A key skill in economics is the ability to use the theory of supply and demand to analyze specific markets. In this week’s discussion, you get a chance to demonstrate your ability to analyze the effects of several “shocks” to the market for coffee. Choose one of the three scenarios below.

Scenario 1: Suppose that, as part of an international trade agreement, the U.S. government reduces the tariff on imported coffee. Will this affect the supply or the demand for coffee? Why? Which determinant of demand or supply is being affected? Show graphically with before- and after-curves on the same axes. How will this change the equilibrium price and quantity of coffee? Explain your reasoning.

Scenario 2: Suppose the National Institutes of Health publishes a study finding that coffee drinking reduces the probability of getting colon cancer. How do you imagine this will affect the market for coffee? Why? Which determinant of demand or supply is being affected? Show graphically with before- and after-curves on the same axes. How will this change the equilibrium price and quantity of coffee? Explain your reasoning.

Scenario 3: Combine parts 1 and 2. Suppose that the U.S. government reduces the tariff on imported coffee, and a reputable study is published indicating that coffee drinkers have lower rates of colon cancer. What will the combined impact be on the equilibrium price and quantity of coffee? Explain your reasoning and show graphically. Make sure you think this through carefully!

Prompt

Ortelere, a retired teacher, has built up a substantial amount of funds in her retirement plan before she retired because of "involutional psychosis" (a form of mental illness).

She has previously specified that a lowered monthly retirement benefit would be paid to her so that her husband would get some benefit from the retirement plan if she died before he did.  After her mental problems began, she changed her payout plan and borrowed from the pension fund (....ok, lady, you're getting the money based on 'your' decision! We have relied on 'your' decision 'today'. Positions are changing, parties will be 'affected' based on 'representations'.)

As a consequence of the changes she made, her husband lost his rights to benefit. Two months after she made the changes, she died. The husband sued to reverse the changes his wife made, claiming she was not of sound mind when she made them.

• Will the changes in the plan be voided? Previously in Chapter 10 you only have the concept of 'consideration' and in chapter 11 we have 'competency'. Even if you argue competency, don't you find this very difficult to prove?
• Explain your answer. This is a good one, have some fun with this. You 'could' argue both sides, who has the stronger position?..... no free lunch, eh? Going to need an 'empathetic judge'?

The credit scores for 12 randomly selected adults who are considered high risk borrowers before and two years after they attend a personal finance seminar are given below.

You will run a significance test to check if there is enough evidence to support the claim that the personal finance seminar helps adults increase their credit scores.

You’ll use α = 0.01 for significance test.

1. 1. Write out the null and alternative hypothesis associated with the research question.
2. 2. What type of statistical test will you use to answer the proposed research question? (Note: Is this a z-test or a t-test for independent or dependent samples)
3. 3. What is the critical value at the 0.01 level of significance? Be sure and include whether this critical value is a z or t value and, if appropriate, include the degrees of freedom associated with this statistical test.
4. 4. What is the standardized test statistic?
   5. At 0.01 significance level what decision should be made about the null hypothesis? In other words, should you reject or retain the null hypothesis?
   6. Provide a brief conclusion regarding your findings.
   7. Show your excel output

Consider the following scenario:

Deer Valley Lodge, a ski resort in the Wasatch Mountains of Utah, has plans to eventually add five new chairlifts. Suppose that one lift costs $2 million, and preparing the slope and installing the lift costs another $1.3 million. The lift will allow 300 additional skiers on the slopes, but there are only 40 days a year when the extra capacity will be needed. (Assume that Deer Valley Lodge will sell all 300 lift tickets on those 40 days.) Running the new lift will cost $500 a day for the entire 200 days the lodge is open. Assume that the lift tickets at Deer Valley cost $55 a day. The new lift has an economic life of 20 years.

i.) Assume that the before-tax required rate of return for Deer Valley is 14%. Compute the before-tax NPV of the new lift and advise the managers of Deer Valley about whether adding the lift will be a profitable investment. Show calculations to support your answer.

ii.) Assume that the after-tax required rate of return for Deer Valley is 8%, the income tax rate is 40%, and the MACRS recovery period is 10 years. Compute the after-tax NPV of the new lift and advise the managers of Deer Valley about whether adding the lift will be a profitable investment. Show calculations to support your answer.

iii.) What subjective factors would affect the investment decision?

A receptionist/bookkeeper at a small dental practice was the only one who knew the software to track patient data (i.e. bills, payments) as well as being the one who prepared deposits of receipts for the bank. She figured out how she can input data and prepare a deposit slip for the owner to take to the bank before inputting cash into the system. The deposit slip given to the owner did not show certain cash receipts, and hence he had no idea the bookkeeper had in fact pocketed the money. She entered the cash into the system after printing the deposit slip, just in case a patient should ever be questioned about his or her account. The bookkeeper left the job without being caught. However, a patient came in after she left and asked for a receipt for the cash she had paid two weeks before. The new bookkeeper, not yet familiar with the system, asked the boss for the deposit slip he had so she can give the correct amount to the patient. The slip had no cash deposit on it however. They went into the computer file and figured out what happened.

1) Identify risks and/or red flags in this case that provided the opportunity for fraud.

2) Identify controls that needed to be put in place that might have mitigated this risk.

