opportunity cost

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1) Eileen is a hard-working college sophomore. One Tuesday, she decides to work nonstop until she has answered 250 practice problems for her physics course. She starts work at 8:00 AM and uses a table to keep track of her progress throughout the day. She notices that as she gets tired, it takes her longer to solve each problem.

Time Total Problems Answered
8:00 AM 0
9:00 AM 100
10:00 AM 175
11:00 AM 225
Noon 250

Use the table to answer the following questions.

The marginal, or additional, gain from Eileen’s second hour of work, from 9:00 AM to 10:00 AM, is

[removed]

problems.

The marginal gain from Eileen’s fourth hour of work, from 11:00 AM to noon, is

[removed]

problems.

Later, the teaching assistant in Eileen’s physics course gives her some advice. “Based on past experience,” the teaching assistant says, “working on 87.5 problems raises a student’s exam score by about the same amount as reading the textbook for 1 hour.” For simplicity, assume students always cover the same number of pages during each hour they spend reading.

Given this information, in order to use her 4 hours of study time to get the best exam score possible, how many hours should she have spent working on problems, and how many should she have spent reading?

[removed]0 hours working on problems, 4 hours reading

[removed]1 hour working on problems, 3 hours reading

[removed]2 hours working on problems, 2 hours reading

[removed]4 hours working on problems, 0 hours reading

 

 

2) Juanita is deciding whether to buy a skirt that she wants, as well as where to buy it. Three stores carry the same skirt, but it is more convenient for Juanita to get to some stores than others. For example, she can go to her local store, located 15 minutes away from where she works, and pay a marked-up price of $102 for the skirt:

 

Store Travel Time Each Way Price of a Skirt
(Minutes) (Dollars per skirt)
Local Department Store 15 102
Across Town 30 85
Neighboring City 60 76

Juanita makes $42 an hour at work. She has to take time off work to purchase her skirt, so each hour away from work costs her $42 in lost income. Assume that returning to work takes Juanita the same amount of time as getting to a store and that it takes her 30 minutes to shop. As you answer the following questions, ignore the cost of gasoline and depreciation of her car when traveling.

Complete the following table by computing the opportunity cost of Juanita’s time and the total cost of shopping at each location.

Store Opportunity Cost of Time Price of a Skirt Total Cost
(Dollars) (Dollars per skirt) (Dollars)
Local Department Store [removed] 102 [removed]
Across Town [removed] 85 [removed]
Neighboring City [removed] 76 [removed]

Assume that Juanita takes opportunity costs and the price of the skirt into consideration when she shops. Juanita will minimize the cost of the skirt if she buys it from the   .

 

 

3) The Social Security system provides income for people over age 65. If a recipient of Social Security decides to work and earn some income, the amount he receives in Social Security benefits is typically reduced.

The provision of Social Security gives people the incentive to save ________   while working. Moreover, the reduction in benefits associated with higher earnings gives people the incentive to __________   past age 65.

4) A 1996 bill reforming the federal government’s antipoverty programs limited many welfare recipients to only 2 years of benefits.

This change gives people the incentive to find a job ______   quickly than if welfare benefits lasted forever.

The loss of benefits after 2 years will result in the distribution of income becoming _______   equal. In addition, the economy will be __________   efficient because of the change in working incentives.

 

 

5) Explain whether each of the following government activities is motivated by a concern about equality or a concern about efficiency.

Activity Equality Efficiency
Regulating cable TV prices [removed] [removed]
Providing some poor people with vouchers that can be used to buy food [removed] [removed]
Prohibiting smoking in public places [removed] [removed]
Breaking up Standard Oil (which once owned 90% of all oil refineries) into several smaller companies [removed] [removed]
Imposing higher personal income tax rates on people with higher incomes [removed] [removed]
Instituting laws against driving while intoxicated [removed] [removed]

6) Which of the following statements support the reality that your standard of living is different from that of your parents or grandparents when they were your age? Check all that apply.

[removed]Many families have at least two cars per household, whereas having a vehicle was a luxury in the early 20th century.

