Compute and discuss elasticities for the following cases:

When consumer income increases by 4%, the demand for Ramen Noodles decreases by 6%. What is the income elasticity for Ramen Noodles? Explain what this income elasticity measure tells you.

When the price of bread increases by 7%, the demand for butter decreases by 9%. What is the cross-price elasticity? How are the two goods related – are they substitutes or complements? Explain why.

When the price of pork increases by 8%, the quantity of lamb purchased increases by 5%. What is the cross price elasticity? How are the two goods related - are they substitutes or complements? Explain why.

1. i) A 5 year semiannual coupon bond with a face value of $1000 trades at $868. The market-determined discount rate is 7%. What is the coupon rate? Answer in percent and round to two decimal places.

ii) If a bond always trades at a discount…

a) it is trading above par.

B) it is a coupon bond.

c) it is a zero coupon bond.

D) it is trading at par.

iii) A zero coupon bond with a face value of $1000 that matures in 8 years sells today for $627. What is the yield to maturity? (Use annual compounding.) Enter in percent to two decimal places.

Newton’s Law of Motion

Part 2 data: Tilted Track

(PLEASE SHOW ALL WORK)

1. Draw four FBD (free body diagrams) with Fnet vectors for the following four cases. (Neglect friction and drag.) (Define coordinate systems for each object, where each coordinate system is aligned with the object’s acceleration.)

a. Hanging mass while accelerating down (b). Cart on flat track while accelerating (from part 1 data)

c. Cart on inclined track while accelerating (d). Cart on declined track while accelerating (this is from part 2 data)

2. For case 1a above, write out Newton’s 2nd Law in the y-direction and solve for the tension: TH.

3. For cases 1b, 1c, and 1d, write out Newton’s 2nd Law in the x-direction and solve for the tension: TC.

4. Start an Excel data table and organize all your data (angles, mC, mH, and cart accelerations)

5. Nearby, start an Excel results table. Here, calculate the following quantities once per trial.

Reminder: If you use sine or cosine in MS Excel, it expects the angle to be entered in radians. You can input degrees by using “sin(radians(A1))” and “cos(radians(A1))”.    (Change “A1” to match your angle’s location.)

a. the net force acting on the cart, using Fnet=ma.

b. the net force acting on the hanging mass, using Fnet=ma.

c. the tension force, TH, acting on mH.

d. the tension force, TC, acting on mC. Do not use the tension value from part c!

e. the fraction TC/TH.     (What should this ratio be if your data was perfect?)

6. For your TC/TH values, calculate the average, standard deviation, and percent error between your average and the accepted value.

7. Make a single scatter plot showing the cart’s acceleration vs. the net force on the cart. Use three data series: 1) first four trials, 2) heavy cart, and 3) tilted track.

8. Add a linear trend line to each data set. For each trend line, use “Set Intercept” with a value of zero. Display the equation for each trend line.   (When the net force is zero, the acceleration had better be zero. Thus, the y-intercept should be 0 m/s2.)

APPLIED STATISTICS 2

USE R CODE! SHOW R CODE

Use data file RecordMath2526.txt, to produce a plot graph with Exam1 as x, Exam2 as y, use Gender as color, and Hw1 as pch.

RecordMath2526 information

Index Gender Hw1        Hw2     Hw3     Exam1   Hw4     Exam2   Hw5     Hw6     Hw7     Final
1       F      9        6       8       60      7       82      10      10      9       69
2       M     10        10      10      94      9       98      10      10      8       91
3       M      9        10      8       79      9       55      10      6       8       43
4       F     10        9       9       91      8       88      10      9       8       84
5       F      9        8       9       71      9       97      10      9       9       89
6       F      9        9       7       64      9       87      10      9       9       58
7       M      9        9       9       55      7       59      10      6       0       68
8       M      9        10      7       71      10      70      10      8       10      59
9       M      8        10      9       81      10      100     10      10      9       98
10      F      9        9       7       76      6       58      10      5       8       50
11      F     10        6       7       69      5       55      10      4       8       47
12      F      9        5       4       46      7       72      10      6       7       78
13      M      9        9       10      71      9       85      10      8       7       67
14      M      8        9       8       60      10      71      10      8       10      75
15      M      10       9       10      71      10      93      10      9       9       67
16      F      9        10      8       70      7       80      10      10      8       83
17      F      9        10      9       72      7       89      10      9       9       78
18      M     10        10      10      80      10      94      10      9       10      71
19      F     10        10      9       66      9       78      10      6       8       83
20      F      8        9       7       78      6       81      9       7       8       84      

