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Grand Canyon University Three Strengths of The Linear Regression Discussion
Discuss three strengths of the linear regression? Identify a peer-reviewed study that uses linear regression in its analys ...
Grand Canyon University Three Strengths of The Linear Regression Discussion
Discuss three strengths of the linear regression? Identify a peer-reviewed study that uses linear regression in its analysis. Explain why linear regression was used and discuss one challenge in interpreting the results. I
How much energy is absorbed when 30.3 g of liquid water boils, algebra homework help
1. Water Apply Vaporization. Make sure that you are showing each step of your work. 1. How much ener ...
How much energy is absorbed when 30.3 g of liquid water boils, algebra homework help
1. Water Apply Vaporization. Make sure that you are showing each step of your work. 1. How much energy is absorbed when 30.3 g of liquid water boils? 2. An energy unit often encountered is the calorie (4.18 J = 1 calorie). Determine the molar enthalpy of fusion of ice in calories per gram. 3. A typical ice cube has a volume of about 16.0 mL. Calculate the amount of energy needed to melt the ice cube. (Density of ice at 0.°C 0.917 g/mL; molar enthalpy of fusion of ice 6.009 kJ/mol;molar mass of H2O 18.02 g/mol.) Determine the mass of the ice cube.Determine the number of moles of H2O present in the sample.Determine the number of kilojoules of energy needed to melt the ice cube. "Make sure to show your work, and your answers should be provided with the correct amount of significant figures." YOU WILL RECEIVE A SCORE REDUCTION IF THE ABOVE REQUIREMENTS ARE NOT MET. 2. Gases and Pressure Apply In this unit, you learned about pressure, units of pressure, and Dalton's law of partial pressures. Now, you will demonstrate your understanding of these concepts by responding to the following prompts. In part of your unit project, you will explain how to use Dalton’s law, so this activity is important to prepare you for your project. Make sure you are showing each step of your work. Show the process and find the solution Convert a pressure of 3.25 atm to kPa and to mm Hg.Some hydrogen gas is collected over water at 20.0°C. The levels of water inside and outside the gas-collection bottle are the same. The partial pressure of hydrogen is 742.5 torr. What is the barometric pressure at the time the gas is collected? "Make sure to show your work, and your answers should be provided with the correct amount of significant figures." YOU WILL RECEIVE A SCORE REDUCTION IF THE ABOVE REQUIREMENTS ARE NOT MET. 3. The Gas Laws Apply In this unit, you learned about Boyle's law, Charles's law, and Gay-Lussac's law. Now, you will demonstrate your understanding of these concepts by creating a PowerPoint presentation which addresses the following prompts. You may use multiple slides for each question if needed. In part of your unit project, you will explain how to use Boyle's law, Charles's law, and Gay-Lussac's law, so this activity is important to prepare you for your project. Make sure you explain each step as if you were teaching it to one of your classmates. Boyle's Law: A balloon filled with helium gas has a volume of 500 mL at a pressure of 1 atm. The balloon is released and reaches an altitude of 6.5 km, where the pressure is 0.5 atm. If the temperature has remained the same, what volume does the gas occupy at this height?Charles's law: A sample of neon gas has a volume of 752 mL at 25.0°C. What will be the volume at 100.0°C if pressure is constant?Gay-Lussac's Law: At 122°C the pressure of a sample of nitrogen gas is 1.07 atm. What will the pressure be at 205°C, assuming constant volume? * YOU MUST COMPLETE THE POWERPOINT PRESENTATION OR THE ASSIGNMENT WILL BE REJECTED * "Make sure to show your work, and your answers should be provided with the correct amount of significant figures." YOU WILL RECEIVE A SCORE REDUCTION IF THE ABOVE REQUIREMENTS ARE NOT MET. 4. Gas Volumes and the Ideal Gas Law Apply In this unit, you learned about Avogadro's law and the ideal gas law. Now, you will demonstrate your understanding of these concepts by responding to the following prompts. In part of your unit project, you will explain how to use Avogadro's law and the ideal gas law, so this activity is important to prepare you for your project. Make sure you are showing each step of your work. Avogadro's Law: At STP, what is the volume of 7.08 mol of nitrogen gas?Ideal Gas Law: A gas sample occupies 8.77 L at 20°C. What is the pressure, in atmospheres, given that there are 1.45 mol of gas in the sample? "Make sure to show your work, and your answers should be provided with the correct amount of significant figures." YOU WILL RECEIVE A SCORE REDUCTION IF THE ABOVE REQUIREMENTS ARE NOT MET. 5. Diffusion and Effusion Apply In this unit, you learned about Graham's law of effusion. Now, you will demonstrate your understanding of these concepts by responding to the following prompt. In part of your unit project, you will explain how to use Graham's law of effusion, so this activity is important to prepare you for your project. Make sure you are showing each step of your work. If a molecule of neon gas travels at an average of 400 m/s at a given temperature, estimate the average speed of a molecule of butane gas, C4H10, at the same temperature. "Make sure to show your work, and your answers should be provided with the correct amount of significant figures." YOU WILL RECEIVE A SCORE REDUCTION IF THE ABOVE REQUIREMENTS ARE NOT MET.