3) Is this skimming or larceny? Explain the difference.

I have to use a sentinel while loop to complete the following task in a java program, I want to see how this is executed so I can better understand how the sentinel while loop works. Thank you!

Convert Lab 10 from a counter controlled WHILE loop to a sentinel WHILE loop. Do the following:

• Prompts the user to enter a grade or a -1 to quit.
• IF the user entered a -1 THEN
  • Display a message that the User is done entering grades
• ELSE
  • Count each grade as it is entered.
  • Compute a running total of the grades entered.
• END IF
• After the user enters the sentinel of -1, calculate the average of the grades entered.
• When computing the average, make sure that there is no division by zero. Check to make sure the counter is not equal to zero.
• Make sure the sentinel is not counted as a grade.
• Print out a message stating the average of the grades entered.

Include the following:

1. Use a sentinel-controlled WHILE loop that uses a -1 as the sentinel to exit the loop.
   • Before counting the grades, initialize the counter to zero before the while loop begins.
2. While within the body of the ELSE:
   • Within the WHILE loop:
     • Prompt the User to enter a grade or a -1 to quit.
     • IF the input is not a -1 THEN
       • Count the grade.
       • Compute a running total of these grades as they are entered.
     • END IF
   • After the WHILE Loop is done executing, compute the average of all the grades entered. Remember to check to make sure you don't perform a division by zero.

Before opening the dataset needed for this problem, you’ll need to call the “car” package:

> library(car)

Now you can import the “Wong” dataset and use it to answer the question below.

Remember to include any code you use along with your answers in your submission!

3. The Wong dataset contains data from a study by Wong, Monette, and Weiner (2001) on patients who fell into comas after sustaining traumatic brain injuries. After waking, Wong and colleagues administered two different intelligence tests (the “piq” and “viq” variables). The “duration” variable indicates how long each patient was in a coma before waking (measured in days).
a. Consider that this dataset represents the population of all patients who fell into comasafter sustaining traumatic brain injuries. Calculate the population mean and standard deviation of the duration variable.

b. Simulate drawing 1,000 random samples of size n =30 and store the sample mean durations in a vector (see the Lab 4 handout and/or video). Create a histogram of your sampling distribution of means for duration.

c. Calculate the mean and standard deviation of your sampling distribution. How do they compare to the population mean and standard deviation?

d. If you decreased your sample size to n=10, how would the shape of your sampling distribution change compared to what you reported above?

A company that makes shopping carts for supermarkets and other stores recently purchased some new equipment that reduces the labor content of the jobs needed to produce the shopping carts. Prior to buying the new equipment, the company used 7 workers, who together produced an average of 90 carts per hour. Workers receive $18 per hour, and machine cost was $40 per hour. With the new equipment, it was possible to transfer one of the workers to another department, and equipment cost increased by $11 per hour while output increased by 5 carts per hour.

a. Compute labor productivity under each system. Use carts per worker per hour as the measure of labor productivity. (Round your answers to 3 decimal places.)

b. Compute the multifactor productivity under each system. Use carts per dollar cost (labor plus equipment) as the measure. (Round your answers to 3 decimal places.)

c. Comment on the changes in productivity according to the two measures. Round your intermediate calculations to 3 decimal places and final answers to 2 decimal places.

In September 2017, Hurricane Irma was forecasted to have a major impact on South Florida; many were affected by her strong winds and water. Drinking water before and after Hurricane Irma hit the Florida Keys was scarce for South Florida residents.

• Imagine that on August 21, 2017, the Vice President of Distribution for Zephyrhills Water was notified that Hurricane Irma, a Level 4 hurricane may be on track to hit South Florida on September 10th, which of the three decision-making styles would the Vice President need to exhibit to ensure that South Florida residents are provided sufficient supplies of water? Provide support for your choice. Describe the possible plan of action.
• Imagine it's September 6, 2017, and the Vice President of Distribution for Publix was notified that Hurricane Irma, a Level 4 hurricane was on track to hit South Florida on September 10th, which of the three decision-making styles would the Vice President need to exhibit to ensure that South Florida residents are provided sufficient supplies of water? Provide support for your choice. Describe the possible plan of action.
• In reflection, what could leadership at these entities have done to better prepare before and after Hurricane Irma's arrival that would have had a lesser impact on the residents of South Florida.

Submit a 1 - 1.5 page, double-spaced essay document. Provide the reader with an introduction.

A company that makes shopping carts for supermarkets and other stores recently purchased some new equipment that reduces the labor content of the jobs needed to produce the shopping carts. Prior to buying the new equipment, the company used 6 workers, who together produced an average of 90 carts per hour. Workers receive $18 per hour, and machine cost was $40 per hour. With the new equipment, it was possible to transfer one of the workers to another department, and equipment cost increased by $11 per hour while output increased by 4 carts per hour.

a. Compute labor productivity under each system. Use carts per worker per hour as the measure of labor productivity. (Round your answers to 3 decimal places.)

b. Compute the multifactor productivity under each system. Use carts per dollar cost (labor plus equipment) as the measure. (Round your answers to 3 decimal places.)

c. Comment on the changes in productivity according to the two measures. Round your intermediate calculations to 3 decimal places and final answers to 2 decimal places.