osteoporosis is a condition in which people experience decreased bone mass and an increase in the risk of bone fracture. Actonel is a drug that helps combat osteoporosis in postmenopausal women. In clinical trials, 1374 postmenopausal women were randomly divided into experimental and control groups. The subjects in the experimental group were administered 5 milligrams of Actonal, while the subjects in the control group were administered a placebo. The number of women who experienced a bone fracture over the course of one year was recorded. Of the 696 women in the experimental group, 27 experienced a fracture during the course of the year. Of the 678 women in the control group, 49 experienced a fracture during the course of the year.

a. Does the sample evidence suggest the drug is effective in preventing bone fractures? Use the × = 0.01 level of significance.

b. Construct a 95% confidence interval for the difference between the two population proportions, p exp - p control.

You are interested in finding a 90% confidence interval for the mean number of visits for physical therapy patients. The data below show the number of visits for 12 randomly selected physical therapy patients. Round answers to 3 decimal places where possible.

a. To compute the confidence interval use a ? z t  distribution.

b. With 90% confidence the population mean number of visits per physical therapy patient is between  and   visits.

c. If many groups of 12 randomly selected physical therapy patients are studied, then a different confidence interval would be produced from each group. About  percent of these confidence intervals will contain the true population mean number of visits per patient and about  percent will not contain the true population mean number of visits per patient.

The sales manager of a consulting firm hires salespeople based on the personalities of the customers and when assigning customers to sales people. What are the pros and cons of this?

how PetMed will increase its competitive advantage by increasing the acquisition of new customers and increasing sales to loyal customers. What can they do?

(5) Suppose x has a distribution with μ = 20 and σ = 16.

(a) If a random sample of size n = 47 is drawn, find μ_x, σ_x and P(20 ≤ x ≤ 22). (Round σ_x to two decimal places and the probability to four decimal places.)

μ_x =

σ _x =

P(20 ≤ x ≤ 22)=

(b) If a random sample of size n = 61 is drawn, find μ_x, σ_x and P(20 ≤ x ≤ 22). (Round σ_x to two decimal places and the probability to four decimal places.)

μ_x =

σ _x =

P(20 ≤ x ≤ 22)=

c) Why should you expect the probability of part (b) to be higher than that of part (a)? (Hint: Consider the standard deviations in parts (a) and (b).)
The standard deviation of part (b) is (Blank)?  part (a) because of the ( Blank) ? Sample size. Therefore, the distribution about μ_x is (Blank) ?

(8) Let x be a random variable that represents the level of glucose in the blood (milligrams per deciliter of blood) after a 12 hour fast. Assume that for people under 50 years old, x has a distribution that is approximately normal, with mean μ = 54 and estimated standard deviation σ = 11. A test result x < 40 is an indication of severe excess insulin, and medication is usually prescribed.

(a) What is the probability that, on a single test, x < 40? (Round your answer to four decimal places.)

(b) Suppose a doctor uses the average x for two tests taken about a week apart. What can we say about the probability distribution of x? Hint: See Theorem 6.1.

What is the probability that x < 40? (Round your answer to four decimal places.)

(c) Repeat part (b) for n = 3 tests taken a week apart. (Round your answer to four decimal places.)

(d) Repeat part (b) for n = 5 tests taken a week apart. (Round your answer to four decimal places.)

Explain what this might imply if you were a doctor or a nurse.

(9) Let x represent the dollar amount spent on supermarket impulse buying in a 10-minute (unplanned) shopping interval. Based on a certain article, the mean of the x distribution is about $27 and the estimated standard deviation is about $9.

(a) Consider a random sample of n = 100 customers, each of whom has 10 minutes of unplanned shopping time in a supermarket. From the central limit theorem, what can you say about the probability distribution of x, the average amount spent by these customers due to impulse buying? What are the mean and standard deviation of the x distribution?

Is it necessary to make any assumption about the x distribution? Explain your answer.

(b) What is the probability that x is between $25 and $29? (Round your answer to four decimal places.)

(c) Let us assume that x has a distribution that is approximately normal. What is the probability that x is between $25 and $29? (Round your answer to four decimal places.)