APPLIED STATISTICS 2

USE R CODE! SHOW R CODE

Case Study 2

Gadgets Electronics, LLC is producing four gadgets microphone, headphone, webcam and memory stick.

Gadgets Electronics till now applying traditional costing method to determine the total cost and cost per unit of each gadget. Company wants to switch to ABC system in order to understand the accurate performance of each gadget. You have given this job to compare between both costing methods in order to determine which product is more profitable to the company and which one is least.

Production detail: -

Company produces 10,000 units of headphone; 5,000 units of microphone; 50,000 units of memory sticks and 20,000 units of webcam.

Overheads, Activity and Cost Driver Details: -

1. The labour hour per units 0.10 for headphone; 0.15 for microphone; and 0.05 for memory stick and 0.20 for webcam.
2. The production costs incurred RO 3,800. Number of machines runs 25 times for headphone; 20 times for microphone; 40 times for memory stick and 45 times for webcam.
3. The assembly costs incurred RO 2,500. Labor on assembly of components 75 hours for headphone; 25 hours for microphone; 50 hours for memory stick; 60 hours for webcam.
4. The testing costs incurred RO 1,400. The company tested all the units manufactured.
5. The packaging costs incurred RO 1,200. All the gadgets are separately packed.

Prime Cost Details: -

1. RO 1.500 per unit on direct materials and RO 1.250 per unit on direct labour paid for headphone.
2. RO 0.750 per unit on direct materials and RO 0.500 per unit on direct labour paid for microphone.
3. RO 0.500 per unit on component materials and RO 0.250 per unit on direct labour paid for memory stick.
4. RO 1.750 per unit on direct materials and RO 1.500 per unit on direct labour paid for webcam.

Requirements: -

1. Calculate total cost and cost per unit of each gadget by applying absorption costing.

                                                                                                                              [5 Marks]

2. Calculate the total cost and cost per unit of each gadget by applying ABC system.

                                                                                                                              [5 Marks]

3. Calculate the selling price by adding 20% mark up on cost for all products. Also, analyze over costing and under costing for all gadgets.                                        [2.5 + 2.5 Marks]

Researchers created two test sheets, each sheet showing 20 photos of the faces of dog‑owner pairs. The two sheets were equivalent with respect to breed, diversity of appearance, and gender of owners. On the first sheet the dogs were matched with their owners, while on the second sheet the dogs and owners were deliberately mismatched. Three experiments were conducted, and in all experiments, subjects were asked to "choose the set of dog‑owner pairs that resemble each other, Sheet 11 or Sheet 22 ," and were simply told the aim of the research was a "survey on dog‑owner relationships." In the first experiment, the original sheets were shown to subjects; in the second experiment, just the mouth region of the owners was blacked out in all the pictures on both sheets; while in the third experiment, just the "eye region" of the owners was blacked out. Subjects were assigned at random to the three experimental groups, and in each experiment, the number of subjects who selected the sheet with the dogs and their owners correctly matched was recorded. Experimenters were interested in whether blacking out portions of the faced reduced the ability of subjects to correctly match dogs and owners. The results are displayed.

(a) Is there evidence that blacking out the mouth reduces a subject's ability to choose the sheet which correctly matches the dogs and their owners?

Use the four‑step process to answer the question.

STATE: Which choice best describes the statement of this experiment/study.

1)We want to know if blacking out the mouth region reduces a subject's ability to correctly match the dog‑owner pairs.

2)This is an experiment, since it includes two independent samples.

3)This is an experiment, since the samples are taken randomly.