ECO 201 SNHU Microeconomics Competitive Markets & Externalities Table
Listen ReadSpeaker webReader: Listen
Competencies
In this project, you will demonstrate your m ...
ECO 201 SNHU Microeconomics Competitive Markets & Externalities Table
Listen ReadSpeaker webReader: Listen
Competencies
In this project, you will demonstrate your mastery of the following competencies:
Inform business decisions using microeconomic models and theories
Determine the impact of economic costs on organizational and individual decision making
Explain how market structure impacts a business’s entry and exit into a market and its ability to generate economic profit
Scenario
You and your friend from college have just graduated. You majored in business, and your friend majored in a creative field. Your friend is highly inventive and has come up with an excellent idea for a new product. You both believe in this idea so much that you have agreed to become business partners. However, before you embark on your entrepreneurial adventure, you will have to explain some key microeconomics concepts to your partner that are important to make sound business decisions.
Your business partner is less than enthusiastic about this prospect and has never had an interest in what is often described as the dry and boring field of economics. Every time you have tried to engage your partner in practical discussions, they brush you off and decide to go play video games instead.
Aha! This gives you an idea: What if you could convince your friend to learn about economics through games? You have found several simulation games that demonstrate in real and interesting ways the economic principles that you know your partner needs.
Once you have played the games, you will create a memorandum report summarizing for your friend the educational value of your experiment. In your memorandum, you will restate the key principles and takeaways of each simulation, as well as illustrate how these ideas are relevant to your future entrepreneurial success.
Directions
First, assemble the materials that you will need to complete this assignment:
You will need several simulation report images for your memorandum. All the necessary data visualizations will be generated after you have completed each simulation game. You will be required to save image files of your simulation reports for your simulation discussions. These should also be used to create your memorandum report for the course project. If you have any questions or concerns about the simulation data that should be used for your project, you should promptly reach out to your instructor.
Review and use the Project Template located in the What to Submit section.
You are expected to reference any source material used in your memorandum report with appropriate citations. To support you, a References page has been added to the project template with a citation for this course’s reading already provided. Any other references you add should be cited according to APA format.
Once you have assembled the required materials listed above, you can now begin drafting your memorandum report by completing the following steps:
Comparative Advantage: Discuss the Comparative Advantage (With Trade) simulation that you played in Module Two. You should add the Production Decisions graph and the Production Trade graph (i.e., the graph showing how many hamburgers per fries) from you simulation report into the project template as Figures 1.1 and 1.2. Then, answer the following questions in the paragraphs below the figures:
How does this simulation demonstrate how individuals evaluate opportunity costs to make business decisions? Use the Production Decisions graph from the simulation as a reference to explain what role the production-possibility frontier (PPF) has in the decision-making process.
Explain how comparative advantage impacts a firm’s decision to engage in trade. Would a business’s decision to trade cause a change to its PPF? Provide specific reasoning to support your claims.
Competitive Markets and Externalities: Discuss the Competitive Markets and Externalities simulations (both with and without policy interventions) that you played in Modules Three and Four. Add the Supply and Demand chart and the Outcomes by Market table from your simulation reports into the project template as Figures 2.1 and 2.2. Then, answer the following questions in the paragraphs below the figures:
What impact do policy interventions have on the supply and demand equilibrium for a product? Provide specific examples from the simulation to illustrate.
What are the determinants of price elasticity of demand? Identify at least three examples. Based on the outcome of the simulation, explain how price elasticity can impact pricing decisions and total revenue of the firm.
Based on the results of the simulation, can policy market interventions cause consumer or producer surplus? Explain why using specific reasoning.
Production, Entry, and Exit: Discuss the Production, Entry, and Exit simulation that you played in Module Five. Add the Aggregate Outcomes chart from your simulation report into the project template as Figure 3.1. Then, answer the following questions in the paragraphs below the figure:
Analyze a business owner’s decision making regarding whether to enter a market. For example, what factors determined the driver’s market entry and exit in the simulation? Use economic models to support your analysis.
How does a business owner applying the concept of marginal costs decide how much to produce? For example, how did the driver determine how many hours to drive each day? Use economic models to explain.
How does the impact of fixed costs change production decisions in the short run and in the long run? Use the average-total-cost (ATC) model included in the module reading chapters to demonstrate this impact.
Market Structures: Discuss the market structures simulations (Price Discrimination and Cournot) that you played in Modules Six and Seven. Then, do the following in the project template:
Complete Table 4.1 as a reference guide for your business partner. The table should compare the attributes of each of the four listed market structures.
Answer the following questions in the paragraphs below the table:
Explain what market inefficiencies derive from monopolies and monopolistic competition. Use examples from the textbook to support your claims.
