Market equilibrium ( Assessment task )

Instructions

In this activity you must apply the market equilibrium behavior, social surplus and consumer and producer surpluses.

INSTRUCTIONS:

Please answer the questions below, you should review the rubric that appears at the bottom of the exercises. Please review the module material for more information that you can search in the virtual library. Remember you can search your database, please nothing other than reliable sources of information.

1. What is consumer surplus? Using real data, what information would you need to measure consumer surplus in a particular product?
2. What is producer surplus? Using real data What information would you need to measure producer surplus in a conceto product?
3. What country wins with trade?
4. How does trade influence the production and consumption of each country?

For this assignment, describe the legal issue(s), discuss the applicable rules of law, explain how to minimize any legal risks, list any additional facts that would help in making the decision, and resolve the dispute (who wins and why).

The Case

April 28, 2017: Northeast Financing Company sent a commitment letter to Cloister Dairy offering to loan Cloister $900,000 at 10.25 percent interest; the letter provided that acceptance must be in writing within seven days and must be accompanied by a $20,000 letter of credit or cashier’s check.

            May 15, 2017: The president of Cloister Dairy sent a letter of acceptance to Northeast along with a check.

            May 21. 2017: Northeast cashed the check, which went through standard company processing.

            Northeast claims there is no contract. Is there a contract? What rules of law apply?

Is this contract required to be written to be enforceable? Explain.

USING PYTHON PROGRAM

Part 4b: Addition Table

Next, add in a feature that asks the user if they want to identify 'Prime' numbers in their table. If the user elects to show prime numbers you can print a lowercase 'p' character after each prime number. Ensure that your table displays correctly, as described above.

Lowest number: 0
Highest number: 10
Would you like to identify Prime numbers in your table? (y/n): pikachu
Invalid command, try again
Would you like to identify Prime numbers in your table? (y/n): y
 +     0   1   2   3   4   5   6   7   8   9  10
------------------------------------------------
0  |   0   1  2p  3p   4  5p   6  7p   8   9  10
1  |   1  2p  3p   4  5p   6  7p   8   9  10 11p
2  |  2p  3p   4  5p   6  7p   8   9  10 11p  12
3  |  3p   4  5p   6  7p   8   9  10 11p  12 13p
4  |   4  5p   6  7p   8   9  10 11p  12 13p  14
5  |  5p   6  7p   8   9  10 11p  12 13p  14  15
6  |   6  7p   8   9  10 11p  12 13p  14  15  16
7  |  7p   8   9  10 11p  12 13p  14  15  16 17p
8  |   8   9  10 11p  12 13p  14  15  16 17p  18
9  |   9  10 11p  12 13p  14  15  16 17p  18 19p
10 |  10 11p  12 13p  14  15  16 17p  18 19p  20

A student guesses blindly on a 20 question true/false test.    

a) Using the binomial probability formula, find probability the student gets exactly 3 out 20 correct.    

b) Using the binomial probability formula, find probability the student gets 3 or less questions correct.    

c) Using a calculator or table of values, find probability the student gets at least a 60% score on the test.

A smoke – detector system uses two devices, A and B, which operate independently. When the smoke is present, the probability that it will be detected by device A is 0.96, the probability that it will be detected by device B is 0.92. a. When the smoke is present, probability that it will be detected by both devices is ________ b. When the smoke is present, probability that it will be detected by at least one device is ________ c. When the smoke is present, probability that it will not be detected by either device is________

Students took a math placement test and were placed in one of three levels of a math course: A, B, or C. The probability of placements are illustrated in the table below.

1. Verify the 2 requirements for a probability distribution are met.

2. What is the probability a student is not placed into course B?

3. What is the probability a student is placed into course C or B?

1. What price do farmers get for their watermelon crops? In the third week of July, a random sample of 41 farming regions gave a sample mean of  = $6.88per 100 pounds of watermelon. Assume that σ is known to be $1.98 per 100 pounds.

1(a) Find a 90% confidence interval for the population mean price (per 100 pounds) that farmers in this region get for their watermelon crop (in dollars). What is the margin of error (in dollars)? (For each answer, enter a number. Round your answers to two decimal places.)
lower limit     $______
upper limit     $ ______
margin of error     $ ______

1(b) Find the sample size necessary for a 90% confidence level with maximal error of estimate E = 0.45 for the mean price per 100 pounds of watermelon. (Enter a number. Round up to the nearest whole number.)
________ farming regions

1(c) A farm brings 15 tons of watermelon to market. Find a 90% confidence interval for the population mean cash value of this crop (in dollars). What is the margin of error (in dollars)? Hint: 1 ton is 2000 pounds. (For each answer, enter a number. Round your answers to two decimal places.)
lower limit     $ ________
upper limit     $_______
margin of error $______

2. Find the mean, median, and mode of the data set.

• 9   2   8   2   7

mean____ (Enter a number.)  
median _____(Enter an exact number.)  
mode ____(Enter an exact number.)  

3. Assume that x has a normal distribution with the specified mean and standard deviation. Find the indicated probability. (Enter a number. Round your answer to four decimal places.)

μ = 4; σ = 2

P(3 ≤ x ≤ 7) =_______

4. Sketch the area under the standard normal curve over the indicated interval and find the specified area. (Enter a number. Round your answer to four decimal places.)

The area to the left of z = 0.53 is ______

Part 1

Recall from Chapter 1 that computer memory is comprised of individual bits of data. A bit (short for binary digit) can store one of only two values, commonly referred to as 0 and 1. However, using two bits, you can represent four different values through the bit patterns 00, 01, 10, and 11. With three bits, you can represent eight different values—via 000, 001, 010, 011, 100, 101, 110, and 111. In general, N bits of memory enable you to represent 2N different values.

Create a Web page named bits.html that contains a text box where the user can enter a number, call it N. At the click of a button, your page should compute and display 2N, the number of values that can be represented using the specified quantity of bits. For example, if the user entered 10 in the text box, the page would display the message:

With 10 bits, you can represent 1024 different values.

Once you have created your page, use it to determine the number of values that each of the following can represent (Test the following numbers to see if they give the correct results)

     8 bits (1 byte)

    16 bits (2 byte)

    32 bits (4 bytes)

    64 bits (8 bytes)

Part 2

Most lotteries select winning numbers by drawing numbered balls out of bins. For example, a typical Pick-4 lottery will utilize four bins, each containing balls with numbers starting at 0. If there are 10 balls to choose from in each of four bins, labeled 0 to 9, then 104 = 10,000 different number sequences can potentially be picked. Increasing the number of balls significantly increases the number of possible sequences, which significantly decreases a person’s odds of winning. For example, if there are 20 balls to choose from in each bin, labeled from 0 to 19, then 204 = 160,000 different number sequences could be selected.

Make a copy of the lucky1.html page from Figure 7.4 in your text and name it pick4.html. Then modify this new page so that it simulates a Pick-4 lottery. Your page should have one text box, where the user can enter the highest ball number (it is assumed that the lowest ball number is always 0). When a button is clicked, four random ball numbers should be selected and displayed in a message such as the following:

  The Pick-4 winners are: 5-0-8-2

Part 3

Modify your pick4.html page from above so that it makes use of a function in the HEAD. Your function should contain the code previously assigned to the button, and have a name descriptive of the task it performs, such as GeneratePicks or PickNumbers. You should then modify the button’s ONCLICK attribute to call that function.