[removed]A cutting-edge television comes with HD, 3D, and SmartTV technology, while your grandparents likely enjoyed a black-and-white television in the early years.

[removed]In the United States, the average person’s life expectancy was roughly 78 years old in 2010, but only 70 years old in 1960.

True or False: Labor unions are the primary reason the standard of living in the United States has changed over time.

[removed]True

[removed]False

 

7) During the Revolutionary War, the American colonies could not raise enough tax revenue to fully fund the war effort; to make up the difference, the colonies decided to print more money. Printing money to cover expenditures is sometimes referred to as an inflation tax.

Who is being taxed when more money is printed?

[removed]Banks only

[removed]Families of soldiers in active duty

[removed]Anyone who is holding money

ELASTICITY OF DEMAND

/in /by

I am working on part two of my paper for microeconomics. It is due this evening (11/26/17) by 9:00 MST. The document will need to be about the company of my choosing (in this case it is Netflix) and will need to discuss supply and demand along with price elasticity of demand . I am acting as a consultant for the company so it will also need to include recommendations for the company’s continued success. The paper also requires a graph (I have completed and it is attached). I am also attaching the milestone tips which provides greater detail and a document to help with elasticity of demand.

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Managerial Economics and Strategy

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  • Text book: Brander & Perloff. (2017). Managerial Economics and Strategy, 2nd Edition Pearson ISBN: 9780134472768

1.     Study Chapters 5 and 6 of the recommended textbook.

2.     Based on the materials in chapters 5 and 6, prepare a lecture in power point:

B.     Your PPT should be limited to 20 slides

C.     Include at least one solved problem in your PPT. Your solved problem should be one of the problems listed in either chapter 5 or chapter 6. Provide explanations of the problem you solve and discuss how you would apply the concepts in managerial decision-making.

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    chapter56.pdf
  • 3 years ago

fictional price index

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Guaranteed 100% Answers as they are directly printed from Aplia.

 

1. Calculating inflation using a simple price index

Consider a fictional price index, the College Student Price Index (CSPI), based on a typical college student’s annual purchases. Suppose the following table

shows information on the market basket for the CSPI and the prices of each of the goods in 2010, 2011, and 2012.

The cost of each item in the basket and the total cost of the basket are shown for 2010.

Perform these same calculations for 2011 and 2012, and enter the results in the following table.

Keep the Highet: 2 / 2

2. Comparing salaries from different times

Consider golfers who led the Professional Golfers’ Association of America (PGA) in winnings at different points in time. Note that the winnings are nominal

figures (unadjusted for inflation).

To convert the original earnings of Nicklaus, Miller, and Norman, use the formula for converting dollar figures from an earlier era into today’s (year 2010)

U.S. dollars. Using those figures, fill in the following table, making sure to round your responses to the nearest U.S. dollar.

Keep the Highet: 2 / 2

3. Inflation and interest rates

The following table shows the average nominal interest rates on sixmonth

Treasury bills between 1971 and 1975, which determined the nominal

interest rate that the U.S. government paid when it issued debt in those years. The table also shows the inflation rate for the years 1971 to 1975. (All

rates are rounded to the nearest tenth of a percent.)

Keep the Highet: 3 / 3

4. Interest, inflation, and purchasing power

Suppose Susan is an avid reader and buys only comic books. Susan deposits $2,000 in a bank account that pays an annual nominal interest rate of 5%.

Assume this interest rate is fixed—that is, it won’t change over time. At the time of her deposit, a comic book is priced at $20.00.

Initially, the purchasing power of Susan’s $2,000 deposit is comic books.

