Solve the following logic problems. Remember, everyone you meet is either a knight or a knave, knights make true statements, and knaves make false statements. Give your reasoning for each problem.
a) You meet two residents, Alex and Bill. They say the following: Alex: I’m a knight. Bill: Alex is a knight, but I’m a knave. Is Alex a knight or a knave? Is Bill a knight or a knave?
b) You meet Clara and Davis, who are all like: Clara: One of us is a knight and the other is a knave. Davis: Clara is a knave. Is Clara a knight or a knave? Is Davis a knight or a knave?
c) You meet Edith and Frank, though only Edith speaks. Edith: Both Frank and I are knaves. Is Edith a knight or a knave? Is Frank a knight or a knave? (Note: Frank’s silence gives no indication of his type, but you can figure out from Edith’s statement.)
d) You meet Gina, Herbert, and Ichabod. Gina: Ichabod is a knave, if and only if I’m a knight. Herbert: Ichabod is a knight, if and only if I’m a knave. Ichabod: I like pudding. Does Ichabod like pudding?
In: Advanced Math
At the end of April, Cavy Company had completed Job 766 and 765. According to the individual job cost sheets the information is as follows:
Job | Direct Materials | Direct Labor | Machine Hours |
Job 765 | $5,670 | $3,500 | 27 |
Job 766 | $8,900 | $4,775 | 44 |
Job 765 produced 152 units, and Job 766 consisted of 250 units.
Assuming that the predetermined overhead rate is applied by using machine hours at a rate of $200 per hour, determine the (a) balance on the job cost sheets for each job, and (b) the cost per unit at the end of April.
In: Accounting
4. Suppose the market demand and supply functions are QD = 180 – 1.5P and QS = 3.5P + 40. You have just graduated and moved to this city; as a new MBA and an entrepreneur, you are considering entering the market for this product.
a. Determine the equilibrium price and quantity in this market.
b. You’ve researched and found that most firms in the market currently experience costs such that TC = 15 + 45Q – 10Q2 + 1.5Q3. Determine whether or not you should enter this market. Use graphs to support your answer.
c. Due to unforeseen delays, you don’t enter the market. However, a year later the market supply has changed to QS = 3.5P + 10. Are you surprised at this shift in supply?
d. Given the new supply conditions, determine whether or not you should enter the market.
In: Economics
Do you know, without looking at the syllabus, what is Strategic Management Accounting?
Please do surface research on the web, just enough so you can start making up a map in your head about what we will be looking into during the term. Then start a discussion answering the following questions.
1. Did you know what SMA is about before this class?
2. If Yes, Please share your experience
3. If No, based on the name alone what did you imagine it would be
4. After Your research, (even if you already knew what it was) did your view change? As a thought what are the implications of this subject and why is it relevant to your Specialization.
5. Does the topic interest you beyond the scope of your MBA? If so, expand on your answer.
In: Accounting
Suppose that an insurance company wants to offer insurance for bicycle theft. They do a careful market survey and find that the incident of theft varies widely across communities. In some areas there is a high probability that a bicycle will be stolen, and in other areas thefts are quite rare. Suppose that the insurance company decides to offer the insurance based on the average theft rate. What do you think will happen? Answer: the insurance company is likely to go broke quickly! Think about it. Who is going to buy the insurance at the average rate? Not the people in the safe communities – they don’t need much insurance anyway. Instead the people in the communities with a high incidence of theft will want the insurance – they’re the ones who need it. But this means that the insurance claims will mostly be made by the consumers who live in the high-risk areas. Rates based on the average probability of theft will be a misleading indication of the actual experience of claims filed with the insurance company. The insurance company will not get an unbiased selection of customers; rather they will get an adverse selection. In fact the term “adverse selection” was first used in the insurance industry to describe just this sort of problem. It follows that in order to break even the insurance company must base their rates on the “worst-case” forecasts and that consumers with a low, but not negligible, risk of bicycle theft will be unwilling to purchase the resulting high-priced insurance. A similar problem arises with health insurance—insurance companies can’t base their rates on the average incidence of health problems in the population. They can only base their rates on the average incidence of health problems in the group of potential purchasers. But the people who want to purchase health insurance the most are the ones who are likely to need it the most and thus the rates must reflect this disparity. In such a situation it is possible that everyone can be made better off by requiring the purchase of insurance that reflects the average risk in the population. The high-risk people are better off because they can purchase insurance at rates that are lower than the actual risk they face and the low- risk people can purchase insurance that is more favorable to them than the insurance offered if only high-risk people purchased it.