How do firms in an oligopolistic market set their prices? Use specific examples from the simulations or from the textbook to support your claims.
Explain how firms that compete in the four different market structures determine profitability. Use specific examples from the simulations or the textbook to support your claims.
Conclusions: Draw your overall conclusions about the relevance and significance of microeconomics. How will microeconomics principles impact your business decisions moving forward? Provide recommendations to your business partner for your future business venture.
Finally, ensure that all of your sources are properly cited using in-line citations and references according to APA format.
What to Submit
To complete this project, you must submit the following:
Memorandum Report
Your memorandum report should summarize the key principles and takeaways of each microeconomics simulation for your business partner. It should also illustrate how these ideas are relevant to your future entrepreneurial success.
Template: Project Template
Use this template to structure your memorandum report, and submit it as a Word document. Sources should be cited according to APA style.
Supporting Materials
The following resources support your work on the project:
Video: How to Use the Snipping Tool (Beginner’s Guide) (for PC) (5:23)
Use this tutorial for help with snipping, copying, and pasting your data visualizations into your project template.
A captioned version of this video is available: How to Use the Snipping Tool (Beginner’s Guide) (CC).
2 pages
Translations
1. Not all murderers deserve capital punishment, but Smith is a murderer who deserves Let M(x) = x is murderer; C(x) = x d ...
Translations
1. Not all murderers deserve capital punishment, but Smith is a murderer who deserves Let M(x) = x is murderer; C(x) = x deserves capital punishment; ...
Central Ohio Technical College Data Driven Decision Making Paper
please use excel to answer these questions, PLEASE READ ALL DIRECTIONS as there are a few different requirements and SHOW ...
Central Ohio Technical College Data Driven Decision Making Paper
please use excel to answer these questions, PLEASE READ ALL DIRECTIONS as there are a few different requirements and SHOW ALL WORK FOR EACH QUESTION WITH EXCELPlease make sure you put your name in the space provided at the top right corner of this page.Please insure that your copy of the exam has 8 numbered pages and 12 questions (and two EXTRA-CREDIT questions).You may use your textbook, computer, and notes. You should do all the work on your own and not get any help from others (this includes tutors). Integrate, i.e., cut & paste, computer printouts (as part of the response to the questions) for any questions you use the computer analysis results.For the normal distribution problems #8 and #9, draw appropriate pictures and mark relevant points on the picture by using the Minitab “graph à probability distribution plot” function (you could also do this by drawing the picture on paper, scanning it, and incorporating into your answer).Please turn-in this exam as an electronic (soft) copy. You should type in your answers on this document and turn it in for grading. Please name the Word file as you have done for all submissions in this class. GRADE SUMMARYProblems: Partial44Problems: Complete24Short essays32Extra-Credit10 Total110GOOD LUCKFor your use with Word, I am providing some symbols we have used in class. You may cut-and-paste these symbols as and when you need them on this.= < > ≥ ≤ ≠ µ σ σσ2 S S2H0: H1: a PROBLEMS --PARTIALFor the following three business situations please identify whether the probability distribution to be used to model the situation is Binomial, Poisson, or some other distribution (you do not need to identify this if it is not Binomial or Poisson distribution, just state that it is an unknown distribution) and for each situation justify your choice of the probability distribution by listing the requirements of the distribution and how they are met. (You are not required to solve these problems) (2 + 2 points)Any profit-maximizing firm would like a larger share of the market. The advertising campaign in different communications media is the most effective method to reach the consumers. Chuck Atwood, Optico Corporation’s sales manager, recently concluded a six-month advertising campaign which featured a series of ads in major business periodicals. The firm’s advertising agency assured Optico management that 60% of the purchasing agents in the target industries would be aware of the campaign. At a recent sales convention, only 4 of the 10 purchasing agents whom Chuck Atwood questioned could remember seeing any of the ads. Should Optico undertake a more detailed (and expensive) study of the advertising agency’s claim? Why?Pat Lowe, general manager of Chicago Foundries, is facing a difficult situation. Her plant is currently operating at 60 percent of optimal capacity and is losing money. She has submitted bids on two government contracts, either of which would bring the plant up to capacity. However, if she were to receive both, she would have to subcontract one of them and would be no better off than she currently is. Lowe recently received an invitation to bid on another government contract of the same nature and magnitude as the two she currently has bids on. She is unsure whether she should bid. She would prefer to operate at 60 percent capacity than to receive all three bids. Past experience has convinced her that she has received contracts of this nature 20 percent of the time. Advise Ms. Lowe.Telephone sales operators make on the average 1 call every 10 minutes. Recently, operators have become upset with their working conditions and you wonder if they are slowing down to retaliate. You observe one operator who has made no calls in the past 50 minutes. Assume that the average of 1 call every 10 minutes has not changed. What is the probability that no calls would have been made in the past 50 minutes?For the next four problems, just do the following: (You are not required to solve these problems)A.Set up Null (H0) and alternate (H1) hypotheses (i.e., Step 1) in business terms (i.e., in