Suppose that a random sample of n = 5 was selected from the apple orchard properties for sale in Chilton County, Alabama, in each of three years. The following data are consistent with summary information on price per acre for disease-resistant apple orchards in Chilton County. Carry out an ANOVA to determine whether there is evidence to support the claim that the mean price per acre for vineyard land in Chilton County was not the same for each of the three years considered. Test at the 0.05 level and at the 0.01 level.

2002: 30000 34000    36000    38000    40000

2003: 30000 35000 37000 38000 40000

2004: 40000 41000 43000 44000 50000

A restaurant manager is interested in taking a more statistical approach to predicting customer load. She begins the process by gathering data. One of the restaurant hosts or hostesses is assigned to count customers every five minutes from 7 P.M. until 8 P.M. every Saturday night for three weeks. The data are shown here. After the data are gathered, the manager computes lambda using the data from all three weeks as one data set as a basis for probability analysis.What value of lambda did she find? Assume that these customers randomly arrive and that the arrivals are Poisson distributed. Use the value of lambda computed by the manager and help the manager calculate the probabilities in parts (a) through (e) for any given five-minute interval between 7 P.M. and 8 P.M. on Saturday night. Number of Arrivals Week 1 Week 2 Week 3 3 1 5 6 2 3 4 4 5 6 0 3 2 2 5 3 6 4 1 5 7 5 4 3 1 2 4 0 5 8 3 3 1 3 4 3 a. What is the probability that no customers arrive during any given five-minute interval? b. What is the probability that five or more customers arrive during any given five-minute interval? c. What is the probability that during a 10-minute interval fewer than four customers arrive? d. What is the probability that between four and six (inclusive) customers arrive in any 10-minute interval? e. What is the probability that exactly six customers arrive in any 15-minute interval? *Round your answers to 4 decimal places when calculating using Table A.3. **Round your answer to 4 decimal places, the tolerance is +/-0.0005. a. P(x = 0) = * b. P(x ≥ 5) = * c. P(x < 4 | 10 minutes) = * d. P(4 ≤ x ≤ 6 | 10 minutes) = * e. P(x = 6 | 15 minutes) = **

Factors That Affect the Performance of Mutual Funds Post by Day 3 a 3- to 6-paragraph assessment of the factors that contribute to a mutual fund’s performance. Please make sure to include responses to the following specific questions: What are the three most important factors that contribute to a mutual fund’s performance? How confident are you that either passively managed or actively managed mutual funds are better performers than the other? To what degree would ownership in the mutual fund by its manager enhance your motivation to invest in it? Would the percentage ownership be more important than the dollar amount ownership, or the other way around? Why?

Imagine that you are forming a partnership with two other partners. All three of you have cash to invest in the business as well as skills to contribute. Two of your partners will provide services, along with investing cash.

• Are there any details you think should be included in the partnership agreement? What disadvantages should you be aware of when forming a partnership?
• How will you allocate income or loss? Will you also include a salary allowance for the partners who contribute services?
• Allocation of partnership income among the partners appears on what financial statement?
• How will you handle the admission of the new partner if he or she purchases an interest in the partnership?

A cyclist won a bicycle race for seven consecutive years. His "winning" times and "victory" margins (time difference of the second place finisher) are given in the figure below.

(a) Find the mean, median and mode of the cyclist's times. (If an answer does not exist, enter DNE.)

(b) Find the mean, median and mode of the cyclist's margins. (If an answer does not exist, enter DNE.)

For a single price monopolist, marginal revenue decreases because:

Question 1 options:

In perfect price discrimination:

Question 2 options:

What part of the graph is different between single price monopoly and a price discriminating monopoly?

Question 3 options:

In perfect price discrimination, a firm must lower its price for all customers in order to sell an additional quantity.

Question 4 options:

Gallatin Carpet Cleaning is a small, family-owned business operating out of Bozeman, Montana. For its services, the company has always charged a flat fee per hundred square feet of carpet cleaned. The current fee is $23.10 per hundred square feet. However, there is some question about whether the company is actually making any money on jobs for some customers—particularly those located on remote ranches that require considerable travel time. The owner’s daughter, home for the summer from college, has suggested investigating this question using activity-based costing. After some discussion, she designed a simple system consisting of four activity cost pools. The activity cost pools and their activity measures appear below:

The total cost of operating the company for the year is $359,000 which includes the following costs:

Resource consumption is distributed across the activities as follows:

Job support consists of receiving calls from potential customers at the home office, scheduling jobs, billing, resolving issues, and so on.

Required:

1. Prepare the first-stage allocation of costs to the activity cost pools.

2. Compute the activity rates for the activity cost pools.

3. The company recently completed a 200 square foot carpet-cleaning job at the Flying N Ranch—a 59-mile round-trip journey from the company’s offices in Bozeman. Compute the cost of this job using the activity-based costing system.

4. The revenue from the Flying N Ranch was $46.20 (200 square feet @ $23.10 per hundred square feet). Calculate the customer margin earned on this job.

Gallatin Carpet Cleaning is a small, family-owned business operating out of Bozeman, Montana. For its services, the company has always charged a flat fee per hundred square feet of carpet cleaned. The current fee is $22.60 per hundred square feet. However, there is some question about whether the company is actually making any money on jobs for some customers—particularly those located on remote ranches that require considerable travel time. The owner’s daughter, home for the summer from college, has suggested investigating this question using activity-based costing. After some discussion, she designed a simple system consisting of four activity cost pools. The activity cost pools and their activity measures appear below:

The total cost of operating the company for the year is $347,000 which includes the following costs:

Resource consumption is distributed across the activities as follows:

Job support consists of receiving calls from potential customers at the home office, scheduling jobs, billing, resolving issues, and so on.

Required:

1. Prepare the first-stage allocation of costs to the activity cost pools.

2. Compute the activity rates for the activity cost pools.

3. The company recently completed a 800 square foot carpet-cleaning job at the Flying N Ranch—a 58-mile round-trip journey from the company’s offices in Bozeman. Compute the cost of this job using the activity-based costing system.

4. The revenue from the Flying N Ranch was $180.80 (800 square feet @ $22.60 per hundred square feet). Calculate the customer margin earned on this job.

Question No.5:                                                                                                                                {15marks}

Answer the following questions:

1. Critically explain the correlation between inelastic demand and the total revenue. Use an appropriate diagram to support your answer. (4marks)
2. With the help of a proper diagram, explain the concept of 'change in quantity demanded'. (4marks)
3. With the help of an appropriate diagram, explain the concept of returns to scale and its three types. (7marks)