Consider the bicycle example. Suppose that the insurance company must not differentiate bythe districts where theft happens. What will be the equilibrium? Why?
In: Economics
Please find and post one example of a situation in which a business leader (or group of leaders) behaved unethically. You can google "corporate scandals," "ethical scandals in business, "unethical business leaders," etc. You won't have any problem finding something after just a few minutes of searching!
Do not use examples from politics, government, religious organizations, educational institutions, or other non-profit settings. Use examples only from for-profit businesses.
You may not use Wells Fargo since there's already a case on this company in Ch. 13.
There is no time frame; it can be a recent incident or something that happened years ago.
Each student must pick something different, so be sure to read all previous posts before posting your own. Also, you must reference your source(s). If you use the same example that another student has already posted, and/or you do not reference your source(s), you will not get credit for it.
In: Operations Management
1. Let A be the set whose elements are the months of the year that begin with the letter J. A = { }
2. Define a set that is empty. Let B be the set: _________________________________________________________________________ _________________________________________________________________________
3. The following data was collected from a survey of 350 San Antonio residents Are you a Spurs fan? YES NO Male 204 19 Female 113 14
a. How many males were surveyed?
b. How many spurs fans were surveyed?
c. How many San Antonians surveyed are not fans and male? d. How many San Antonians surveyed are fans or female?
e. How many San Antonians surveyed are fans or male? f. How many San Antonians surveyed are not fans or female?
4. Let
X = {1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15}
A = {1, 2, 5, 7, 8, 10, 14, 15} and B = {2, 3, 5, 9, 10, 13} and C = {2, 7, 10, 12, 14, 15}
a. A ∩ C = b. A ∪ B =
c. B ∩ C = d. A ∩ B ∩ C =
5. Gilbert asked his group of 10 friends from middle school the following questions:
Do you ride the bus? Do you get picked up?
Their responses are shown in the Venn diagram below:
Bus Pickup
Jenna Ron Leslie
Rick Vic Debbie
Johnny Pablo
Use the Venn diagram to list the elements of each set.
a. The set of students who ride the bus
b. The set of students who get picked-up
c. The set of students who ride the bus or get picked up
d. The set of students who ride the bus and get picked up
e. The set of students who don’t ride the bus nor get picked up
f. The set of students who ride the bus but do not get picked up Jenna Rick Johnny Leslie Debbie Pablo
6. A group of 100 people touring Europe includes 51 people who speak French 57 who speak Polish, and 16 who speak neither language.
a. Construct a Venn diagram describing this situation.
b. How many people in the group speak both French and Polish?
7. A small combination lock on a suitcase has 4 wheels, each labeled with the 10 digits 0 to 9.
a. How many 4 digit combinations are possible if no digit is repeated?
b. If digits can be repeated?
c. If successive digits must be different?
8. A card is drawn from a standard 52-card deck. If the card is an ace, you win $12; otherwise, you lose $2. What is the expected value of the game?
9. Ten thousand raffle tickets are sold at $2 each for a local benefit. Tickets will be drawn at random and monetary prizes awarded as follows: 2 prizes of $1,000, 4 prizes of $500, and 10 prizes of $100. What is the expected value if you buy 1 raffle ticket?
10. An insurance company charges an annual premium of $75 for a $200,000 insurance policy against a house burning down. If the empirical probability that a house burns down in a given year is 0.0003, what is the expected value of the policy to the insurance company?
In: Advanced Math
For the following transactions, indicate the amount of foreign currency exposure created by the transaction, whether the exposure is long or short the time period of the exposure, and the impact of an increase and a decrease in the value of the foreign currency on the US company’s profit in the transaction: a. Sale of products to a Japanese customer at a price of 1 billion yen, with payment due one year from today. b. Purchase from a French supplier of at a price of 500 million Euros, with payment due in 6 months from today.
