1:A brand of dress shoes was put on sale for 20% off. This led to an increase of sale by 15%. The price elasticity of demand for this product is

2:

The concept of cross-price elasticity is used to examine the responsiveness of demand

3:

When the cross-price elasticity EPX = 3

4:

With elastic demand, a price increase will

5:

A direct relation between the price of one product and the demand for another holds for all

6:

According to the law of diminishing marginal utility

A fire insurance company thought that the mean distance from a home to the nearest fire department in a suburb of Chicago was at least 5.9 miles. It set its fire insurance rates accordingly. Members of the community set out to show that the mean distance was less than 5.9 miles. This, they thought, would convince the insurance company to lower its rates. They randomly indentified 62 homes and measured the distance to the nearest fire department from each. The resulting sample mean was 5.3. If σ = 2 miles, does the sample show sufficient evidence to support the community's claim at the α = .05 level of significance?

(a) Find z. (Give your answer correct to two decimal places.)


(ii) Find the p-value. (Give your answer correct to four decimal places.)

(b) State the appropriate conclusion.

Reject the null hypothesis, there is not significant evidence that the mean distance is less than 5.9 miles. Reject the null hypothesis, there is significant evidence that the mean distance is less than 5.9 miles.     Fail to reject the null hypothesis, there is significant evidence that the mean distance is less than 5.9 miles. Fail to reject the null hypothesis, there is not significant evidence that the mean distance is less than 5.9 miles.

2.From candy to jewelry to flowers, the average consumer was expected to spend $104.21 for Mother's Day in 2005, according to the Democrat & Chronicle article "Mom's getting more this year" (May 7, 2005). Local merchants thought this average was too high for their area. They contracted an agency to conduct a study. A random sample of 62 consumers was taken at a local shopping mall the Saturday before Mother's Day and produced a sample mean amount of $94.33. If σ = $29.93, does the sample provide sufficient evidence to support the merchants' claim at the .05 significance level?

(a) Find z. (Give your answer correct to two decimal places.)


(ii) Find the p-value. (Give your answer correct to four decimal places.)

(b) State the appropriate conclusion.

Reject the null hypothesis, there is not significant evidence to support the merchants' claim. Reject the null hypothesis, there is significant evidence to support the merchants' claim.     Fail to reject the null hypothesis, there is significant evidence to support the merchants' claim. Fail to reject the null hypothesis, there is not significant evidence to support the merchants' claim.

On May 1, 2011, Javier Munoz opened Javier’s Repair Service. During the month, he completed the following transactions for the company:

May      1          Began business by depositing $5,000 in a bank account in the name of the company in exchange for 500 shares of $10 par value common stock.

            1          Paid the rent for the store for current month, $425.

            1          Paid the premium on a one-year insurance policy, $480.

            2          Purchased repair equipment from Chmura Company, $4,200. Terms were $600 down and $300 per month for one year. First payment is due June 1.

            5          Purchased repair supplies from Brown Company on credit, $468.

            8          Paid cash for an advertisement in a local newspaper, $60.

            15        Received cash repair revenue for the first half of the month, $400.

            21        Paid Brown Company on account, $225.

            31        Received cash repair revenue for the last half of May, $975.

            31        Declared and paid a cash dividend, $300.

Required for May

1.         Prepare journal entries to record the May transactions.

2.         Open the following accounts: Cash (111); Prepaid Insurance (117); Repair Supplies (119); Repair Equipment (144); Accumulated Depreciation – Repair Equipment (145); Accounts Payable (212); Common Stock (311); Dividends (313): Income Summary (314); Repair Revenue (411); Store Rent Expense (511); Advertising Expense (512); Insurance Expense (513); Repair Supplies Expense (514); and Depreciation Expense – Repair Equipment (515). Post the May journal entries to the ledger accounts.

3.         Using the following information, record adjusting entries in the general journal and post to the ledger accounts:

                        a.         One month’s insurance has expired

                        b.         The remaining inventory of unused repair supplies is $169.

                        c.         The estimated depreciation on repair equipment is $70.

                        d.         Estimated income taxes, $50.

4.         From the accounts in the ledger, prepare an adjusted trial balance. (Note: Normally, a trial balance is also prepared before adjustments but is omitted here to save time).

5.         From the adjusted trial balance, prepare an income statement, a statement of retained earnings, and a balance sheet for May.

6.         Prepare and post closing entries.

7.         Prepare a post-closing trial balance.

Second Part:

During June, Javier Munoz completed these transactions for Javier’s Repair Service:

June    1          Paid monthly rent. $425.

            1          Made the monthly payment to Chmura Company, $300.

            6          Purchased additional repair supplies on credit from Brown Company, $863.

            15        Received cash repair revenue for the first half of the month, $914.

            20        Paid cash for an advertisement in the local newspaper, $60.

            23        Paid Brown Company on account, $600.

            30        Received cash repair revenue for the last half of the month, $817.

            30        Declared and paid a dividend, $300.

8.         Prepare and post journal entries to record the June transactions.

9.         Using the following information, record adjusting entries in the general journal and post to the ledger accounts:

                        a.         One month’s insurance has expired

                        b.         The remaining inventory of unused repair supplies is $413.