4)This is an observational study, since the variable of interest is measured but there is no attempt to influence the responses.

5)This is an observational study, since it applies to female Hispanic drivers alone.

PLAN: To examine whether the null hypothesis is true we should test the hypotheses:

?0:?1≠?2 versus ??:?1=?2

?0:?1=?2 versus ??:?1<?2

?0:?1=?2versus ??:?1>?2

?0:?1=?2 versus ??:?1≠?2

SOLVE: Assume the samples can be thought of as an SRS. We can conduct a hypothesiss test since there are more than five successes (correctly identified the pairs) and more than five failures in each sample. Calculate ?̂ 1,?̂ 2, and ?̂. (Enter your answers rounded to four decimal places.)

?̂ 1=

?̂ 2=

?̂ =

Compute the z test statistic. (Enter your answer rounded to four decimal places.)

?=

Using the software of your choice, calculate the one–sided P‑value for the null hypothesis. (Enter your answer rounded to three decimal places.)

?=

CONCLUDE: Which conclusion is correct?

1)There is not enough evidence to conclude that blacking out the mouth region reduces a subject's ability to correctly match dog‑owner pairs.

2)There is enough evidence to conclude that blacking out the mouth region reduces a subject's ability to correctly match dog‑owner pairs.

(b) Is there evidence that blacking out the eyes reduces a subject's ability to choose the sheet which correctly matches the dogs and their owners?

STATE: We want to know if blacking out the mouth region reduces a subject's ability to correctly match the dog‑owner pairs.

PLAN: To examine whether the null hypothesis is true we should test the hypotheses:

?0:?1=?2 versus ??:?1<?2

?0:?1=?2 versus ??:?1≠?2

?0:?1≠?2 versus ??:?1=?2

?0:?1=?2versus ??:?1>?2

SOLVE: Assume the samples can be thought of as an simple random sample. We can conduct a hypothesis test since there are more than five successes (correctly identified the pairs) and more than five failures in each sample. Calculate ?̂ 1,?̂ 2, and ?̂ . (Enter your answers for ?̂ 1 and ?̂ rounded to four decimal places, and your answer for ?̂ 2 rounded to one decimal place.)

?̂ 1=

?̂ 2=

?̂ =

Compute the z test statistic. (Enter your answer rounded to one decimal place.)

?=

Using the software of your choice, find the P‑value for the null hypothesis.

0.05<?

0.005<?<0.05

0.0005<?<0.005

?<0.0005

CONCLUDE: Which conclusion is correct?

1)There is strong evidence that blacking out the eye region reduces one's ability to match dog‑owner pairs.

2)There is weak evidence that blacking out the eye region reduces one's ability to match dog‑owner pairs.

(c) Contrast your conclusions in part (a) and (b) in the context of the problem. Select the best choice.

1)The evidence in (a) and (b) are too close to make a conclusion.

2)The conclusions in parts (a) and (b) imply the mouth region plays a larger role in matching dogs than the eye region does.

3)The conclusions in parts (a) and (b) imply the eye region plays a larger role in matching dogs than the mouth region does.

Third party conflict resolution: The Seatcor Manufacturing Company

In regards to the scenario below, what is the best strategy to use? Thanks!

*********************

Third-Party Conflict Resolution

Introduction
In addition to being involved in their own conflicts, managers are often called upon to intervene and to settle conflicts between other people. The two activities in this section are designed to explore how third parties may enter conflicts for the purpose of resolving them, and to practice one very effective approach to intervention. In the first activity, you will read about a manager who has a problem deciding how to intervene in a dispute, and you will discuss this case in class. Part 2 of this exercise contains a mediation guide.

Part 1: The Seatcor Manufacturing Company
You are senior vice president of operations and chief operating officer of Seatcor, a major producer of office furniture. Joe Gibbons, your subordinate, is vice president and general manager of your largest desk assembly plant. Joe has been with Seatcor for 38 years and is two years away from retirement. He worked his way up through the ranks to his present position and has successfully operated his division for five years with a marginally competent staff. You are a long-standing personal friend of Joe's and respect him a great deal. However, you have always had an uneasy feeling that Joe has surrounded himself with minimally competent people by his own choice. In some ways, you think he feels threatened by talented assistants.