plain English). (2 points)B.Set up Null (H0) and alternate (H1) hypotheses (i.e., Step 1) in statistical terms. (2 points)C.In the context of the problem, please specify what kind of conclusion will lead to type I error and discuss the implications of making this type of error (i.e., who will it impact and how). (2 + 2 points)The Better Business Bureau has received several complaints that a flour company is underfilling their five pound bags of flour. The Bureau randomly selects 750 bags of flour and determines the weight of each bag. The sample average weight of the bags is 4.80 pounds with a standard deviation of .15 pounds. Is there evidence at the .01 level of significance that the bags are underfilled? A. H0 : H1 :B. H0 : H1 :C.5.The director of the IRS has been flooded with complaints that people must wait for at least 45 minutes before seeing an IRS representative. To determine the validity of these complaints, the IRS randomly selects 400 people entering IRS offices across the country and records the times which they must wait before seeing an IRS representative. The average waiting time for the sample is 55 minutes with a standard deviation of 15 minutes. Are the complaints substantiated by the data? Use a significance level, α, of .10.A. H0 : H1 :B. H0 : H1 :C. A 1990 Survey showed that the average check at Perkins family restaurant is $4.70. The Perkins company wants to know if this figure is too high for 1997. The Perkins company takes a random sample of 54 checks from the restaurants across the country and determines that the sample average check is $4.62. The sample standard deviation of the checks is $0.86. Using a = .05, test to determine whether the Perkins, restaurant check average is significantly lower than $4.70.A. H0 : H1 :B. H0 : H1 :C. To protect U. S. steel producers against competition from low-priced foreign imports, theGovernment has adopted a trigger price mechanism. If steel imports enter this country at less than the minimum or trigger price (based on the cost of production in Japan, which has the world's most efficient steel factories), an investigation into the illegal dumping of cheap steel in the United States by foreign countries is launched. Last year, the average trigger price was set at $358.31 per ton. This year, a random sample of n = 40 was selected, and the trigger price on each of the days was recorded. The data are summarized as follows: Sample mean = $330.88 S = $106.1Does the sample evidence indicate a need for an investigation of illegal dumping?A. H0 : H1 :B. H0 : H1 :C. PROBLEMS – COMPLETE8.A well-known brand of size D batteries has a lifetime that is normally distributed with a mean of 105 hours and a standard deviation of 20 hours. A. What proportion of the batteries has a lifetime of less than 85 hours? (4 points) B. If a person buys 1 battery of this type, what would be the probability that its lifetime would be between 75 and 90 hours? (4 points) 9A A personnel researcher has designed a questionnaire and she would like to estimate the average time to complete the questionnaire. Suppose she samples 100 employees and finds that the mean time to take the test is 27 minutes with a standard deviation of 4 minutes. Construct a 90% confidence interval for the mean time to complete the questionnaire. (6 points) Also, write a short memorandum about the findings to the human resources director of your company summarizing the methodology, findings, results and conclusions. (4 points) – Use Minitab for this analysis.9B. For the problem in part A, the human resources director wants to know whether these is sufficient sample evidence to conclude that the average time to complete the questionnaire is not 27 minutes. Set up the hypotheses (in statistical terms) and, based only on the confidence interval you have constructed in part A, what would you conclude regarding the hypotheses? (6 points) H0 : H1 :Conclusion:ESSAYS (Please double space your work)Management researchers are interested in understanding factors that are related to success of managers in for-profit businesses. You have been hired as a consultant to assist the researchers. As you start your work, develop a plan that addresses the following (page limit: 2 pages):a)What is your clear definition of the problem? i.e., what is it that you would like to show with evidence from data and analysis? (4 points)b)What data would you collect? Identify and specify the variables (so that they can be measured), list them including type and level, and specify why each variable is useful (or needed) for the study. List a few (made-up) values for each variable. Be very specific and to the point. (6 points)c)Present a plan, for collecting the data specified above, in the form of a series of specific instructions for someone else that would actually collect the data for you. (6 points)d)Provide a justification for your plan as it pertains to the quality of the variables that you selected (i.e., explain why you believe that the variables are the best ones to measure to address the issue raised in the study). You may contrast your variables with others (or other ways to measure the same variables) of lesser quality to make your point that yours are the best. (4 points)Write a short tutorial describing, in your own words, "hypothesis testing" to a manager who is not very knowledgeable in business statistics. Do not list the steps or describe the statistical analysis, but describe it as a technique to solve business problems. Use an example problem/situation to illustrate your points. (Page limit: ½ page) (8 points)undefinedSuppose an investment broker’s claim is stated in the hypotheses as: H0: My clients earn an average return of at most 10% per year on their investments. H1: My clients earn an average return of more than 10% per year on their investments.What is the type I error here? What are the implications of this error? Who is affected and why? Explain. (4 points)
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Grand Canyon University Three Strengths of The Linear Regression Discussion
Discuss three strengths of the linear regression? Identify a peer-reviewed study that uses linear regression in its analys ...