                        c.         The estimated depreciation on repair equipment is $70.

                        d.         Estimated income taxes, $50.

10.       From the accounts in the ledger, prepare an adjusted trial balance. (Note: Normally, a trial balance is also prepared before adjustments but is omitted here to save time).

11.       From the adjusted trial balance, prepare an income statement, a statement of retained earnings, and a balance sheet for June.

12.       Prepare and post closing entries.

13.       Prepare a post-closing trial balance.

Chapter 10 - 32

The post anesthesia care area (recovery room) at St. Luke’s Hospital in Maumee, Ohio, was recently enlarged. The hope was that the change would increase the mean number of patients served per day to more than 25. A random sample of 15 days revealed the following numbers of patients.

The article "An Alternative Vote: Applying Science to the Teaching of Science"† describes an experiment conducted at the University of British Columbia. A total of 850 engineering students enrolled in a physics course participated in the experiment. Students were randomly assigned to one of two experimental groups. Both groups attended the same lectures for the first 11 weeks of the semester. In the twelfth week, one of the groups was switched to a style of teaching where students were expected to do reading assignments prior to class, and then class time was used to focus on problem solving, discussion, and group work. The second group continued with the traditional lecture approach. At the end of the twelfth week, students were given a test over the course material from that week. The mean test score for students in the new teaching method group was 74, and the mean test score for students in the traditional lecture group was 41. Suppose that the two groups each consisted of 425 students. Also suppose that the standard deviations of test scores for the new teaching method group and the traditional lecture method group were 27 and 20, respectively. Estimate the difference in mean test score for the two teaching methods using a 95% confidence interval. (Use μ_{new method} − μ_{traditional method}. Use technology. Round your answers to three decimal places.)

The confidence interval----------------to conclude that the true mean test score for the new teaching method is greater than the true mean test score for the traditional lecture method because zero  ------------contained in the confidence interval.Give an interpretation of the interval.

Wiley Hill opened Hill's Repairs on March 1 of the current year. During March, the following transactions occurred:

1. Wiley invested $31,000 cash in the business in exchange for common stock.
2. Wiley contributed $106,000 of equipment to the business in exchange for common stock.
3. The company paid $2,600 cash to rent office space for the month of March.
4. The company received $22,000 cash for repair services provided during March.
5. The company paid $6,800 for salaries for the month of March.
6. The company provided $3,600 of services to customers on account.
7. The company paid cash of $1,100 for utilities for the month of March.
8. The company received $3,700 cash in advance from a customer for repair services to be provided in April.
9. The company paid $5,600 in cash dividends.

Based on this information, the total amount of stockholders’ equity reported on the balance sheet at the end of March would be:

The length of a species of fish is to be represented as a function of the age (measured in days) and water temperature (degrees Celsius). The fish are kept in tanks at 25, 27, 29 and 31 degrees Celsius. After birth, a test specimen is chosen at random every 14 days and its length measured.

Is there a significant difference in Highway MPG between cars weighing greater than 1.5 tons and cars weighing less than 1.5 tons? Using inferential statistics, determine whether we accept or reject the null hypothesis by showing: hypothesis, critical value, formulas, test statistics, decision/conclusions. Here is the dataset:

Write a C++ program that involves implementing the RSA cryptosystem. In practice for the encryption to be secure and to handle larger messages you would need to utilize a class for large integers. However, for this assignment you can use built-in types to store integers, e.g., unsigned long long int. Also, rather than using the ASCII table for this assignment use BEARCATII, which restricts the characters to the blank character and the lower-case letters of the alphabet as follows: blank character is assigned the value 0. A, …, Z are assigned the values 1, …, 26, respectively. The message M will be represented by replacing each character in the message with its assigned integer base 27. For example, the message M = “TEST” will be represented as N = 20 5 19 20 Translating this to decimal we obtain: D = 20 + 19*27 + 5*272 + 20*273 = 397838 Note that to convert back to base 27, we simply apply the algorithm we discussed in class, i.e., the least significant digit (rightmost) is obtained by performing the operations D mod 27 and performing a recursive call with D/27. For the example above we obtain, 397838 / 27, 397838 mod 27 = 14734, 20 → 14734 / 27, 14734 mod 27, 20 = 545, 19, 20 → 545/27, 545 mod 20, 19, 20 = 20, 5, 19, 20 = N Find primes p and q by choosing positive integers at random and testing for primality using Miller-Rabin probabilistic algorithm. Your program should prompt the user to input a positive integer representing the public key e. If the user enters a number that is not relatively prime to n = pq, then have the user reenter and keep doing this until e and n are coprime, i.e., gcd(e,φ(n)) = 1. Also prompt the user to enter the message M (as a character string). For handing purposes, run your program with M = “TEST”. Output p, q, n, M, C, P where C is the encrypted message, i.e., cyber text, and P is the decrypted message, i.e., plaintext. If your program is working correctly then M should be equal to P.