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Linguistic Anthropology

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1- Discussion Posts: (200 -250 words)

· Describe the value of Linguistic Anthropology for understanding culture & Explain the Sapir-Whorf hypothesis and give examples of how it

 

2- Discussion Reply to a Classmate (150-200 words)

Classmate’s Post below:

Language is something I think we as humans take for granted. No matter where you go or what time frame you go back to, there is some type of communication that is unique to each and every culture. Language according to our readings, is crucial for interpretation, expression, and transmission of culture. With language we are able to create and keep memories and traditions that can last so many lifetimes, even expanding into something new. There are relationships between culture and language and that is what linguistic anthropologists are here to study and try to understand it. Language is composed of many different elements including, phonology and phoneme. Phonology are the rules for forming vocal symbols. Phoneme is the category of speech sounds that keep words apart (like t, d, s). We all have learned what grammar is, and how to do it properly. They are basically the rules for making sentences. Morphemes are grammatical elements that form small units of meaning in any language. The difference between morphemes and phoneme is that morphemes are the smallest unit of meaning in a language, while phonemes are the smallest units of sound in a language.

The Sapir-Whorf hypothesis is a hypothesis that was first created by Edward Sapir, in 1929. His theory is that language ultimately determines perception and experience of something. An example of this theory is the way we talk about men and women. We use in our culture a very sexist vocabulary that puts men at the end of everything (fireman, policeman). It even goes as far to use the term male nurse, we don’t call women nurses, woman nurse!

 

 

 

 

 

probability distribution

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Home>Business & Finance homework help>Economics homework help

Econ2300
assignment: Ch5 Quiz

1.
award:
2.34 out of
5.00 points

Exercise 5.12 METHODS AND APPLICATIONS
Suppose that the probability distribution of a random variable x can be described by the formula

P(x) = x
________________________________________
15

for each of the values x = 1, 2, 3, 4, and 5. For example, then, P(x = 2) = p(2) =2/15.

(a) Write out the probability distribution of x. (Write all fractions in reduced form.)

x 1   2   3   4   5

P(x) ________________________________________   ________________________________________   ________________________________________   ________________________________________   ________________________________________

________________________________________

(b) Show that the probability distribution of x satisfies the properties of a discrete probability distribution.(Round other answers to the nearest whole number. Leave no cells blank – be certain to enter “0” wherever required.)

P(x) ≥   for each value of x.

 

(c) Calculate the mean of x. (Round your answer to 3 decimal places.)

µx

(d) Calculate the variance, σ2x , and the standard deviation, σx. (Round your answer σx2 in to 3 decimal places and round answer σx in to 4 decimal places.)

σx2

σx

2.
award:
3.43 out of
5.00 points

Exercise 5.23 METHODS AND APPLICATIONS
Suppose that x is a binomial random variable with n = 5, p = 0.3, and q = 0.7.

(b)  For each value of x, calculate p(x), and graph the binomial distribution. (Round final answers to 5 decimal places.)

p(0) =  , p(1) =  , p(2) =  , p (3) =  ,
p(4) =  , p(5) =

(c) Find P(x = 3). (Round final answer to 5 decimal places.)

P(x=3)

(d) Find P(x ≤ 3). (Do not round intermediate calculations.  Round final answer to 5 decimal places.)

P(x ≤ 3)

(e) Find P(x < 3). (Do not round intermediate calculations. Round final answer to 5 decimal places.)

P(x < 3) = P(x ≤ 2)

(f) Find P(x ≥ 4). (Do not round intermediate calculations. Round final answer to 5 decimal places.)

P(x ≥ 4)

(g) Find P(x > 2). (Do not round intermediate calculations. Round final answer to 5 decimal places.)

P(x > 2)

(h) Use the probabilities you computed in part b to calculate the mean, μx, the variance, σ 2x, and the standard deviation, σx, of this binomial distribution. Show that the formulas for μx , σ 2x, and σx given in this section give the same results. (Do not round intermediate calculations. Round final answers to µx and σ 2x in to 2 decimal places, and σx in to 6 decimal places.)

µx

σ2x

σx

(i) Calculate the interval [μx ± 2σx]. Use the probabilities of part b to find the probability that x will be in this interval. Hint: When calculating probability, round up the lower interval to next whole number and round down the upper interval to previous whole number. (Round your answers to 5 decimal places. A negative sign should be used instead of parentheses.)

The interval is [ ,  ].