(d) In part (b), we used x, the average amount spent, computed for 100 customers. In part (c), we used x, the amount spent by only one customer. The answers to parts (b) and (c) are very different. Why would this happen?

(10) A European growth mutual fund specializes in stocks from the British Isles, continental Europe, and Scandinavia. The fund has over 325 stocks. Let x be a random variable that represents the monthly percentage return for this fund. Suppose x has mean μ = 1.4% and standard deviation σ = 1.1%.

(a) Let's consider the monthly return of the stocks in the fund to be a sample from the population of monthly returns of all European stocks. Is it reasonable to assume that x (the average monthly return on the 325 stocks in the fund) has a distribution that is approximately normal? Explain.

(Blank)  x is a mean of a sample of n = 325 stocks. By the(Blank)  the x distribution( Blank) approximately normal?

(b) After 9 months, what is the probability that the average monthly percentage return x will be between 1% and 2%? (Round your answer to four decimal places.)(c)After 18 months, what is the probability that the average monthly percentage return x will be between 1% and 2%? (Round your answer to four decimal places.

(d) Compare your answers to parts (b) and (c). Did the probability increase as n (number of months) increased? Why would this happen?

(e) If after 18 months the average monthly percentage return x is more than 2%, would that tend to shake your confidence in the statement that μ = 1.4%? If this happened, do you think the European stock market might be heating up? (Round your answer to four decimal places.)  P(x > 2%)

Explain.

Pelican Stores

Pelican Stores, a division of National Clothing, is a chain of women’s apparel stores operating throughout the country. The chain recently ran a promotion in which discount coupons were sent to customers of other National Clothing stores. data collected for a sample of 100 in-store credit card transactions at Pelican Stores during one day while the promotion was running are contained in the file named PelicanStores. Table 2.19 shows a portion of the data set. The Proprietary Card method of payment refers to charges made using a National Clothing charge card. Customers who made a purchase using a discount coupon are referred to as promotional customers and customers who made a purchase but did not use a discount coupon are referred to as regular customers. because the promo- tional coupons were not sent to regular Pelican Stores customers, management considers the sales made to people presenting the promotional coupons as sales it would not other- wise make. Of course, Pelican also hopes that the promotional customers will continue to shop at its stores.

Most of the variables shown in Table 2.19 are self-explanatory, but two of the variables require some clarification.

- Items The total number of items purchased

- Net Sales The total amount ($) charged to the credit card

Pelican’s management would like to use this sample data to learn about its customer base and to evaluate the promotion involving discount coupons.

Managerial Report

Use the tabular and graphical methods of descriptive statistics to help management develop a customer profile and to evaluate the promotional campaign. At a minimum, your report should include the following:

1. Percent frequency distribution for key variables.

2. A bar chart or pie chart showing the number of customer purchases attributable to the method of payment.

3. A crosstabulation of type of customer (regular or promotional) versus net sales. Comment on any similarities or differences present.

4. A scatter diagram to explore the relationship between net sales and customer age.

Table 2.19

5.

FuboTV and hulu are two streaming services companies that many consumers are using to eliminate expensive cable-TV services. They offer similar benefits to customers. If the price of the FuboTV service decreases, this will cause a decrease in the _______ for the hulu brand streaming service which would be graphed as _______.

Group of answer choices

quantity demanded, movement up/left along its demand curve

demand, leftward shift of its demand curve

quantity demanded, leftward shift of its demand curve

demand, movement up/left along its demand curve

6.

A minimum wage is an example of a price floor and results in higher rates of unemployment.

Group of answer choices

True

False

7.

Opportunity cost is defined as the value of everything given up when a decision is made or a course of action is followed.

Group of answer choices

True

False

8.

Assume that a firm is considering using another hour of labor at a cost of $20. The marginal product of this additional hour of labor is 15 units. The selling price is $2 per unit. Which of the following correctly identifies what the firm should do and for the correct reason?

Group of answer choices

The firm should not use the additional hour of labor because the MRP is negative.

The firm should use the additional hour of labor because the firm’s total product will increase.

