Define economics. explain briefly how the economic way of thinking-interms of rational, self interested people responding to incentives- relates to each of the following situations.
a. A student deciding whether to purchase a textbook for a particular class.
b. Government officials seeking more funding for mass transit through higher taxes.
c. A muncipality taxing hotel guests to obtain funding for a new sports stadium.
1-2. Some people claim the "economic way of thinking" does not apply to issues such as health care. Explain how economics does apply to both a low-income household and a middle-income household? Can the same phrase be applied to very high-income household?
In: Economics
Consider the following situations and determine whether they exhibit simultaneous consumption, network effects, x-inefficiency or rent-seeking behavior. Assume the businesses referenced function as monopolies.
(a) A pharmaceutical company discovers a vaccine for the common cold. The company puts a significant effort into tests to get it FDA-approved and into hiring lawyers to obtain a patent.
(b) An Internet service provider adds thousands of new customers.
(c) The head of a family-owned, major hotel chain decides to hire his wild, socialite niece to work as an executive of the company after her reality TV career ends.
(d) An online profile company helps college and high school students from across the country to connect with each other.
In: Economics
c) The runoff volume from a rainfall of 3.25 inches (watershed inches) =
d) The runoff volume from a rainfall of 0.47 inches (watershed inches) =
In: Civil Engineering
Fill in the blanks.
Players,(....) , and payoffs are the defining characteristics of a game. At the Nash equilibrium of a game, everyone is playing a (....) .
A firms long-run supply curve is the portion of the [... ] cost that is above the marginal cost curve. The long-run competitive market equilibrium price must be such that all firms earn zero profit because [ ... ] .
If [.......] is greater than marginal cost the firm can increase profits by producing more output.
The following is an example of a source of monopoly power: [ ......] . The monopoly market output is inefficient due to [...] .
Amusement parks generally charge a lower price for admissions for children; this is an example of [.. ] price discrimination. If the amusement park could charge every individual their exact willingness to pay then this would be [ ...... ] price discrimination.
In: Economics
You are an event management company. Your customers want you to create an event with the 'wow' factor was the brief given to you by North Cypriot Young Businessman Association who were looking to hold a conference followed by an evening of entertainment for 200 guest with overnight accommodation with Palm Beach Hotel. They are going to invite investors from Turkey to make them invest in North Cyprus by the means of Tourism. As an event management company what kind of solutions can you offer them. Design an event and make your customers happy. You have a 100.000 USD budget. Just give a tentative budget doesn’t have to be too detailed. -WRITE MAXIMUM 500 WORDS
In: Operations Management
4. Which of the following pricing practices represents price discrimination? Explain.
a. Local businesses in a small college town offer a 10% discount to anyone showing a student ID card.
b. Fred’s Fridges advertises a one-day sale on refrigerators. The ad specifies that no phone orders are accepted and that the buyer must transport the refrigerator.
c. A hardback copy of the last Harry Potter book sold for $30 at an independent bookstore; but for $25 at the local outlet of a national bookstore chain.
d. Freshman tuition and fees at Penn State-University Park for academic year 2018-2019 was about $18,000 for Pennsylvania residents and $35,000 for out-of-state students (a pricing pattern that is typical of state universities.)
In: Operations Management
Your software company was invited to provide a proposal for a company in Australia. You currently have the cost in US dollars and need to convert the prices to the Australian dollar.
Write a 2-part program using Ruby, Java®, or Python.
Part 1: Write a function to gather the following costs from the user:
Part 2: Write a function to convert the costs from United States dollar (USD) to Australian dollar (AUD). Note: Look up the current USD to AUD exchange rate to use in your function.
Test the program 3 times by providing different costs in USD.
