For the following four questions, a group of residents were asked about their support for a homeless shelter being opened in their neighborhood. They were also asked about how long they had lived in the neighborhood, with short term residency defined as less than three years and long-term as three years or more. Resident Neighborhood Tenure Supports Shelter 1 Short term Yes 2 Short term No 3 Long term Yes 4 Long term No 5 Short term Yes 6 Short term Yes 7 Long term No 8 Short term Yes 9 Short term Yes 10 Short term No Flag this Question Question 1 4 pts What is the probability of selecting a short term resident at random from this group? Flag this Question Question 2 4 pts What is the probability of selecting a resident who does not support the homeless shelter at random from this group? Flag this Question Question 3 4 pts What is the probability of selecting a long term resident who supports the homeless shelter at random from this group? Flag this Question Question 4 4 pts What is the probability of selecting a short term resident who does not support the homeless shelter at random from this group? Flag this Question For the following two questions, research has shown that nearly 25% of homeless adults are veterans. Flag this Question Question 5 4 pts What is the probability of selecting a particular homeless person who is not a veteran? Flag this Question Question 6 4 pts What is the probability of selecting two random homeless people who are both veterans? Flag this Question For the following seven questions, you are drawing one card at random from a standard deck of 52 cards. Flag this Question Question 7 4 pts What is the probability of drawing the eight of diamonds? Flag this Question Question 8 4 pts What is the probability of drawing a diamond card? Flag this Question Question 9 4 pts What is the probability of drawing an eight? Flag this Question Question 10 4 pts What is the probability of drawing a red car

Part 1.

About 24% of flights departing from New York's John F. Kennedy International Airport were delayed in 2009. Assuming that the chance of a flight being delayed has stayed constant at 24%, we are interested in finding the probability of 10 out of the next 100 departing flights being delayed. Noting that if one flight is delayed, the next flight is more likely to be delayed, which of the following statements is correct?

• We can use the geometric distribution with n = 100, k = 10, and p = 0.24 to calculate this probability.
• We cannot calculate this probability using the binomial distribution since whether or not one flight is delayed is not independent of another.
• We can use the binomial distribution with n = 100, k = 10, and p = 0.24 to calculate this probability.
• We can use the binomial distribution with n = 10, k = 100, and p = 0.24 to calculate this probability.

Part 2.

A July 2011 Pew Research survey suggests that 27% of adults say they regularly get news through Facebook, Twitter or other social networking sites. What's the probability that in a random sample of 10 people at most 1 of them get their news through social networking sites?

A July 2011 Pew Research survey suggests that 27% of adults say they regularly get news through Facebook, Twitter or other social networking sites. What's the probability that in a random sample of 10 people at most 1 of them get their news through social networking sites?

• 0.20
• 0.96
• 0.16
• 0.04
• 0.06

Part 3.

3.32 Arachnophobia: A 2005 Gallup Poll found that 7% of teenagers (ages 13 to 17) suffer from arachnophobia and are extremely afraid of spiders. At a summer camp there are 10 teenagers sleeping in each tent. Assume that these 10 teenagers are independent of each other.


(a) Calculate the probability that at least one of them suffers from arachnophobia.
(please round to four decimal places)
(b) Calculate the probability that exactly 2 of them suffer from arachnophobia?
(please round to four decimal places)
(c) Calculate the probability that at most 1 of them suffers from arachnophobia?
(please round to four decimal places)

Part 1) What sample size is needed to give a margin of error within +-6% in estimating a population proportion with 95% confidence? Use z-values rounded to three decimal places. Round your answer up to the nearest integer.

Part 2) Use StatKey or other technology to generate a bootstrap distribution of sample proportions and find the standard error for that distribution. Compare the result to the standard error given by the Central Limit Theorem, using the sample proportion as an estimate of the population proportion p.

Proportion of home team wins in soccer, with n=129 and p^=0.673.

Round your answer for the bootstrap S⁢E to two decimal places, and your answer for the formula S⁢E to three decimal places.

Part 3) Comparing Normal and Bootstrap Confidence Intervals

Find a 95% confidence interval for the proportion two ways, using StatKey or other technology and percentiles from a bootstrap distribution and using the normal distribution and the formula for standard error.

Proportion of Reese’s Pieces that are orange, using p^=0.48 with n=150

Round your answers to two decimal places.

Suppose there are two competing bills: A and B; and three legislators (voters): 1, 2, and 3. After all the voting takes place, three things can happen: bill A is passed, bill B is passed, or no bill is passed. The voting procedure is as follows:

1. In the first round legislators simultaneously (in a sealed envelope) vote for either bill A or B and the bill with the majority of the votes wins.

2. Then, the winner of the first round (either A or B) is voted against the status quo: no bill (that we will denote by N). This second-stage voting is simultaneous (in a sealed envelope) and the winner is selected by majority. After this second round the game ends in one of the three ways listed above.

Suppose legislators have the following preferences Voter 1: A > N > B.

2: B > A > N

3: N > A > B

(a) Apply IEDS to simplify the game (Hint: note that voting truthfully is a dominant strategy in the second round for every voter)

(b) Find a Subgame Perfect Nash equilibrium (SPNE) in which players do not play dominated strategies.

(c) Are there SPNE in which players play dominated strategies?

Perfect competition requires that first are always competing to improve technology, lower costs, and strive for profits. That means that old technology, and markets, get destroyed. Watch this video creative destruction. https://youtu.be/8N08Kkjq9gA

Identify a product that has been fundamentally changed due to creative destruction (not one mentioned in the video). Explain how the negative impacts are often more visible than the positive impacts.   