P(  ≤ x ≤  ) =

3.
award:
3 out of
3.00 points

MC Qu. 14 The mean of the binomial distribution is equ…
The mean of the binomial distribution is equal to:

p

np

(n) (p) (1-p)

px (1-p)n-x
5.
award:
3 out of
3.00 points

MC Qu. 25 A fair die is rolled 10 times. What is the p…
A fair die is rolled 10 times. What is the probability that an odd number (1, 3, or 5) will occur less than 3 times?

.1550

.8450

.0547

.7752

.1172
8.
award:
3 out of
3.00 points

MC Qu. 31 If n = 20 and p = .4, then the mean of the b…
If n = 20 and p = .4, then the mean of the binomial distribution is

.4

4.8

8

12
10.
award:
3 out of
3.00 points

MC Qu. 36 The probability that a given computer chip w…
The probability that a given computer chip will fail is 0.02. Find the probability that of 5 delivered chips, exactly 2 will fail.

.9039

.0000

.0922

.0038
12.
award:
3 out of
3.00 points

MC Qu. 38 In the most recent election, 19% of all elig…
In the most recent election, 19% of all eligible college students voted. If a random sample of 20 students were surveyed:
Find the probability that exactly half voted in the election.

.4997

.0014

.0148

.0000
13.
award:
3 out of
3.00 points

MC Qu. 39 In the most recent election, 19% of all elig…
In the most recent election, 19% of all eligible college students voted. If a random sample of 20 students were surveyed:
Find the probability that none of the students voted.

.0148

.4997

.0014

.0000
21.
award:
3 out of
3.00 points

MC Qu. 55 For a random variable X, the mean value of t…
For a random variable X, the mean value of the squared deviations of its values from their expected value is called its

Standard Deviation

Mean

Probability

Variance
25.
award:
3 out of
3.00 points

MC Qu. 62 If the probability distribution of X is:&nbs…
If the probability distribution of X is:

 

What is the expected value of X?

2.25

2.24

1.0

5.0

26.
award:
0 out of
3.00 points

MC Qu. 63 If the probability distribution of X is:&nbs…
If the probability distribution of X is:

 

What is the variance of X?

5.0
→
1.0

2.25

2.24

28.
award:
0 out of
3.00 points

MC Qu. 66 A vaccine is 95 percent effective. What is t…
A vaccine is 95 percent effective. What is the probability that it is not effective for, more than one out of 20 individuals?

.3774

.7359
→
.2641

.3585
P(X ≥ 2) = 1 – [P(X = 0) + p(X = 1)]
P(X ≥ 2) = 1 – [(.3585) + (.3774)] = .2641

29.
award:
3 out of
3.00 points

MC Qu. 67 If the probability of a success on a single …
If the probability of a success on a single trial is .2, what is the probability of obtaining 3 successes in 10 trials if the number of successes is binomial?

.1074

.2013

.5033

.0031

31.
award:
3 out of
3.00 points

MC Qu. 78 For a binomial process, the probability of s…
For a binomial process, the probability of success is 40% and the number of trials is 5.
Find the expected value.

5.0

1.1

1.2

2.0
E[X] = (5) (.40) = 2
32.
award:
0 out of
3.00 points

MC Qu. 79 For a binomial process, the probability of s…
For a binomial process, the probability of success is 40% and the number of trials is 5.
Find the variance.

1.1
→
1.2

5.0

2.0

33.
award:
3 out of
3.00 points

MC Qu. 80 For a binomial process, the probability of s…
For a binomial process, the probability of success is 40% and the number of trials is 5.
Find the standard deviation.

1.1

5.0

2.0

1.2

34.
award:
3 out of
3.00 points

MC Qu. 82 For a binomial process, the probability of s…
For a binomial process, the probability of success is 40% and the number of trials is 5.
Find P(X > 4).

.0102

.0778

.0870

.3370
P(X = 5) = (.4)5 = .0102
37.
award:
3 out of
3.00 points

MC Qu. 92 If X has the probability distribution%…
If X has the probability distribution

 

compute the expected value of X.