In: Computer Science
Question 5
You visit the new Chaco Hotel rooftop bar in old town. You're taking pictures of the fabulous views using your new $1,000 phone. Oops! The phone slips out of your hands plummeting to the ground 60 feet below. Ignoring air resistance. how fast is your phone traveling by the time it hits the ground ? [ Hint: 1 meter = 3.28 feet ] ( Circle one answer)
A.) 19mph
B.) 42 mph
C.) 37mph
D.) 602 mph
I am doing test corrections for my physics exam I put C(37mph and that was incorrect. Can you please help with this question very confused about it.
In: Physics
Tharaldson Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit Direct materials 7.7 ounces $ 2.00 per ounce $ 15.40 Direct labor 0.2 hours $ 11.00 per hour $ 2.20 Variable overhead 0.2 hours $ 4.00 per hour $ .80 The company reported the following results concerning this product in June. Originally budgeted output 3,100 units Actual output 2,500 units Raw materials used in production 22,300 ounces Purchases of raw materials 23,400 ounces Actual direct labor-hours 450 hours Actual cost of raw materials purchases $ 45,100 Actual direct labor cost $ 13,100 Actual variable overhead cost $ 3,550 The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The labor rate variance for June is:
Multiple Choice
$8,150 U
$2,809 F
$2,809 U
$8,150 F
Wadding Corporation applies manufacturing overhead to products on the basis of standard machine-hours. For the most recent month, the company based its budget on 4,500 machine-hours. Budgeted and actual overhead costs for the month appear below:
| Original Budget Based on 4,500 Machine-Hours | Actual Costs | ||||||||||
| Variable overhead costs: | |||||||||||
| Supplies | $ | 12,000 | $ | 12,730 | |||||||
| Indirect labor | 38,400 | 38,700 | |||||||||
| Fixed overhead costs: | |||||||||||
| Supervision | 20,600 | 20,240 | |||||||||
| Utilities | 6,800 | 6,760 | |||||||||
| Factory depreciation | 7,800 | 8,110 | |||||||||
| Total overhead cost | $ | 85,600 | $ | 86,540 | |||||||
The company actually worked 4,520 machine-hours during the month. The standard hours allowed for the actual output were 4,510 machine-hours for the month. What was the overall variable overhead efficiency variance for the month?
Garrison 16e Rechecks 2017-10-31
Multiple Choice
$800 Favorable
$270 Favorable
$229 Favorable
$112 Unfavorable
The Fime Corporation uses a standard costing system. The following data have been assembled for December:
| Actual direct labor-hours worked | 5,700 | hours | |
| Standard direct labor rate | $ | 8 | per hour |
| Labor efficiency variance | $ | 2,400 | Unfavorable |
The standard hours allowed for December’s production is:
Multiple Choice
5,100 hours
5,400 hours
6,000 hours
5,700 hours
Miguez Corporation makes a product with the following standard costs:
| Standard Quantity
or Hours |
Standard Price or Rate |
Standard Cost Per Unit | ||||||||
| Direct materials | 4.2 | liters | $ | 8.90 | per liter | $ | 37.38 | |||
| Direct labor | 0.3 | hours | $ | 41.00 | per hour | $ | 12.30 | |||
| Variable overhead | 0.3 | hours | $ | 3.90 | per hour | $ | 1.17 | |||
The company budgeted for production of 4,500 units in September, but actual production was 4,400 units. The company used 7,340 liters of direct material and 1,870 direct labor-hours to produce this output. The company purchased 7,700 liters of the direct material at $9.10 per liter. The actual direct labor rate was $43.10 per hour and the actual variable overhead rate was $3.70 per hour.
The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased.
The variable overhead rate variance for September is:
Multiple Choice
$374 F
$264 F
$264 U
$374 U
The following labor standards have been established for a particular product:
| Standard labor-hours per unit of output | 9.1 | hours | |
| Standard labor rate | $ | 12.90 | per hour |
The following data pertain to operations concerning the product for the last month:
| Actual hours worked | 6,900 | hours | |
| Actual total labor cost | $ | 86,250 | |
| Actual output | 900 | units | |
What is the labor efficiency variance for the month?
