Ocean Park and Disneyland are the two theme parks in Hong Kong. They deemed to be so different in their theme and attractions that they are not substitutes to one another.

The two theme parks have their 1-day ticket prices revised upward in 2019 as in the following:

(6) From the ticket prices now available (see above table) at Ocean Park, it seems that uniform pricing, i.e. charging a single price to all is not ideal. Basing on the economic concepts/theories that you have learnt in the course (only highschool econ) , what do you think the rationale behind,

1. From the standpoint of Ocean Park
2. In the aspect of economic efficiency (use a diagram to show the point)                                                                             (8%)

Rewrite the following text using the correct tone and style to create goodwill.

I am writing to you because I want to complain about the horrible service that I endured during my stay at your hotel last weekend.

The porter took such a long time to send my luggage up to my room and he even dared to ask me for a tip. The air-conditioner was also very noisy, and I could not have my beauty sleep which is very important to me. When I called to complain, I was told that it could not be fixed as all maintenance staff was on leave. The service at the restaurants was also so slow and the food was also cold and tasteless. What kind of hotel is this calling yourself as a famous world known 5-star hotel?

I want you to give me a refund of RM 8,888 for the amount that I paid for the room for two nights inclusive of personal damages. I will never stay at your hotel ever again. I am social influencer and if you don't give me a refund, I will post on my social media accounts to boycott your hotel!

1.) Vehicles arrive at an entrance to a recreational park. There is a single gate (at which
all vehicles must stop), where a park attendant distributes a free brochure. The park
opens at 08:00 am, at which time vehicles begin to arrive at a rate of 480 veh/hr. after
20 minutes the arrival flow rate declines at 120 veh/hr, and it continues at that level
for the remainder of the day. If the time required to distribute the brochure is 15
seconds and assuming D/D/1 queue,
a. Determine the maximum length of queue that occurred.
b. How long did it take to dissipate the queue?
c. What is the average delay per vehicle?
Show all necessary solutions and diagram

2.) Consider the entrance to the recreational park described in the previous question.
However, assuming that the average arrival rate is 180 veh/hr and Poisson-distributed
(negative exponential times between arrivals) over the entire period from park opening
time, 08:00 am until closing at dusk. Compute
a. The average length of queue
b. Average waiting time in the queue
c. Average time spent in the system

PLEASE ANSWER ALL QUESTION

1. Benefit-cost Analysis

Park Crest Hospital is looking into the possibility of upgrading its patient tracking information system. The current system is a management information system (MIS) that maintains records on the active status of patients residing in the hospital at a given moment. It ties into patient medical treatment files and financial history files. Thus it is possible to determine the current disposition of patients residing in the hospital (e.g., room number, telephone number, attending physicians, attending nurses, etc.); to access facts about the patient’s prior medical history; and to access financial data on current and past charges made to the patient.

The current MIS is more than seven years old. In view of changes in information storage and retrieval technology that have recently occurred, as well as the current system’s inability to deal with changes that have been made to handle the patient medical treatment files, Park Crest management has decided to upgrade its patient tracking information system. Dr. Ralph Kopecky is made head of a task force to identify possible systems that can replace the existing one.

A one-month search unearths two products that are good candidates. Each is an off-the-shelf product that will be modified by the vendor to fit into a client’s existing environment. After lengthy discussions with the vendors, Dr. Kopecky developed the cost and benefit data that appear in the accompanying exhibit. He will employ these data to educate members of the Executive Management Committee about costs and benefits associated with the alternative solutions.

Questions:

1. Using the data contained in the exhibit, compute the benefit-cost ratios associated with adopting System A and System B.

2. Given the data contained in the exhibit, does it make sense from a financial perspective to abandon the current MIS and to adopt a new one? Explain your reasoning.
3. Using the data contained in the exhibit, which solution – System A or System B – is more attractive from a purely financial point of view? Write up your views in a one-page, single-spaced report that will be submitted to the Executive Management Committee.
4. What are the limitations of taking a purely financial approach to selecting a product that will enable Park Crest Hospital to meet its business needs? What other factors should be taken into account?