0.5

0.7

1.0

0.3
E[X] = -1(.2) + 0(.3) + 1(.5) = .3
38.
award:
3 out of
3.00 points

MC Qu. 93 If X has the probability distribution%…
If X has the probability distribution

 

compute the expected value of X.

1.3

2.4

1.0

1.8
E[X] = (-2) (.2) + (-1) (.2) + (1) (.2) + (2) (.2) + (9) (.2) = 1.8
40.
award:
0 out of
3.00 points

MC Qu. 95 X has the following probability distribution…
X has the following probability distribution P(X):

 

Compute the variance value of X.

1.58

.625
→
.850

.955
E[X] = (1) (.1) + (2) (.5) + (3) (.2) + (4) (.2) = 2.5
= (1 – 2.5)2 (.1) + (2 – 2.5)2 (.5) + (3 – 2.5)2 (.2) + (4 – 2.5)2 (.2) = .850
41.
award:
3 out of
3.00 points

MC Qu. 99 Consider the experiment of tossing a fair co…
Consider the experiment of tossing a fair coin three times and observing the number of heads that result (X = number of heads).
Determine the expected number of heads.

1.1

1.5

1.0

2.0

42.
award:
0 out of
3.00 points

MC Qu. 100 Consider the experiment of tossing a fair co…
Consider the experiment of tossing a fair coin three times and observing the number of heads that result (X = number of heads).
What is the variance for this distribution?
→
0.75

0.87

1.22

1.5

44.
award:
0 out of
3.00 points

MC Qu. 102 Consider the experiment of tossing a fair co…
Consider the experiment of tossing a fair coin three times and observing the number of heads that result (X = number of heads).
If you were asked to play a game in which you tossed a fair coin three times and were given $2 for every head you threw, how much would you expect to win on average?

$6
→
$3

$9

$2

46.
award:
3 out of
3.00 points

MC Qu. 104 According to data from the state blood progr…
According to data from the state blood program, 40% of all individuals have group A blood. If six (6) individuals give blood, find the probability that None of the individuals has group A blood?

.0467

.4000

.0041

.0410
View Hint #1
47.
award:
3 out of
3.00 points

MC Qu. 105 According to data from the state blood progr…
According to data from the state blood program, 40% of all individuals have group A blood. If six (6) individuals give blood, find the probability that Exactly three of the individuals has group A blood?

.4000

.2765

.5875

.0041
48.
award:
3 out of
3.00 points

MC Qu. 106 According to data from the state blood progr…
According to data from the state blood program, 40% of all individuals have group A blood. If six (6) individuals give blood, find the probability that At least 3 of the individuals have group A blood.

.4557

.8208

.1792

.5443
P(x ≥ 3) = P(x = 3) + p(x = 4) + p(x = 5) + p(x = 6) = .4557
53.
award:
0 out of
3.00 points

MC Qu. 113 An important part of the customer service re…
An important part of the customer service responsibilities of a cable company relates to the speed with which trouble in service can be repaired. Historically, the data show that the likelihood is 0.75 that troubles in a residential service can be repaired on the same day. For the first five troubles reported on a given day, what is the probability that fewer than two troubles will be repaired on the same day?

.0010

.0146
→
.0156

.6328
P(x < 2) = P(x = 0) + P(x = 1) = .0156
56.
award:
0 out of
3.00 points

MC Qu. 116 The Post Office has established a record in …
The Post Office has established a record in a major Midwestern city for delivering 90% of its local mail the next working day. If you mail eight local letters, what is the probability that all of them will be delivered the next day.

1.0

.5695
→
.4305

.8131
P(x = 8) = .4305
57.
award:
3 out of
3.00 points

MC Qu. 117 The Post Office has established a record in …
The Post Office has established a record in a major Midwestern city for delivering 90% of its local mail the next working day. Of the eight, what is the average number you expect to be delivered the next day?

4.0

2.7

3.6

7.2
= np = (8) (.9) = 7.2
58.
award:
0 out of
3.00 points

MC Qu. 118 The Post Office has established a record in …
The Post Office has established a record in a major Midwestern city for delivering 90% of its local mail the next working day. Calculate the standard deviation of the number delivered when 8 local letters are mailed.

