Please answer all, thank you.

1. If cats become a more popular pet in the United States than they are now, what can we expect to happen to the market for cat food workers?
   1. wage decreases
   2. MP increases    
   3. MRP decreases
   4. MRP increases

2. Which of the following could be a perfectly competitive market?
   1. the market for patented pharmaceuticals            
   2. the market for restaurants with permits to sell alcohol   
   3. the market for tradable stocks  
   4. the market for licensed electricians

3. Suppose the price of HD televisions decreases. As a result, the
   1. MRP of the workers making HD televisions will increase.
   2. MP of the workers making HD televisions will increase.  
   3. MRP of the workers making HD televisions will decrease.             
   4. MFC of the workers making HD televisions will increase.

4. Suppose the Tidy Laundry Detergent Company, which sells 40% of all detergent, is thinking about raising its price. Before Tidy makes the change, they analyze the likely responses of the All-Clean Detergent Company, which sells 35% of all detergent, and Cheerful Detergent Company, which sells 20% of all detergent. Tidy's behavior shows
   1. nonprice competition.  
   2. collusion.            
   3. mutual interdependence in pricing decisions.     
   4. difficult entry in oligopolies.       

5. If the marginal cost of the 5,000th unit is $0.06 and the average total cost of the 5,000th unit is $0.10:
   1. average total cost is falling.         
   2. total cost is falling.          
   3. average variable cost is falling.  
   4. average fixed cost is rising.

6. What is the largest possible loss that is consistent with a firm producing in a perfectly competitive market in long-run competitive equilibrium?
   1. an amount equal to total fixed cost         
   2. zero      
   3. an amount equal to total variable            
   4. an amount equal to price minus average variable cost

7. Which of the following is not one of the work disincentive criticisms of welfare programs?
   1. Welfare provides income that is easier to obtain than by working, so poor are induced to reduce their work effort.
                     
      b. The more a welfare recipient earns from a job, the fewer the benefits he or she receives.         
   2. Because welfare benefits are paid for with money collected from taxes and these taxes reduce take home pay for those working, the reward for work is reduced.     
   3. Bureaucracy associated with welfare results in more money in the hands of bureaucrats than in the hands of the poor.

8. Suppose there are four buyers all considering purchasing round-trip airfare from Boston to Miami with the following price elasticities of demand for this purchase: Buyer A: 1.5, Buyer B: 0.7, Buyer C: 1.0, Buyer D: 2.3. If the airline knows of these elasticities and practices price discrimination, which buyer will pay the highest price for the airfare?
   1. Buyer C
   2. Buyer D
   3. Buyer A
   4. Buyer B

9. Why do economies of scale and monopoly power exist with network goods?
   1. As the number of people connected to a network increases, the greater the benefits each person gets and the smaller the cost per unit to supply.         
   2. Many small firms must develop to serve all of the consumers willing to pay for access to the network good, so their costs are driven down.     
   3. Network goods require a group of sellers working together and this cooperation reduces the firms' cost per unit.     
   4. Just as the value of a network good decreases to each user as the total number of users increases, so does the long run average cost decrease as output increases.     

10. What happens to the marginal product of labor when the market price of the good produced increases?
    1. Decreases proportional to price.               
    2. Stays the same.
    3. Falls because quantity demanded falls.
    4. Increases proportional to price.

The Savage Garden Company uses normal costing in its job-order cost system. The predetermined overhead rate is 3 times the direct labor cost. Job 70 was completed during 2019. This job was charged $4,000 for direct materials, $2,000 for direct labor, and $6,000 for allocated overhead. The job consisted of 10 units. After the job was completed, but before it was sent to Finished Goods, it was determined that 2 of these units were spoiled.

If the 2 bad units are considered to be abnormal spoilage and thrown away, how many total dollars for Job 70 would be transferred to Finished Goods (this is TOTAL dollars, not per unit).  

Group of answer choices

$12,000

$10,800

$9,600

None of these answers are correct.

Refer to question 8. Now assume that the spoilage is still considered to be abnormal, but that the 2 units are sold for $200 each instead of being thrown away. The total dollars transferred to Finished Goods for Job 70 would now be  

Group of answer choices

lower than your answer in the previous question.

the same as your answer in the previous question.

higher than your answer in the previous questions

Now assume that the 2 spoiled units are considered to be normal specific spoilage. Compute the COST PER UNIT of each good unit transferred to Finished Goods.

Group of answer choices

None of these answers are correct.

$1,080 per unit

$960 per unit

$1,200 per unit

$1,500 per unit

Refer to the previous question. The 2 spoiled units are still considered to be normal specific spoilage, but instead of throwing them away, the company sells each unit for $200. The COST PER UNIT of each good unit transferred to Finished Goods would be

Group of answer choices

larger than your answer in the previous question.

smaller than your answer in the previous question.

the same as your answer in the previous question.