Grand Canyon University Three Strengths of The Linear Regression Discussion
Discuss three strengths of the linear regression? Identify a peer-reviewed study that uses linear regression in its analysis. Explain why linear regression was used and discuss one challenge in interpreting the results. I
How much energy is absorbed when 30.3 g of liquid water boils, algebra homework help
1. Water Apply Vaporization. Make sure that you are showing each step of your work. 1. How much ener ...
How much energy is absorbed when 30.3 g of liquid water boils, algebra homework help
1. Water Apply Vaporization. Make sure that you are showing each step of your work. 1. How much energy is absorbed when 30.3 g of liquid water boils? 2. An energy unit often encountered is the calorie (4.18 J = 1 calorie). Determine the molar enthalpy of fusion of ice in calories per gram. 3. A typical ice cube has a volume of about 16.0 mL. Calculate the amount of energy needed to melt the ice cube. (Density of ice at 0.°C 0.917 g/mL; molar enthalpy of fusion of ice 6.009 kJ/mol;molar mass of H2O 18.02 g/mol.) Determine the mass of the ice cube.Determine the number of moles of H2O present in the sample.Determine the number of kilojoules of energy needed to melt the ice cube. "Make sure to show your work, and your answers should be provided with the correct amount of significant figures." YOU WILL RECEIVE A SCORE REDUCTION IF THE ABOVE REQUIREMENTS ARE NOT MET. 2. Gases and Pressure Apply In this unit, you learned about pressure, units of pressure, and Dalton's law of partial pressures. Now, you will demonstrate your understanding of these concepts by responding to the following prompts. In part of your unit project, you will explain how to use Dalton’s law, so this activity is important to prepare you for your project. Make sure you are showing each step of your work. Show the process and find the solution Convert a pressure of 3.25 atm to kPa and to mm Hg.Some hydrogen gas is collected over water at 20.0°C. The levels of water inside and outside the gas-collection bottle are the same. The partial pressure of hydrogen is 742.5 torr. What is the barometric pressure at the time the gas is collected? "Make sure to show your work, and your answers should be provided with the correct amount of significant figures." YOU WILL RECEIVE A SCORE REDUCTION IF THE ABOVE REQUIREMENTS ARE NOT MET. 3. The Gas Laws Apply In this unit, you learned about Boyle's law, Charles's law, and Gay-Lussac's law. Now, you will demonstrate your understanding of these concepts by creating a PowerPoint presentation which addresses the following prompts. You may use multiple slides for each question if needed. In part of your unit project, you will explain how to use Boyle's law, Charles's law, and Gay-Lussac's law, so this activity is important to prepare you for your project. Make sure you explain each step as if you were teaching it to one of your classmates. Boyle's Law: A balloon filled with helium gas has a volume of 500 mL at a pressure of 1 atm. The balloon is released and reaches an altitude of 6.5 km, where the pressure is 0.5 atm. If the temperature has remained the same, what volume does the gas occupy at this height?Charles's law: A sample of neon gas has a volume of 752 mL at 25.0°C. What will be the volume at 100.0°C if pressure is constant?Gay-Lussac's Law: At 122°C the pressure of a sample of nitrogen gas is 1.07 atm. What will the pressure be at 205°C, assuming constant volume? * YOU MUST COMPLETE THE POWERPOINT PRESENTATION OR THE ASSIGNMENT WILL BE REJECTED * "Make sure to show your work, and your answers should be provided with the correct amount of significant figures." YOU WILL RECEIVE A SCORE REDUCTION IF THE ABOVE REQUIREMENTS ARE NOT MET. 4. Gas Volumes and the Ideal Gas Law Apply In this unit, you learned about Avogadro's law and the ideal gas law. Now, you will demonstrate your understanding of these concepts by responding to the following prompts. In part of your unit project, you will explain how to use Avogadro's law and the ideal gas law, so this activity is important to prepare you for your project. Make sure you are showing each step of your work. Avogadro's Law: At STP, what is the volume of 7.08 mol of nitrogen gas?Ideal Gas Law: A gas sample occupies 8.77 L at 20°C. What is the pressure, in atmospheres, given that there are 1.45 mol of gas in the sample? "Make sure to show your work, and your answers should be provided with the correct amount of significant figures." YOU WILL RECEIVE A SCORE REDUCTION IF THE ABOVE REQUIREMENTS ARE NOT MET. 5. Diffusion and Effusion Apply In this unit, you learned about Graham's law of effusion. Now, you will demonstrate your understanding of these concepts by responding to the following prompt. In part of your unit project, you will explain how to use Graham's law of effusion, so this activity is important to prepare you for your project. Make sure you are showing each step of your work. If a molecule of neon gas travels at an average of 400 m/s at a given temperature, estimate the average speed of a molecule of butane gas, C4H10, at the same temperature. "Make sure to show your work, and your answers should be provided with the correct amount of significant figures." YOU WILL RECEIVE A SCORE REDUCTION IF THE ABOVE REQUIREMENTS ARE NOT MET.
