
| 70 | 55 | 105 | 105 | 100 | 90 | 30 | 23 | 100 | 110 |
| 105 | 95 | 105 | 60 | 110 | 120 | 95 | 90 | 60 | 70 |
(a) Use a calculator with mean and sample standard deviation keys to find the sample mean price x and sample standard deviation s. (Round your answers to two decimal places.)
| x = | $ |
| s = | $ |
(b) Using the given data as representative of the population of
prices of all summer sleeping bags, find a 90% confidence interval
for the mean price μ of all summer sleeping bags. (Round
your answers to two decimal places.)
| lower limit | $ |
| upper limit | $ |
Do you want to own your own candy store? Wow! With some interest in running your own business and a decent credit rating, you can probably get a bank loan on startup costs for franchises such as Candy Express, The Fudge Company, Karmel Corn, and Rocky Mountain Chocolate Factory. Startup costs (in thousands of dollars) for a random sample of candy stores are given below. Assume that the population of x values has an approximately normal distribution.
| 98 | 170 | 128 | 97 | 75 | 94 | 116 | 100 | 85 |
(a) Use a calculator with mean and sample standard deviation keys to find the sample mean startup cost x and sample standard deviation s. (Round your answers to one decimal place.)
| x = | thousand dollars |
| s = | thousand dollars |
(b) Find a 90% confidence interval for the population average
startup costs μ for candy store franchises. (Round your
answers to one decimal place.)
| lower limit | thousand dollars |
| upper limit | thousand dollars |
In: Statistics and Probability
ABC Apartments is a 300-unit complex near Fairway University that attracts mostly university students. The manager has collected the following data and wants to project the number of units leased in Semester 9 using simple linear regression. Here is the information that has been collected:
|
Semester |
University Enrollment (in thousands) |
Average Lease Price ($) |
Number of Units Leased |
|
1 |
7.2 |
450 |
291 |
|
2 |
6.3 |
460 |
228 |
|
3 |
6.7 |
450 |
252 |
|
4 |
7.0 |
470 |
265 |
|
5 |
6.9 |
440 |
270 |
|
6 |
6.4 |
430 |
240 |
|
7 |
7.1 |
460 |
288 |
|
8 |
6.7 |
440 |
246 |
In answering these questions, you must identify and use the correct independent and dependent variables.
a) The apartment manager wants to forecast the Number of Units Leased as a function of time. What is the linear regression relationship the manager should use and what is the forecast for the Number of Units Leased for Semester 9?
b) Suppose the manager believes that the Number of Units Leased is a function only of University Enrollment. It is believed that there will be a one semester lag between the enrollment and the units leased. In other words, the number of units leased in a semester is a function of the university enrollment in the prior semester. What is the linear regression relationship the manager should use and what is the forecast for the Number of Units Leased for Semester 9?
c) Suppose the manager believes that the Number of Units Leased is a function only of the Average Lease Price for that semester. What is the linear regression relationship the manager should use and what is the forecast for the Number of Units Leased for Semester 9 if the average lease price for that semester is $450?
d) Considering the strength of each of the relationships that you found in parts a) through c), would you use any of these to forecast the Number of Units Leased for Semester 9? Explain your answer.
In: Statistics and Probability
Thirty-three small communities in Connecticut (population near 10,000 each) gave an average of x = 138.5 reported cases of larceny per year. Assume that σ is known to be 43.7 cases per year.
(a) Find a 90% confidence interval for the population mean annual number of reported larceny cases in such communities. What is the margin of error? (Round your answers to one decimal place.)
| lower limit | |
| upper limit | |
| margin of error |
(b) Find a 95% confidence interval for the population mean annual
number of reported larceny cases in such communities. What is the
margin of error? (Round your answers to one decimal place.)
| lower limit | |
| upper limit | |
| margin of error |
(c) Find a 99% confidence interval for the population mean annual
number of reported larceny cases in such communities. What is the
margin of error? (Round your answers to one decimal place.)
| lower limit | |
| upper limit | |
| margin of error |
In: Statistics and Probability
Thirty-one small communities in Connecticut (population near 10,000 each) gave an average of x = 138.5 reported cases of larceny per year. Assume that σ is known to be 43.7 cases per year.