Multiple Choice
$19,401 F
$16,125 F
$19,401 U
$16,641 F
At Eady Corporation, maintenance is a variable overhead cost that is based on machine-hours. The performance report for July showed that actual maintenance costs totaled $10,480 and that the associated rate variance was $330 unfavorable. If 5,800 machine-hours were actually worked during July, the standard maintenance cost per machine-hour was:
Multiple Choice
$1.75 per MH
$1.86 per MH
$1.92 per MH
$1.81 per MH
The following standards for variable manufacturing overhead have been established for a company that makes only one product:
| Standard hours per unit of output | 5.4 | hours | |
| Standard variable overhead rate | $ | 11.80 | per hour |
The following data pertain to operations for the last month:
| Actual hours | 2,525 | hours | |
| Actual total variable manufacturing overhead cost | $ | 30,395 | |
| Actual output | 250 | units | |
What is the variable overhead efficiency variance for the month?
Multiple Choice
$600 U
$15,930 F
$13,865 U
$14,465 U
In: Accounting
A) Which of the following statements are true?
Note that there may be more than one correct answer; select all that are true.
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As the p-value increases, the evidence against the null hypothesis also increases. |
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In hypothesis testing, if the p-value is sufficiently small, then the null hypothesis can be rejected in favour of the alternate hypothesis. |
||
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If the null hypothesis is true, then the p-value will always be greater than 0.1. |
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If the null hypothesis is false, then the p-value will tend towards 0 as the sample size increases. |
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The validity of the results from hypothesis testing is dependent upon the use of simple random samples and further assumptions involving sample size or normality of the population. |
B) Test the null hypothesis H0:p=0.5against the alternative hypothesis HA:p<0.5, when 95 individuals in a random sample of 217 have a characteristic of interest.
Calculate the value of the z test statistic, for testing the null hypothesis that the population proportion is 0.5. Round your response to at least 2 decimal places.
The P-value falls within which one of the following ranges:
| A |
P-value > 0.50 |
|
| B |
0.10 < P-value < 0.50 |
|
| C |
0.05 < P-value < 0.10 |
|
| D |
P-value < 0.05 |
What conclusion can be made, at the 5% level of significance?
| A | There is sufficient evidence to reject the null hypothesis, in favour of the alternative that the population proportion is less than 0.5. | |
| B | There is insufficient evidence to reject the null hypothesis, and therefore no significant evidence that the population proportion is not 0.5. |
C) Test the null hypothesis H0:p=0.8against the alternative hypothesis HA:p>0.8, when 806 individuals in a random sample of 1,002 have a characteristic of interest.
a) Calculate the value of the z test statistic, for testing the null hypothesis that the population proportion is 0.8. Round your response to at least 2 decimal places.
b) Find the corresponding P-value for the above test statistic.Round your response to at least 4 decimal places.
c) What conclusion can be made, at the 10% level of significance?
| A | There is sufficient evidence to reject the null hypothesis, in favour of the alternative that the population proportion is greater than 0.8. | |
| B | There is insufficient evidence to reject the null hypothesis, and therefore no significant evidence that the population proportion is not 0.8. |
D) Suppose a random sample of size 9 is taken from a normally distributed population, and the sample mean and variance are calculated to be x¯=47.2 and s2=4.5respectively.
Use this information to test the null hypothesis H0:μ=50versus the alternative hypothesis HA:μ≠50, at the 5% level of significance.
a) What is the value of the test statistic t, for testing the null hypothesis that the population mean is equal to 50? Round your response to at least 2 decimal places.
b) The P-value falls within which one of the following ranges:
| A |
P-value > 0.10 |
|
| B |
0.05 < P-value < 0.10 |
|
| C |
0.025 < P-value < 0.05 |
|
| D |
0.01 < P-value < 0.025 |
|
| E |
P-value < 0.01 |
c) Is the null hypothesis rejected at the 5% level of significance? Yes or No
In: Statistics and Probability