In: Finance
Briefly summarize how this article relates to Time Value of Money particularly useful or timely, and give your personal reactions to the article.
It's times like these that I plaintively cry for my phantom butler. True to form, he never shows. Then, begrudgingly, I clean up � which doesn't really take that much time. But added to all the time I took to sidestep the growing mess and pretend it doesn't bother me, it's another ring on my tree trunk. So I'm left wondering: Is it worth it for me to get a housekeeper? To help answer the question, I talked to two economists. (Yes, the perks of my job are without number.) Ian Walker of the University of Warwick in England came up with a formula a few years ago to help assess the monetary value of your time. He takes into account your gross hourly wage, your marginal tax rate (the top tax rate you pay), and the cost-of-living in your area. The formula is based on the assumption that what you make is an indication of how you value an hour of your time because that's what you're willing to sell it for to an employer. Theoretically (although not practically), you could always be working and earning money instead of cooking, mowing the lawn, doing the laundry, etc. But the worth of your wage also depends on the cost of living in your area and your taxes, since they determine how far your wage will go when it comes to spending it. Here's Walker's formula (algebra-phobes may want to close their eyes now): The value of your time = [Wage(100-Tax rate)]/Cost of living. Say you're single in San Diego making $75,000 a year. Your gross hourly wage is roughly $36, assuming you're paid for a 40-hour week, 52 weeks a year, including vacation. Your combined marginal tax rate (federal + state +local) would be 37.3 percent, according to tax publisher CCH, Inc. And according to ACCRA, which compiles cost-of-living indexes, your cost of living number is 137.3, meaning the cost of living in San Diego is 1.373 times higher than the national average (100). By Walker's formula, the value of your time is $16.44 per hour. Or: [36(100-37.3)]/137.3. So say you're debating whether to launder your shirts or send them out. If it takes you two hours to do your shirts (time you might value at $32.88) and the laundry service can do it for the same or less, you might conclude it's a worthwhile purchase if you'd rather do something else with your time. Don't forget quality of life The formula, however, isn't perfect. For instance, it doesn't distinguish between earned income and investment income, which are often taxed at different rates. Plus it's hard for most of us to figure out our effective tax rates (the rates you actually pay after you take deductions, etc.). And it's hard to get a current cost-of-living number specific to where you live. (Attached is a partial list.) The formula also assumes the value of your time is constant. Practically speaking, that's not the case, said Daniel Hamermesh, an economist at the University of Texas. He notes the value of his time in summer is probably less than during the school year when he's at his busiest. It also can't offer a way to value the pleasure or displeasure you take in performing a task. That should be a top consideration when assessing the value of your time, since time is a finite commodity for all of us, and how we spend it determines our quality of life, Hamermesh said. You may choose to paint a room in your house because you enjoy it, even though the opportunity cost of your time is high, while the cost of a painter by comparison is low. Conversely, you may choose to eat out more often because you dislike cooking. Lastly, the formula doesn't account for the fact that paying for a service may be worthwhile if it's for a task you don't do very well. Hamermesh uses the example of a plumber, who may cost you more per hour than you could net at work, but that's money well spent if you're an idiot when it comes to fixing toilets. Or ... just wing it All this assumes, of course, that you have discretionary income (after-tax money left over after paying the bills). Of course, most people aren't able to afford all the things they desire. So you'll have to rank your likes and dislikes and your level of competency at various tasks, in addition to roughly gauging the monetary value of your time to determine if a service is worth your money in exchange for free time. But at the end of the day, Hamermesh implied by way of example, you shouldn't think too hard about the question. A colleague of his pointed out the tremendous complexities that go into passing a car on a two-lane road. You've got to assess your velocity, the velocity of the car in front of you and the velocity of the car coming toward you in the other lane. "But you don't do a differential equation," Hamermesh said. You make your best guess, pass the car and most of the time you don't get in an accident. Well, there it is. I'm definitely getting a housekeeper. I just want to clean up first before she comes.
In: Economics
We will soon be visiting chapter 8 and organizational budgeting. There are many aspects of budgeting and, conversely, many impacting results from realistic and/or unrealistic budgeting goals. Share with us your thoughts and ideas on budgeting and what impact this important topic may have on an organization's goals and ultimate success.
In: Accounting