ECO 201 SNHU Microeconomics Competitive Markets & Externalities Table
Listen ReadSpeaker webReader: Listen
Competencies
In this project, you will demonstrate your m ...
ECO 201 SNHU Microeconomics Competitive Markets & Externalities Table
Listen ReadSpeaker webReader: Listen
Competencies
In this project, you will demonstrate your mastery of the following competencies:
Inform business decisions using microeconomic models and theories
Determine the impact of economic costs on organizational and individual decision making
Explain how market structure impacts a business’s entry and exit into a market and its ability to generate economic profit
Scenario
You and your friend from college have just graduated. You majored in business, and your friend majored in a creative field. Your friend is highly inventive and has come up with an excellent idea for a new product. You both believe in this idea so much that you have agreed to become business partners. However, before you embark on your entrepreneurial adventure, you will have to explain some key microeconomics concepts to your partner that are important to make sound business decisions.
Your business partner is less than enthusiastic about this prospect and has never had an interest in what is often described as the dry and boring field of economics. Every time you have tried to engage your partner in practical discussions, they brush you off and decide to go play video games instead.
Aha! This gives you an idea: What if you could convince your friend to learn about economics through games? You have found several simulation games that demonstrate in real and interesting ways the economic principles that you know your partner needs.
Once you have played the games, you will create a memorandum report summarizing for your friend the educational value of your experiment. In your memorandum, you will restate the key principles and takeaways of each simulation, as well as illustrate how these ideas are relevant to your future entrepreneurial success.
Directions
First, assemble the materials that you will need to complete this assignment:
You will need several simulation report images for your memorandum. All the necessary data visualizations will be generated after you have completed each simulation game. You will be required to save image files of your simulation reports for your simulation discussions. These should also be used to create your memorandum report for the course project. If you have any questions or concerns about the simulation data that should be used for your project, you should promptly reach out to your instructor.
Review and use the Project Template located in the What to Submit section.
You are expected to reference any source material used in your memorandum report with appropriate citations. To support you, a References page has been added to the project template with a citation for this course’s reading already provided. Any other references you add should be cited according to APA format.
Once you have assembled the required materials listed above, you can now begin drafting your memorandum report by completing the following steps:
Comparative Advantage: Discuss the Comparative Advantage (With Trade) simulation that you played in Module Two. You should add the Production Decisions graph and the Production Trade graph (i.e., the graph showing how many hamburgers per fries) from you simulation report into the project template as Figures 1.1 and 1.2. Then, answer the following questions in the paragraphs below the figures:
How does this simulation demonstrate how individuals evaluate opportunity costs to make business decisions? Use the Production Decisions graph from the simulation as a reference to explain what role the production-possibility frontier (PPF) has in the decision-making process.
Explain how comparative advantage impacts a firm’s decision to engage in trade. Would a business’s decision to trade cause a change to its PPF? Provide specific reasoning to support your claims.
Competitive Markets and Externalities: Discuss the Competitive Markets and Externalities simulations (both with and without policy interventions) that you played in Modules Three and Four. Add the Supply and Demand chart and the Outcomes by Market table from your simulation reports into the project template as Figures 2.1 and 2.2. Then, answer the following questions in the paragraphs below the figures:
What impact do policy interventions have on the supply and demand equilibrium for a product? Provide specific examples from the simulation to illustrate.
What are the determinants of price elasticity of demand? Identify at least three examples. Based on the outcome of the simulation, explain how price elasticity can impact pricing decisions and total revenue of the firm.
Based on the results of the simulation, can policy market interventions cause consumer or producer surplus? Explain why using specific reasoning.
Production, Entry, and Exit: Discuss the Production, Entry, and Exit simulation that you played in Module Five. Add the Aggregate Outcomes chart from your simulation report into the project template as Figure 3.1. Then, answer the following questions in the paragraphs below the figure:
Analyze a business owner’s decision making regarding whether to enter a market. For example, what factors determined the driver’s market entry and exit in the simulation? Use economic models to support your analysis.
How does a business owner applying the concept of marginal costs decide how much to produce? For example, how did the driver determine how many hours to drive each day? Use economic models to explain.
How does the impact of fixed costs change production decisions in the short run and in the long run? Use the average-total-cost (ATC) model included in the module reading chapters to demonstrate this impact.
Market Structures: Discuss the market structures simulations (Price Discrimination and Cournot) that you played in Modules Six and Seven. Then, do the following in the project template:
Complete Table 4.1 as a reference guide for your business partner. The table should compare the attributes of each of the four listed market structures.
Answer the following questions in the paragraphs below the table:
Explain what market inefficiencies derive from monopolies and monopolistic competition. Use examples from the textbook to support your claims.