(a) Find a 90% confidence interval for the population mean annual number of reported larceny cases in such communities. What is the margin of error? (Round your answers to one decimal place.)
| lower limit | |
| upper limit | |
| margin of error |
(b) Find a 95% confidence interval for the population mean annual
number of reported larceny cases in such communities. What is the
margin of error? (Round your answers to one decimal place.)
| lower limit | |
| upper limit | |
| margin of error |
(c) Find a 99% confidence interval for the population mean annual
number of reported larceny cases in such communities. What is the
margin of error? (Round your answers to one decimal place.)
| lower limit | |
| upper limit | |
| margin of error |
In: Statistics and Probability
Austin Peay State, a university near Nashville, Tennessee, is applying a data-mining approach to higher education. Before students register for classes, a robot looks at their profiles and transcripts and recommends courses in which they are likely to be successful or have higher chances of success. The software takes an approach similar to the ones Netflix, eHarmony, and Amazon use to make their recommendations. It compares a student’s transcripts with those of past students who had similar grades and SAT scores. When a student logs in, the program offers 10 “Course Suggestions for You.” This recommendation is based on the student’s major and other information related to that student. The goal is to steer students toward courses in which they will make better grades. According to Tristan Denley, a former programmer turned math professor turned provost, students who follow the recommendations do substantially better. In the fall of 2011, 45 percent of the classes that students were taking had been on their top 10 recommendations list. This data-mining concept is catching on. Three other Tennessee colleges now use Denley’s software. Institutions outside the state are developing their own versions of the idea.
In: Computer Science
|
Wally?s Widget Company (WWC) incorporated near the end of 2011. Operations began in January of 2012. WWC prepares adjusting entries and financial statements at the end of each month. Balances in the accounts at the end of January are as follows: |
| Cash | $ | 18,920 | Unearned Revenue (30 units) | $ | 4,450 | ||
| Accounts Receivable | $ | 9,950 | Accounts Payable (Jan Rent) | $ | 1,500 | ||
| Allowance for Doubtful Accounts | $ | (1,000) | Notes Payable | $ | 14,500 | ||
| Inventory (35 units) | $ | 2,800 | Contributed Capital | $ | 5,200 | ||
| Retained Earnings ? Feb 1, 2012 | $ | 5,020 | |||||
| ? | WWC establishes a policy that it will sell inventory at $165 per unit. |
| ? | In January, WWC received a $4,450 advance for 30 units, as reflected in Unearned Revenue. |
| ? | WWC?s February 1 inventory balance consisted of 35 units at a total cost of $2,800. |
| ? | WWC?s note payable accrues interest at a 12% annual rate. |
| ? | WWC will use the FIFO inventory method and record COGS on a perpetual basis. |
| February Transactions | |
| 02/01 |
Included in WWC?s February 1 Accounts Receivable balance is a $1,700 account due from Kit Kat, a WWC customer. Kit Kat is having cash flow problems and cannot pay its balance at this time. WWC arranges with Kit Kat to convert the $1,700 balance to a note, and Kit Kat signs a 6-month note, at 12% annual interest. The principal and all interest will be due and payable to WWC on August 1, 2012. |
| 02/02 |
WWC paid a $600 insurance premium covering the month of February. The amount paid is recorded directly as an expense. |
| 02/05 |
An additional 130 units of inventory are purchased on account by WWC for $9,750 ? terms 2/15, n30. |
| 02/05 |
WWC paid Federal Express $260 to have the 130 units of inventory delivered overnight. Delivery occurred on 02/06. |
| 02/10 |
Sales of 100 units of inventory occurred during the period of 02/07 ? 02/10. The sales terms are 2/10, net 30. |
| 02/15 |
The 30 units that were paid for in advance and recorded in January are delivered to the customer. |
| 02/15 |
15 units of the inventory that had been sold on 2/10 are returned to WWC. The units are not damaged and can be resold. Therefore, they are returned to inventory. Assume the units returned are from the 2/05 purchase. |
| 02/16 | WWC pays the first 2 weeks wages to the employees. The total paid is $2,400. |
| 02/17 |
Paid in full the amount owed for the 2/05 purchase of inventory. WWC records purchase discounts in the current period rather than as a reduction of inventory costs. |
| 02/18 | Wrote off a customer?s account in the amount of $1,100. |
| 02/19 |
$3,000 of rent for January and February was paid. Because all of the rent will soon expire, the February portion of the payment is charged directly to expense. |
| 02/19 |
Collected $8,200 of customers? Accounts Receivable. Of the $8,200, the discount was taken by customers on $4,500 of account balances; therefore WWC received less than $8,200. |
| 02/26 |
WWC recovered $420 cash from the customer whose account had previously been written off (see 02/18). |
| 02/27 |
A $600 utility bill for February arrived. It is due on March 15 and will be paid then. |
| 02/28 | WWC declared and paid a $800 cash dividend. |
| Adjusting Entries: |
| 02/29 |
Record the $2,400 employee salary that is owed but will be paid March 1. |
||
| 02/29 |
WWC decides to use the aging method to estimate uncollectible accounts. WWC determines 8% of the ending balance is the appropriate end of February estimate of uncollectible accounts. |
||
| 02/29 | Record February interest expense accrued on the note payable. | ||
| 02/29 |
Record one month?s interest earned Kit Kat?s note (see 02/01).