Last week you were having lunch with Charles Stewart, assistant vice president and Joe's second in command. Upon your questioning, it became clear that he and Joe were engaged in a debilitating feud. Charles was hired last year, largely at your insistence.

You had been concerned for some time about who was going to replace Joe when he retired, especially given the lack of really capable managerial talent on Joe's staff. Thus you prodded Joe to hire your preferred candidate-Charles Stewart. Charles is relatively young, 39, extremely tenacious and bright, and a well-trained business school graduate. From all reports he is doing a good job in his new position. Your concern centers on a topic that arose at the end of your lunch. Charles indicated that Joe Gibbons is in the process of completing a five-year plan for his plant. This plan is to serve as the basis for several major plant reinvestment and reorganization decisions that would be proposed to senior management. According to Charles, Joe Gibbons has not included Charles in the planning process at all. You had to leave lunch quickly and were unable to get much more information from Charles. However, he did admit that he was extremely disturbed by this exclusion and that his distress was influencing his work and probably his relationship with Joe.

You consider this a very serious problem. Charles will probably have to live with the results of any major decisions about the plant. More important, Joe's support is essential if Charles is to properly grow into his present and/or future job. Joe, on the other hand, runs a good ship and you do not want to upset him or undermine his authority. Moreover, you know Joe has good judgment; thus he may have a good reason for what he is doing. How would you proceed to handle this issue? Please answer with the knowledge of Negotiation.

Dr. Maureen Becker, the head administrator at Jefferson County Regional Hospital, must determine a schedule for nurses to make sure there are enough of them on duty throughout the day. During the day, the demand for nurses varies. Maureen has broken the day in to twelve 2-hour periods. The slowest time of the day encompasses the three periods from 12:00 A.M. to 6:00 A.M., which beginning at midnight; require a minimum of 30, 20, and 40 nurses, respectively. The demand for nurses steadily increases during the next four daytime periods. Beginning with the 6:00 A.M.- 8:00 A.M. period, a minimum of 50, 60, 80, and 80 nurses are required for these four periods, respectively. After 2:00 P.M. the demand for nurses decreases during the afternoon and evening hours. For the five 2-hour periods beginning at 2:00 P.M. and ending midnight, 70, 70, 60, 50, and 50 nurses are required, respectively. A nurse reports for duty at the beginning of one of the 2-hour periods and works 8 consecutive hours (which is required in the nurses’ contract). Dr. Becker wants to determine a nursing schedule that will meet the hospital’s minimum requirement throughout the day while using the minimum number of nurses.

A. Formulate a linear programming model for this problem

B. Solve this model by using the computer - I need to see the excel spreadsheet, formulas, and solver parameters.

Thank you!!!

Dr. Maureen Becker, the head administrator at Jefferson County Regional Hospital, must determine a schedule for nurses to make sure there are enough of them on duty throughout the day. During the day, the demand for nurses varies. Maureen has broken the day in to twelve 2-hour periods. The slowest time of the day encompasses the three periods from 12:00 A.M. to 6:00 A.M., which beginning at midnight; require a minimum of 30, 20, and 40 nurses, respectively. The demand for nurses steadily increases during the next four daytime periods. Beginning with the 6:00 A.M.- 8:00 A.M. period, a minimum of 50, 60, 80, and 80 nurses are required for these four periods, respectively. After 2:00 P.M. the demand for nurses decreases during the afternoon and evening hours. For the five 2-hour periods beginning at 2:00 P.M. and ending midnight, 70, 70, 60, 50, and 50 nurses are required, respectively. A nurse reports for duty at the beginning of one of the 2-hour periods and works 8 consecutive hours (which is required in the nurse's contract). Dr. Becker wants to determine a nursing schedule that will meet the hospital's minimum requirement throughout the day while using the minimum number of nurses.

A. Formulate a linear programming model for this problem

B. Solve this model by using the computer - I need to see the excel spreadsheet, formulas, and solver parameters.