Now assume that the 2 spoiled units are going to be treated as normal generic spoilage. What account would be debited to recognize the spoilage?

Group of answer choices

Overhead Allocated

Finished Goods Control

Work in Process Control

Overhead Control

Still referring to question 8 and Job 70, now the company fixes the bad units. The cost to rework the units is $50 per unit for direct materials and $100 per unit for direct labor. What account would be debited to recognize the total cost to fix (rework) the two units?

Group of answer choices

Overhead Allocated

Loss from Abnormal Rework

Work in Process Control

Finished Goods Control

Overhead Control

Refer to the previous question. What would be the total amount of the debit to recognize the total rework cost?

Group of answer choices

$300

$750

None of these answers are correct.

$900

$600

A company has no beginning Finished Goods. During the year, the company produces 10,000 units and sells 9,000 units. During the year, the company incurs a cost of $200,000 (among all of its other costs). If the company's manager wanted to maximize income during the current year, the manager would want the cost to be treated as

Group of answer choices

a product cost

a period expense

Refer to the previous question. What would be the DIFFERENCE in net operating income for the year by treating the $200,000 as a product cost vs. treating it as a period expense? Do NOT put a dollar sign in your answer.

The following table shows age distribution and location of a random sample of 166 buffalo in a national park.

Use a chi-square test to determine if age distribution and location are independent at the 0.05 level of significance.

(a) What is the level of significance?


State the null and alternate hypotheses.

H₀: Age distribution and location are independent.
H₁: Age distribution and location are independent.H₀: Age distribution and location are independent.
H₁: Age distribution and location are not independent.    H₀: Age distribution and location are not independent.
H₁: Age distribution and location are independent.H₀: Age distribution and location are not independent.
H₁: Age distribution and location are not independent.

(b) Find the value of the chi-square statistic for the sample. (Round the expected frequencies to at least three decimal places. Round the test statistic to three decimal places.)


Are all the expected frequencies greater than 5?

YesNo    

What sampling distribution will you use?

binomialStudent's t    chi-squareuniformnormal

What are the degrees of freedom?


(c) Find or estimate the P-value of the sample test statistic. (Round your answer to three decimal places.)

p-value > 0.1000.050 < p-value < 0.100    0.025 < p-value < 0.0500.010 < p-value < 0.0250.005 < p-value < 0.010p-value < 0.005

(d) Based on your answers in parts (a) to (c), will you reject or fail to reject the null hypothesis of independence?

Since the P-value > ?, we fail to reject the null hypothesis.Since the P-value > ?, we reject the null hypothesis.    Since the P-value ? ?, we reject the null hypothesis.Since the P-value ? ?, we fail to reject the null hypothesis.

(e) Interpret your conclusion in the context of the application.

At the 5% level of significance, there is sufficient evidence to conclude that age distribution and location are not independent.At the 5% level of significance, there is insufficient evidence to conclude that age distribution and location are not independent.   

The following table shows age distribution and location of a random sample of 166 buffalo in a national park.

Use a chi-square test to determine if age distribution and location are independent at the 0.05 level of significance.

(a) What is the level of significance?


State the null and alternate hypotheses.

H₀: Age distribution and location are not independent.
H₁: Age distribution and location are not independent.H₀: Age distribution and location are independent.
H₁: Age distribution and location are independent.    H₀: Age distribution and location are independent.
H₁: Age distribution and location are not independent.H₀: Age distribution and location are not independent.
H₁: Age distribution and location are independent.

(b) Find the value of the chi-square statistic for the sample. (Round the expected frequencies to at least three decimal places. Round the test statistic to three decimal places.)


Are all the expected frequencies greater than 5?

YesNo    

What sampling distribution will you use?

normaluniform    binomialchi-squareStudent's t

What are the degrees of freedom?


(c) Find or estimate the P-value of the sample test statistic. (Round your answer to three decimal places.)

p-value > 0.1000.050 < p-value < 0.100    0.025 < p-value < 0.0500.010 < p-value < 0.0250.005 < p-value < 0.010p-value < 0.005

(d) Based on your answers in parts (a) to (c), will you reject or fail to reject the null hypothesis of independence?

Since the P-value > α, we fail to reject the null hypothesis.Since the P-value > α, we reject the null hypothesis.    Since the P-value ≤ α, we reject the null hypothesis.Since the P-value ≤ α, we fail to reject the null hypothesis.

(e) Interpret your conclusion in the context of the application.

At the 5% level of significance, there is sufficient evidence to conclude that age distribution and location are not independent.At the 5% level of significance, there is insufficient evidence to conclude that age distribution and location are not independent.

The following table shows age distribution and location of a random sample of 166 buffalo in a national park.