.72
→
.85

2.83

2.68
Σ =  =  =  = .85
61.
award:
3 out of
3.00 points

MC Qu. 124 A large disaster cleaning company estimates …
A large disaster cleaning company estimates that 30% of the jobs it bids on are finished within the bid time. Looking at a random sample of 8 jobs that is has contracted calculate the mean number of jobs completed within the bid time.

2.0

5.6

4.0

2.4
= np = 8(.3) = 2.4
62.
award:
0 out of
3.00 points

MC Qu. 125 A large disaster cleaning company estimates …
A large disaster cleaning company estimates that 30% of the jobs it bids on are finished within the bid time. Looking at a random sample of 8 jobs that is has contracted find the probability that x (number of jobs finished on time) is within one standard deviation of the mean.
→
.5506

.6867

.8844

.7483
σ = √npq = 1.3. P(µ+/-σ) = P(2.4+/-1.3) = P(1.1≤X≤3.7) = P(2≤X≤3) = 0.2965+0.2541 = 0.5506

 

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correlation coefficient

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Assignment 1: Discussion

Using one of the two formulas cited in this module calculate the correlation coefficient using the following values presented below. Once you have completed your calculation, discuss the following: Is there a statistically significant correlation between customer service attitude scores and number of overtime hours? State the research question and testable hypothesis. Interpret, discuss, and support your findings with at least two other classmates.

Customer Service Attitude Scores OT Hours
5 1
10 6
5 2
11 8
12 5
4 1
3 4
2 6
6 5
1 2

By Friday, February 22, 2013, post to the Discussion Area

 

Assignment 2: T-Test

By Tuesday, February 26, 2013, post your assignment to the M2: Assignment 2 Dropbox. Any conclusion drawn for the t-test statistical process is only as good as the research question asked and the null hypothesis formulated. T-tests are only used for two sample groups, either on a pre post-test basis or between two samples (independent or dependent). The t-test is optimized to deal with small sample numbers which is often the case with managers in any business. When samples are excessively large the t test becomes difficult to manage due to the mathematical calculations involved.

Calculate the “t” value for independent groups for the following data using the formula presented in the module. Check the accuracy of your calculations. Using the raw measurement data presented above, determine whether or not there exists a statistically significant difference between the salaries of female and male human resource managers using the appropriate t-test. Develop a research question, testable hypothesis, confidence level, and degrees of freedom. Draw the appropriate conclusions with respect to female and male HR salary levels. Report the required “t” critical values based on the degrees of freedom. Your response should be 2-3 pages.

 

Salary Level
Female HR Directors Male HR Directors
$50,000 $58,000
$75,000 $69,000
$72,000 $73,000
$67,000 $67,000
$54,000 $55,000
$58,000 $63,000
$52,000 $53,000
$68,000 $70,000
$71,000 $69,000
$55,000 $60,000
*Do not forget what we all learned in high school about “0”s

 

 

 

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lower monopoly compared to the outcome with a single monopoly price

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A ot e, ly ~n ~s, to [lS ly 1te • A monopolist often can raise its profits by charg- ing different prices for the same good based on a buyer’s willingness to pay. This practice of price discrimination can raise economic welfare by getting the good to some consumers who otherwise would not buy […]

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METHODS AND APPLICATIONS

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Home>Business & Finance homework help>Economics homework help Econ2300 assignment: Ch5 Quiz 1. award: 2.34 out of 5.00 points Exercise 5.12 METHODS AND APPLICATIONS Suppose that the probability distribution of a random variable x can be described by the formula P(x) = x ________________________________________ 15 for each of the values x = 1, 2, 3, 4, and […]

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situation in which autocorrelation might be present

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Chapter 10

Problems 10.10, 10.12, 10.13, and 10.17

 

 

 

  • Describe a situation in which autocorrelation might be present and which of the three methods of detecting autocorrelation you would leverage. Explain your rationale.

  • Describe what remedial measure you would take to address autocorrelation if it were found. Provide examples to support your response.