Example:

VHS tapes, and VHS rental stores such as BlockBuster Video have been replaced with Redbox and streaming services. The visible impact is that many who were employed in renting videos are displaced. Further, those who produced physical VHS tapes and those who transported them to the stores saw a decline in demand for their services.

However, from a societal perspective, we're now able to watch our videos and use the labor that was previously used in the VHS market to produce something else valuable for society. The result of this is more output for society.

There are winners and losers as technology advances. While society wins, those who are displaced are clearly hurt.

Jordi Referren was seeking a professional soccer contract in Europe. He has been offered a 3-year contract with Stripe Albion football club whereby his contract will be based on whether the club makes the finals in their local soccer league this year in Monrovia. The likelihood of this happening is 32.5%. The annual contract from Stripe Albion is either $800 000 if they make the finals or $400 000 if not successful.

Jordi has also been offered a 3-year contract with White Rovers football club whereby his contract will be based on whether the club makes the finals, makes the grand final or wins the overall championship in Turmenistan. The annual contract from White Rovers is based on amounts of $325 000 if they do not make the grand final, $410 000 if they make the grand final and lose and $900 000 if they win the overall championship. The likelihood of not making the grand final is 60%, making and losing the grand final of 30% and making and winning the grand final of 10%.

Required:

Advise Jordi, based only on the financial information provided, which of the club contracts he should accept.

Question No. 2 Life-Cycle Hypothesis

a. Suppose a person expects to live six periods. This person has no accumulated wealth and receives an income of $15, $20, $25, $30 in each of the first 4 periods, respectively. After period 4 this person retires and receives no wage income. Assuming this person follows the life cycle consumption function, prepare a table showing income,consumption and saving in each of the 6 years of the person’s life. Assume the interestrate is zero for parts a, b and c.

b. Suppose this person wins the lottery in period 1 for $30 (this is equivalent to an increase in wealth). Prepare a second table showing income, consumption and saving in each of the 6 periods of the person’s life. What is the MPC out of the temporary changein income?

c. Rather than winning the lottery in period 1, suppose this person gets and unexpected salary increase of $10 per period. Prepare a third table showing income, consumption andsaving in each of the 6 years of the person’s life. What is the MPC out of this permanentchange in income?

An accounting professional requires at least two skill sets. The first is to be technically competent. Knowing how to capture, manage, and report information is a necessary skill. Second, the ability to assess manager and employee actions and biases for accounting analysis is another skill. For instance, knowing how a person is compensated helps anticipate information biases. Draw on these skills and write a one-half page memo to the financial officer on the following practice of allocating overhead.

Background: Assume that your company sells portable housing to both general contractors and the government. It sells jobs to contractors on a bid basis. A contractor asks for three bids from different manufacturers. The combination of low bid and high quality wins the job. However, jobs sold to the government are bid on a cost-plus basis. This means price is determined by adding all costs plus a profit based on cost at a specified percent, such as 10%. You observe that the amount of overhead allocated to government jobs is higher than that allocated to contract jobs. These allocations concern you and motivate your memo.

Create a Java program that allows two players to play Rock, Paper, Scissors. Player 1 will enter an integer to determine whether they use rock, paper or scissors. Player 2 will also enter an integer to determine whether they use rock, paper or scissors. Use named constants for rock, paper and scissors and set their values as shown below. Use if-else statements to determine the results of the game. Use the named constants to compare with the player 1 and player 2 choices rather than hardcoding the numbers. Make sure to close your Scanner at the end of your program to avoid losing a point. When run, the program should look like the screenshots shown below.

Named constants:
ROCK = 1
PAPER = 2
SCISSORS = 3

Name your Java program RockPaperScissors.java and submit it to Canvas along with the other files specified in the “Grading” section below. Make sure your program compiles before submitting it to avoid losing points.

Example 1:
Player 1 chooses rock.
Player 2 chooses paper.
Player 2 wins!

Case 7.2

Skyhigh Airlines

Skyhigh Airlines flight 708 from New York to Los Angeles is a popular flight that is

usually sold out. Unfortunately, some ticketed passengers change their plans at the last

minute and cancel or re-book on another flight. Subsequently, the airline loses the $450

for every empty seat that the plane flies.

To limit their losses from no-shows, the airline routinely overbooks flight 708, and hopes

that the number of no-shows will equal the number of seats oversold. However, things

seldom work out that well. Sometimes flight 708 has empty seats, and other times there

are more passengers than the airplane has seats. When the latter happens, the airline must

“bump” pre-ticketed passengers; they estimate that this will cost them $275 in later

accommodations to bumped passengers.

Fortunately for the airline, hopeful passengers usually show up at flight time without

tickets and want to get on the flight. The airline classifies these passengers as standbys

while it waits to determine how many seats, if any will be available. Standby passengers

can help offset the loss associated with flying an empty seat, but the airline suffers no

penalty when a standby passenger is not able to receive a seat.

Airline records indicate that the number of No-shows and Standbys will vary according

to the probability tables below: (see bottom of page)

Simulate 25 flights with each of several different overbooking decisions (assume that the

best overbooking number will be between 1 and 6) to determine the optimal number of

seats to overbook this flight, to minimize the airline’s losses. Tabulate your results and

use them to justify your recommendations. You should report, for each scenario, the

average loss per flight, and the percentage of flights that suffer a loss.