Use a chi-square test to determine if age distribution and location are independent at the 0.05 level of significance.

(a) What is the level of significance?


State the null and alternate hypotheses.

H₀: Age distribution and location are independent.
H₁: Age distribution and location are independent.H₀: Age distribution and location are independent.
H₁: Age distribution and location are not independent.     H₀: Age distribution and location are not independent.
H₁: Age distribution and location are not independent.H₀: Age distribution and location are not independent.
H₁: Age distribution and location are independent.

(b) Find the value of the chi-square statistic for the sample. (Round the expected frequencies to at least three decimal places. Round the test statistic to three decimal places.)


Are all the expected frequencies greater than 5?

YesNo     

What sampling distribution will you use?

chi-squarenormal     binomialuniformStudent's t

What are the degrees of freedom?


(c) Find or estimate the P-value of the sample test statistic. (Round your answer to three decimal places.)

p-value > 0.1000.050 < p-value < 0.100     0.025 < p-value < 0.0500.010 < p-value < 0.0250.005 < p-value < 0.010p-value < 0.005

(d) Based on your answers in parts (a) to (c), will you reject or fail to reject the null hypothesis of independence?

Since the P-value > α, we fail to reject the null hypothesis.Since the P-value > α, we reject the null hypothesis.     Since the P-value ≤ α, we reject the null hypothesis.Since the P-value ≤ α, we fail to reject the null hypothesis.

(e) Interpret your conclusion in the context of the application.

At the 5% level of significance, there is sufficient evidence to conclude that age distribution and location are not independent.

At the 5% level of significance, there is insufficient evidence to conclude that age distribution and location are not independent.

The following table shows age distribution and location of a random sample of 166 buffalo in a national park.

Use a chi-square test to determine if age distribution and location are independent at the 0.05 level of significance.

(a) What is the level of significance?


State the null and alternate hypotheses.

H₀: Age distribution and location are independent.
H₁: Age distribution and location are independent.H₀: Age distribution and location are not independent.
H₁: Age distribution and location are independent.    H₀: Age distribution and location are independent.
H₁: Age distribution and location are not independent.H₀: Age distribution and location are not independent.
H₁: Age distribution and location are not independent.

(b) Find the value of the chi-square statistic for the sample. (Round the expected frequencies to at least three decimal places. Round the test statistic to three decimal places.)


Are all the expected frequencies greater than 5?

YesNo    

What sampling distribution will you use?

uniformchi-square    normalbinomialStudent's t

What are the degrees of freedom?


(c) Find or estimate the P-value of the sample test statistic. (Round your answer to three decimal places.)

p-value > 0.1000.050 < p-value < 0.100    0.025 < p-value < 0.0500.010 < p-value < 0.0250.005 < p-value < 0.010p-value < 0.005

(d) Based on your answers in parts (a) to (c), will you reject or fail to reject the null hypothesis of independence?

Since the P-value > α, we fail to reject the null hypothesis.Since the P-value > α, we reject the null hypothesis.    Since the P-value ≤ α, we reject the null hypothesis.Since the P-value ≤ α, we fail to reject the null hypothesis.

(e) Interpret your conclusion in the context of the application.

At the 5% level of significance, there is sufficient evidence to conclude that age distribution and location are not independent.At the 5% level of significance, there is insufficient evidence to conclude that age distribution and location are not independent.    

The following table shows age distribution and location of a random sample of 166 buffalo in a national park.

Use a chi-square test to determine if age distribution and location are independent at the 0.05 level of significance.

(a) What is the level of significance?


State the null and alternate hypotheses.

H₀: Age distribution and location are not independent.
H₁: Age distribution and location are not independent.H₀: Age distribution and location are independent.
H₁: Age distribution and location are not independent.    H₀: Age distribution and location are not independent.
H₁: Age distribution and location are independent.H₀: Age distribution and location are independent.
H₁: Age distribution and location are independent.

(b) Find the value of the chi-square statistic for the sample. (Round the expected frequencies to at least three decimal places. Round the test statistic to three decimal places.)


Are all the expected frequencies greater than 5?

YesNo    

What sampling distribution will you use?

binomialchi-square    uniformnormalStudent's t

What are the degrees of freedom?


(c) Find or estimate the P-value of the sample test statistic. (Round your answer to three decimal places.)

p-value > 0.1000.050 < p-value < 0.100    0.025 < p-value < 0.0500.010 < p-value < 0.0250.005 < p-value < 0.010p-value < 0.005

(d) Based on your answers in parts (a) to (c), will you reject or fail to reject the null hypothesis of independence?

Since the P-value > α, we fail to reject the null hypothesis.Since the P-value > α, we reject the null hypothesis.    Since the P-value ≤ α, we reject the null hypothesis.Since the P-value ≤ α, we fail to reject the null hypothesis.