|
In: Accounting
Thirty-two small communities in Connecticut (population near 10,000 each) gave an average of x = 138.5 reported cases of larceny per year. Assume that σ is known to be 44.9 cases per year.
(a) Find a 90% confidence interval for the population mean annual number of reported larceny cases in such communities. What is the margin of error? (Round your answers to one decimal place.)
| lower limit | |
| upper limit | |
| margin of error |
(b) Find a 95% confidence interval for the population mean annual
number of reported larceny cases in such communities. What is the
margin of error? (Round your answers to one decimal place.)
| lower limit | |
| upper limit | |
| margin of error |
(c) Find a 99% confidence interval for the population mean annual
number of reported larceny cases in such communities. What is the
margin of error? (Round your answers to one decimal place.)
| lower limit | |
| upper limit | |
| margin of error |
(d) Compare the margins of error for parts (a) through (c). As the
confidence levels increase, do the margins of error increase?
As the confidence level increases, the margin of error remains the same.As the confidence level increases, the margin of error decreases. As the confidence level increases, the margin of error increases.
(e) Compare the lengths of the confidence intervals for parts (a)
through (c). As the confidence levels increase, do the confidence
intervals increase in length?
As the confidence level increases, the confidence interval increases in length.As the confidence level increases, the confidence interval remains the same length. As the confidence level increases, the confidence interval decreases in length.
Allen's hummingbird (Selasphorus sasin) has been studied by zoologist Bill Alther.† Suppose a small group of 15 Allen's hummingbirds has been under study in Arizona. The average weight for these birds is x = 3.15 grams. Based on previous studies, we can assume that the weights of Allen's hummingbirds have a normal distribution, with σ = 0.22 gram.
When finding an 80% confidence interval, what is the critical value for confidence level? (Give your answer to two decimal places.)
zc =
(a)
Find an 80% confidence interval for the average weights of Allen's hummingbirds in the study region. What is the margin of error? (Round your answers to two decimal places.)
lower limitupper limitmargin of error
(b)
What conditions are necessary for your calculations? (Select all that apply.)
normal distribution of weightsuniform distribution of weightsσ is knownσ is unknownn is large
(c)
Interpret your results in the context of this problem.
The probability that this interval contains the true average weight of Allen's hummingbirds is 0.80.There is a 20% chance that the interval is one of the intervals containing the true average weight of Allen's hummingbirds in this region. There is an 80% chance that the interval is one of the intervals containing the true average weight of Allen's hummingbirds in this region.The probability that this interval contains the true average weight of Allen's hummingbirds is 0.20.The probability to the true average weight of Allen's hummingbirds is equal to the sample mean.
(d)
Which equation is used to find the sample size n for estimating μ when σ is known?
n =
| zσ σ |
| E |
| 2 | |
n =
| zσ E |
| σ |
| 2 | |
n =
|
n =
|
Find the sample size necessary for an 80% confidence level with a maximal margin of error E = 0.08 for the mean weights of the hummingbirds. (Round up to the nearest whole number.)
hummingbirds
In: Statistics and Probability