How do firms in an oligopolistic market set their prices? Use specific examples from the simulations or from the textbook to support your claims.
Explain how firms that compete in the four different market structures determine profitability. Use specific examples from the simulations or the textbook to support your claims.
Conclusions: Draw your overall conclusions about the relevance and significance of microeconomics. How will microeconomics principles impact your business decisions moving forward? Provide recommendations to your business partner for your future business venture.
Finally, ensure that all of your sources are properly cited using in-line citations and references according to APA format.
What to Submit
To complete this project, you must submit the following:
Memorandum Report
Your memorandum report should summarize the key principles and takeaways of each microeconomics simulation for your business partner. It should also illustrate how these ideas are relevant to your future entrepreneurial success.
Template: Project Template
Use this template to structure your memorandum report, and submit it as a Word document. Sources should be cited according to APA style.
Supporting Materials
The following resources support your work on the project:
Video: How to Use the Snipping Tool (Beginner’s Guide) (for PC) (5:23)
Use this tutorial for help with snipping, copying, and pasting your data visualizations into your project template.
A captioned version of this video is available: How to Use the Snipping Tool (Beginner’s Guide) (CC).
2 pages
Translations
1. Not all murderers deserve capital punishment, but Smith is a murderer who deserves Let M(x) = x is murderer; C(x) = x d ...
Translations
1. Not all murderers deserve capital punishment, but Smith is a murderer who deserves Let M(x) = x is murderer; C(x) = x deserves capital punishment; ...
Central Ohio Technical College Data Driven Decision Making Paper
please use excel to answer these questions, PLEASE READ ALL DIRECTIONS as there are a few different requirements and SHOW ...
Central Ohio Technical College Data Driven Decision Making Paper
please use excel to answer these questions, PLEASE READ ALL DIRECTIONS as there are a few different requirements and SHOW ALL WORK FOR EACH QUESTION WITH EXCELPlease make sure you put your name in the space provided at the top right corner of this page.Please insure that your copy of the exam has 8 numbered pages and 12 questions (and two EXTRA-CREDIT questions).You may use your textbook, computer, and notes. You should do all the work on your own and not get any help from others (this includes tutors). Integrate, i.e., cut & paste, computer printouts (as part of the response to the questions) for any questions you use the computer analysis results.For the normal distribution problems #8 and #9, draw appropriate pictures and mark relevant points on the picture by using the Minitab “graph à probability distribution plot” function (you could also do this by drawing the picture on paper, scanning it, and incorporating into your answer).Please turn-in this exam as an electronic (soft) copy. You should type in your answers on this document and turn it in for grading. Please name the Word file as you have done for all submissions in this class. GRADE SUMMARYProblems: Partial44Problems: Complete24Short essays32Extra-Credit10 Total110GOOD LUCKFor your use with Word, I am providing some symbols we have used in class. You may cut-and-paste these symbols as and when you need them on this.= < > ≥ ≤ ≠ µ σ σσ2 S S2H0: H1: a PROBLEMS --PARTIALFor the following three business situations please identify whether the probability distribution to be used to model the situation is Binomial, Poisson, or some other distribution (you do not need to identify this if it is not Binomial or Poisson distribution, just state that it is an unknown distribution) and for each situation justify your choice of the probability distribution by listing the requirements of the distribution and how they are met. (You are not required to solve these problems) (2 + 2 points)Any profit-maximizing firm would like a larger share of the market. The advertising campaign in different communications media is the most effective method to reach the consumers. Chuck Atwood, Optico Corporation’s sales manager, recently concluded a six-month advertising campaign which featured a series of ads in major business periodicals. The firm’s advertising agency assured Optico management that 60% of the purchasing agents in the target industries would be aware of the campaign. At a recent sales convention, only 4 of the 10 purchasing agents whom Chuck Atwood questioned could remember seeing any of the ads. Should Optico undertake a more detailed (and expensive) study of the advertising agency’s claim? Why?Pat Lowe, general manager of Chicago Foundries, is facing a difficult situation. Her plant is currently operating at 60 percent of optimal capacity and is losing money. She has submitted bids on two government contracts, either of which would bring the plant up to capacity. However, if she were to receive both, she would have to subcontract one of them and would be no better off than she currently is. Lowe recently received an invitation to bid on another government contract of the same nature and magnitude as the two she currently has bids on. She is unsure whether she should bid. She would prefer to operate at 60 percent capacity than to receive all three bids. Past experience has convinced her that she has received contracts of this nature 20 percent of the time. Advise Ms. Lowe.Telephone sales operators make on the average 1 call every 10 minutes. Recently, operators have become upset with their working conditions and you wonder if they are slowing down to retaliate. You observe one operator who has made no calls in the past 50 minutes. Assume that the average of 1 call every 10 minutes has not changed. What is the probability that no calls would have been made in the past 50 minutes?For the next four problems, just do the following: (You are not required to solve these