1. Describetherelationshipbetweentwovariableswhenthe correlation coefficient r is a) near –1 b) near 0 c) near +1

2. What is the meaning of the “least-squares” criterion?

3. “Correlation does not imply causation.” Explain.

1. 1b. At a price of $14, what is the profit-maximizing number the firm should produce each day? (note: Do not necessarily just look at economic profit. Look at marginal revenue and marginal cost. Pick the one where MR=MC).

2. 1f. What is the ATC associated with the profit-maximizing number you chose in 1b (and 1d)? (round to the nearest penny)

3. 2b. At a price of $10, What is the profit-maximizing number the firm should produce each day? (Again, do not necessarily just look at economic profit. Look at marginal revenue and marginal cost.)

4. 2c. What is the ATC associated with the profit-maximizing number you chose in 2b? (round to the nearest penny)

5. 2f. What are the total variable costs associated with the profit-maximizing number you chose in 2b? (round to the nearest penny)

​Sam's Cat Hotel operates 52 weeks per​ year, 6 days per​ week, and uses a continuous review inventory system. It purchases kitty litter for ​$11.00 per bag. The following information is available about these​ bags:

Demand=80 ​bags/week

Order cost=$55.00​/order

Annual holding cost=40 percent of cost

Desired ​cycle-service level=80 percent

Lead time=5 weeks ​(30 working​ days)

Standard deviation of weekly demand=15 bags

Current ​on-hand inventory is 320 ​bags, with no open orders or backorders.

a. Suppose that the weekly demand forecast of 80 bags is incorrect and actual demand averages only 55 bags per week. How much higher will total costs​ be, owing to the distorted EOQ caused by this forecast​ error?

The costs will be ​$___ higher owing to the error in EOQ. ​(Enter your response rounded to two decimal​ places.)

b. Suppose that actual demand is 50 bags but that ordering costs are cut to only $13.00 by using the internet to automate order placing. However, the buyer does not tell anyone, and the EOQ is not adjusted to reflect this reduction in S. How much higher will total costs be, compared to what they could if the EOQ were adjusted?

The costs will be $____ higher owing to the error EOQ.

Sam's Cat Hotel operates 52 weeks per​ year, 6 days per​ week, and uses a continuous review inventory system. It purchases kitty litter for ​$11.00 per bag. The following information is available about these​ bags:

Demand=80 ​bags/week

Order cost=$55.00​/order

Annual holding cost=40 percent of cost

Desired ​cycle-service level=80 percent

Lead time=5 weeks ​(30 working​ days)

Standard deviation of weekly demand=15 bags

Current ​on-hand inventory is 320 ​bags, with no open orders or backorders.

a. Suppose that the weekly demand forecast of 80 bags is incorrect and actual demand averages only 55 bags per week. How much higher will total costs​ be, owing to the distorted EOQ caused by this forecast​ error?

The costs will be ​$___ higher owing to the error in EOQ. ​(Enter your response rounded to two decimal​ places.)

b. Suppose that actual demand is 50 bags but that ordering costs are cut to only $13.00 by using the internet to automate order placing. However, the buyer does not tell anyone, and the EOQ is not adjusted to reflect this reduction in S. How much higher will total costs be, compared to what they could if the EOQ were adjusted?

The costs will be $____ higher owing to the error EOQ.

1. A statistician is interested in the gross earnings of several of her favorite bands. She took a random sample of 30 of the Rolling Stones’ North American concerts, and found that the gross earnings averaged $2.27 million with a standard deviation of $0.5 million. One source suggests that the average gross earnings per concert for every stadium performance in North America is $2.11 million. Do the Rolling Stones earn more on average? Test at a 5% level of significance

2. A survey was conducted about the cost for a family of four to visit an amusement park for one day. A sample of 32 families yielded an average cost of $190.28 with a standard deviation of $51.75. Last year, a magazine published that the average cost for a family of four to visit an amusement park was $175. Based on the sample data above, can we conclude that the mean cost is actually higher than this at α=.05

3. According to a large local high school, senior students have a mean GPA of 3.07. A random sample of 38 seniors taking AP courses showed a mean GPA of 3.29 with a standard deviation of 0.42. At the 1% level of significance, can it be stated that seniors taking AP courses have a different GPA than the senior class as a whole?