Questions
When Jimmy and Evelyn founded a new restaurant, they purchased supplies on company credit cards and...

When Jimmy and Evelyn founded a new restaurant, they purchased supplies on company credit cards and used the points for personal travel. As the chain grew, they brought in a second investor, and the three of them shared the points among themselves, allowing them to purchase several business-class tickets to Europe each year. As the chain continued to grow, two more outside investors were brought in. The new CFO who came with them insisted that the points be used only for company-approved travel. The relationship between the founders and the new shareholders began to sour, and, eventually, the new shareholders forced a buyout of the founders and terminated their employment with the company. Based on the above situation:

Analyze the key economic issues in the case.

Recommend three different business solutions to each case using managerial economic models and methods.

Justify the role of managerial economics by identifying the metrics you would use to assess the success of your decisions.

In: Economics

Project Scenario: You are a journalist for a hometown newspaper. You have received a number of...

Project Scenario:

You are a journalist for a hometown newspaper. You have received a number of phone calls and emails from readers who are concerned about how much they are paying for gasoline. One of the readers wrote the following:

            “I think, on average, that a driver in our town pays more for a gallon of regular

              gasoline than a driver in other towns in our state.”

Your editor asks you to investigate the gasoline prices of four towns (similar in size to your town, town B) and write a short article about your findings. You have gathered some data, shown in Table 1 below. The data represents the price paid for one gallon of regular gasoline from a random sample of gas stations in each of the four towns.

Table 1- The retail price for one gallon of regular gasoline at 10 randomly selected stations in four towns as of September 1, 2017.

Town A

Town B

Town C

Town D

2.73

2.75

2.72

2.79

2.71

2.71

2.71

2.71

2.68

2.72

2.69

2.73

2.68

2.74

2.77

2.72

2.71

2.77

2.71

2.75

2.72

2.78

2.72

2.78

2.71

2.75

2.74

2.71

2.74

2.79

2.76

2.78

2.71

2.80

2.71

2.72

2.69

2.75

2.75

2.74

Questions to Ponder While Constructing Your Article:

  1. What types of graphs would you choose to display the data? Why?
  2. Calculate the statistical measures you have chosen in question #1 and make one graph (using Statdisk or Excel) to appropriately display your data and include it as a visual in your article.
  3. Using what you did in question #2, does it appear that the “average” price for a gallon of gas in your town, Town B, is higher than the other cities?
  4. Calculate the range, variance, and standard deviation for each city.
  5. Use z-scores to determine which of the following gas prices for Town B, if any, is unusual. Round your answer to 3 decimal places.
  6. Determine the 5-number summary for Town B.
  7. What would you tell your readers? Is the “average” price for a gallon of gasoline more in Town B than in other towns? Interpret your statistical results to answer this question.
  8. What reasons might you give your readers as to why the price of gasoline varies from town to town?

Writing the Article:

- Now that you have gathered and analyzed your data, you are ready to write your article for the newspaper. Please be sure to make it a minimum of one full page in length, 12 pt. Times New Roman font, double-spaced, with 1-inch margins all around.

- You are to include at least 1 graph that best represents your data analysis, your original table of data, and reference to at least 3 of the questions noted above. Your article is to be well-written and free from spelling and grammatical mistakes. Appropriate citations should be included if you are referencing researched data or comments made by others in your article. Please try to make your article interesting and creative, complete with an appropriate story headline.

In: Statistics and Probability

My son goes to a really nice school. The counselor and the teacher calls once a...

My son goes to a really nice school. The counselor and the teacher calls once a week. Work is sent home, and work is posted online How do I share with the school where I work of services continuing for students and IEP are being met as the IEP meeting is set for a phone conference iep. How do I share what other schools are doing recommending we stay on top of our new school as our principle is new 1 week on the job?

In: Operations Management

Contrast the economic experience of the HPAE with the experience in Latin America, especially with regard...

Contrast the economic experience of the HPAE with the experience in Latin America, especially with regard to the 1980s and in terms of weathering financial crises.

In: Economics

How did the political and economic relations between the U.S and latin American countries evolved during...

How did the political and economic relations between the U.S and latin American countries evolved during the 19 century?

In: Nursing

what is the origin of shigella and what is the origin of dysenteriae? what do they...

what is the origin of shigella and what is the origin of dysenteriae? what do they translate to? (microbiology)

some translate to Greek or latin.

In: Biology

According to Sebastian Edwards, what policies from the Washington Consensus were more successfullt implemented in Latin...

According to Sebastian Edwards, what policies from the Washington Consensus were more successfullt implemented in Latin America?

In: Economics

Why did so many countries experience a decline in poverty rates in Latin America between 2005-2012?

Why did so many countries experience a decline in poverty rates in Latin America between 2005-2012?

In: Economics

Within the contexts of the United States, how do the intersections between sexuality, gender, and race...

Within the contexts of the United States, how do the intersections between sexuality, gender, and race impact Latin@ lives?

In: Economics

2. How is absolute poverty measured, in comparison to the distribution of national income? List 3...

2. How is absolute poverty measured, in comparison to the distribution of national income? List 3 countries in Latin America with extremely high rates of absolute poverty and 3 countries with very high income inequality. What are 2 factors which may have increased absolute poverty rates throughout the region’s history? Refer to how a household would be above or below an absolute poverty line. Finally, provide 2 factors which have increased income inequality in Latin America throughout its history.

In: Economics