(e) Interpret your conclusion in the context of the application.

At the 5% level of significance, there is sufficient evidence to conclude that age distribution and location are not independent.At the 5% level of significance, there is insufficient evidence to conclude that age distribution and location are not independent.    

The following table shows age distribution and location of a random sample of 166 buffalo in a national park.

Use a chi-square test to determine if age distribution and location are independent at the 0.05 level of significance.

(a) What is the level of significance?


State the null and alternate hypotheses.

H₀: Age distribution and location are not independent.
H₁: Age distribution and location are not independent.H₀: Age distribution and location are independent.
H₁: Age distribution and location are not independent.    H₀: Age distribution and location are not independent.
H₁: Age distribution and location are independent.H₀: Age distribution and location are independent.
H₁: Age distribution and location are independent.

(b) Find the value of the chi-square statistic for the sample. (Round the expected frequencies to at least three decimal places. Round the test statistic to three decimal places.)


Are all the expected frequencies greater than 5?

YesNo    

What sampling distribution will you use?

Student's tbinomial    normalchi-squareuniform

What are the degrees of freedom?


(c) Find or estimate the P-value of the sample test statistic. (Round your answer to three decimal places.)

p-value > 0.1000.050 < p-value < 0.100    0.025 < p-value < 0.0500.010 < p-value < 0.0250.005 < p-value < 0.010p-value < 0.005

(d) Based on your answers in parts (a) to (c), will you reject or fail to reject the null hypothesis of independence?

Since the P-value > α, we fail to reject the null hypothesis.Since the P-value > α, we reject the null hypothesis.    Since the P-value ≤ α, we reject the null hypothesis.Since the P-value ≤ α, we fail to reject the null hypothesis.

(e) Interpret your conclusion in the context of the application.

At the 5% level of significance, there is sufficient evidence to conclude that age distribution and location are not independent.At the 5% level of significance, there is insufficient evidence to conclude that age distribution and location are not independent.    

​​​​​​The following table shows age distribution and location of a random sample of 166 buffalo in a national park.

Use a chi-square test to determine if age distribution and location are independent at the 0.05 level of significance.

(a) What is the level of significance?


State the null and alternate hypotheses.

H₀: Age distribution and location are not independent.
H₁: Age distribution and location are not independent.H₀: Age distribution and location are independent.
H₁: Age distribution and location are independent.    H₀: Age distribution and location are not independent.
H₁: Age distribution and location are independent.H₀: Age distribution and location are independent.
H₁: Age distribution and location are not independent.

(b) Find the value of the chi-square statistic for the sample. (Round the expected frequencies to at least three decimal places. Round the test statistic to three decimal places.)


Are all the expected frequencies greater than 5?

YesNo    

What sampling distribution will you use?

uniformchi-square    normalStudent's tbinomial

What are the degrees of freedom?


(c) Find or estimate the P-value of the sample test statistic. (Round your answer to three decimal places.)

p-value > 0.1000.050 < p-value < 0.100    0.025 < p-value < 0.0500.010 < p-value < 0.0250.005 < p-value < 0.010p-value < 0.005

(d) Based on your answers in parts (a) to (c), will you reject or fail to reject the null hypothesis of independence?

Since the P-value > α, we fail to reject the null hypothesis.Since the P-value > α, we reject the null hypothesis.    Since the P-value ≤ α, we reject the null hypothesis.Since the P-value ≤ α, we fail to reject the null hypothesis.

(e) Interpret your conclusion in the context of the application.

At the 5% level of significance, there is sufficient evidence to conclude that age distribution and location are not independent.At the 5% level of significance, there is insufficient evidence to conclude that age distribution and location are not independent.    

Hearty Soup Co. uses a process cost system to record the costs of processing soup, which requires the cooking and filling processes. Materials are entered from the cooking process at the beginning of the filling process. The inventory of Work in Process—Filling on April 1 and debits to the account during April were as follows:

During April, 400 units in process on April 1 were completed, and of the 8,800 units entering the department, all were completed except 900 units that were 30% completed. Charges to Work in Process—Filling for May were as follows:

During May, the units in process at the beginning of the month were completed, and of the 10,100 units entering the department, all were completed except 500 units that were 40% completed

1. Enter the balance as of April 1 in a four-column account for Work in Process—Filling. Record the debits and credits in the account for April. Construct a cost of production report and present computations for determining (a) equivalent units of production for materials and conversion; (b) cost per equivalent unit; (c) cost of goods finished, differentiating between units started in the prior period and units started and finished in April; and (d) work in process inventory. If an amount box does not require an entry, leave it blank.

If an amount is zero, enter in a zero "0". Round cost per unit answers to the nearest cent.