The firm should use the additional hour of labor because the marginal product is positive.

The firm should obtain more information because there is not enough information provided to determine its best course of action.

The firm should not use the additional hour of labor because the marginal product is less than the wage rate.

The firm should use the additional hour of labor because the firm’s MRP is greater than the wage rate.

9,

It is assumed in economics that firms want to maximize _______, and this assumption provides the foundation for the _______.

Group of answer choices

total revenue, law of supply

total revenue, law of demand

total profit, law of supply

total profit, principle of increasing marginal opportunity cost

10.

The cross-price elasticity of demand between two goods is –1.9. This tells us these two goods are _______ and _______.

Group of answer choices

substitutes, used in place of each other

substitutes, used together

complements, used together

complements, used in place of each other

Bruny Island Dairy is a boutique cheese maker on Bruny Island. Over the years, the business has grown firstly by supplying local retailers, and then through exports. In addition, there is a ‘farm-gate’ shop and café located next to the main processing plant on Bruny Island, serving tourists who also visit the other specialist food and wine businesses in the region. Quality control over the cheese manufacturing process and storage of raw materials and finished products at Bruny Island Dairy is extremely high. All members of the business are committed to high product quality because any poor food handling practices which could result in a drop in cheese quality, failed health and safety inspections, or contamination of the products which would ruin the business very quickly. The company has managed to maintain export sales throughout the COVID-19 pandemic. However, revenue from tourists visiting the island has dropped off dramatically. The company has secured government assistance.

The export arm has been built up to become the largest revenue earner for the business by the younger of the two sisters who have run Bruny Island Dairy since it was established. Jane Langley has a natural flair for sales and marketing, but is not so good at completing the associated detailed paperwork. Some of the export deals have been poorly documented and Jane often gives discounts to some customers without consulting her older sister, Melinda, or informing the sales department. Consequently, there are often disputes about invoices and Jane makes frequent adjustments to debtor accounts using credit notes when clients complain about their statements. Jane sometimes falls behind in responding to customer complaints because she is very busy juggling the demands of making export sales and running her other business, Café Consulting, which manages casual staff working at the café business at Bruny Island Dairy.

Required
a. Identify the factors that would affect the preliminary assessment of inherent risk and control risk at Bruny Island Dairy.
b. Explain how these factors would influence your choice between the predominantly substantive approach (where planned detection risk is set at low-medium) and the lower assessed level of control risk approach (where planned detection risk is set at medium -high) for sales, inventory and debtors.

1. purchased on sept 1 a one year insurance policy for 1,200

2. provided services to customers during sept and recieved $30,000 cash

Using the equation, write what category (ie cash, A/R, etc) is increased, decreased or no effect for these sections:

Assets=Liabilities+Stockholder's Equity

2nd part//////

using the same formula, assets=liabilities+stockholder's equity, the company needs to record the following ADJUSTING transactions to update their records AT THE END OF THE MONTH

1. the company did a pysical count of suplies and deteremined 1k of supplies are still on hand. record the use of supplies.

2. te company provided services of 1,000 to the customer paid in advance (previously, they recieved a 5,000 cash advance from a customer for services not yet received which resulted cash +5000, unearned revenue +5000)

3. depreciation expense on equipment of $500 needs to be recorded.

4. record insurance expense for the month of october.

5. record accural of interest expense on note payable for the month of october.

Exercise 5-14 Effect of credit card sales on financial statements LO 5-5

Ultra Day Spa provided $85,050 of services during 2018. All customers paid for the services with credit cards. Ultra submitted the credit card receipts to the credit card company immediately. The credit card company paid Ultra cash in the amount of face value less a 4 percent service charge.

Required

1. Record the credit card sales and the subsequent collection of accounts receivable in a horizontal statements model like the one shown here. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). If an element is not affected by the event, leave the cell blank.
2. Based on this information alone, answer the following questions:

1. (1) What is the amount of total assets at the end of the accounting period?
2. (2) What is the amount of revenue reported on the income statement?
3. (3) What is the amount of cash flow from operating activities reported on the statement of cash flows?