problems)A.Set up Null (H0) and alternate (H1) hypotheses (i.e., Step 1) in business terms (i.e., in plain English). (2 points)B.Set up Null (H0) and alternate (H1) hypotheses (i.e., Step 1) in statistical terms. (2 points)C.In the context of the problem, please specify what kind of conclusion will lead to type I error and discuss the implications of making this type of error (i.e., who will it impact and how). (2 + 2 points)The Better Business Bureau has received several complaints that a flour company is underfilling their five pound bags of flour. The Bureau randomly selects 750 bags of flour and determines the weight of each bag. The sample average weight of the bags is 4.80 pounds with a standard deviation of .15 pounds. Is there evidence at the .01 level of significance that the bags are underfilled? A. H0 : H1 :B. H0 : H1 :C.5.The director of the IRS has been flooded with complaints that people must wait for at least 45 minutes before seeing an IRS representative. To determine the validity of these complaints, the IRS randomly selects 400 people entering IRS offices across the country and records the times which they must wait before seeing an IRS representative. The average waiting time for the sample is 55 minutes with a standard deviation of 15 minutes. Are the complaints substantiated by the data? Use a significance level, α, of .10.A. H0 : H1 :B. H0 : H1 :C. A 1990 Survey showed that the average check at Perkins family restaurant is $4.70. The Perkins company wants to know if this figure is too high for 1997. The Perkins company takes a random sample of 54 checks from the restaurants across the country and determines that the sample average check is $4.62. The sample standard deviation of the checks is $0.86. Using a = .05, test to determine whether the Perkins, restaurant check average is significantly lower than $4.70.A. H0 : H1 :B. H0 : H1 :C. To protect U. S. steel producers against competition from low-priced foreign imports, theGovernment has adopted a trigger price mechanism. If steel imports enter this country at less than the minimum or trigger price (based on the cost of production in Japan, which has the world's most efficient steel factories), an investigation into the illegal dumping of cheap steel in the United States by foreign countries is launched. Last year, the average trigger price was set at $358.31 per ton. This year, a random sample of n = 40 was selected, and the trigger price on each of the days was recorded. The data are summarized as follows: Sample mean = $330.88 S = $106.1Does the sample evidence indicate a need for an investigation of illegal dumping?A. H0 : H1 :B. H0 : H1 :C. PROBLEMS – COMPLETE8.A well-known brand of size D batteries has a lifetime that is normally distributed with a mean of 105 hours and a standard deviation of 20 hours. A. What proportion of the batteries has a lifetime of less than 85 hours? (4 points) B. If a person buys 1 battery of this type, what would be the probability that its lifetime would be between 75 and 90 hours? (4 points) 9A A personnel researcher has designed a questionnaire and she would like to estimate the average time to complete the questionnaire. Suppose she samples 100 employees and finds that the mean time to take the test is 27 minutes with a standard deviation of 4 minutes. Construct a 90% confidence interval for the mean time to complete the questionnaire. (6 points) Also, write a short memorandum about the findings to the human resources director of your company summarizing the methodology, findings, results and conclusions. (4 points) – Use Minitab for this analysis.9B. For the problem in part A, the human resources director wants to know whether these is sufficient sample evidence to conclude that the average time to complete the questionnaire is not 27 minutes. Set up the hypotheses (in statistical terms) and, based only on the confidence interval you have constructed in part A, what would you conclude regarding the hypotheses? (6 points) H0 : H1 :Conclusion:ESSAYS (Please double space your work)Management researchers are interested in understanding factors that are related to success of managers in for-profit businesses. You have been hired as a consultant to assist the researchers. As you start your work, develop a plan that addresses the following (page limit: 2 pages):a)What is your clear definition of the problem? i.e., what is it that you would like to show with evidence from data and analysis? (4 points)b)What data would you collect? Identify and specify the variables (so that they can be measured), list them including type and level, and specify why each variable is useful (or needed) for the study. List a few (made-up) values for each variable. Be very specific and to the point. (6 points)c)Present a plan, for collecting the data specified above, in the form of a series of specific instructions for someone else that would actually collect the data for you. (6 points)d)Provide a justification for your plan as it pertains to the quality of the variables that you selected (i.e., explain why you believe that the variables are the best ones to measure to address the issue raised in the study). You may contrast your variables with others (or other ways to measure the same variables) of lesser quality to make your point that yours are the best. (4 points)Write a short tutorial describing, in your own words, "hypothesis testing" to a manager who is not very knowledgeable in business statistics. Do not list the steps or describe the statistical analysis, but describe it as a technique to solve business problems. Use an example problem/situation to illustrate your points. (Page limit: ½ page) (8 points)undefinedSuppose an investment broker’s claim is stated in the hypotheses as: H0: My clients earn an average return of at most 10% per year on their investments. H1: My clients earn an average return of more than 10% per year on their investments.What is the type I error here? What are the implications of this error? Who is affected and why? Explain. (4 points)
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