Uncategorized Archives - Page 245 of 270

Mihaylo College of Business & Economics

March 19, 2023/in Uncategorized /by

Mihaylo College of Business & Economics

Grading Rubric

Assignment: Analytics Project Report for ISDS 361A

Total Points: 25 (5 points maximum for each criterion)

Criteria Poor (0 – 2) Average (2 – 4) Excellent (4 – 5)

Introduction & Background: a) Purpose, business problem description; b) Description of variables and outline of the

statistical methods to be applied (descriptive statistics for Phase 1 and inferential methods for Phase 2)

a) Purpose unclear and the problem description vague; b) Description of variables and statistical methods incorrect or vague (as relevant to each Phase)

a) Purpose included but the problem description lacks clarity; b) Outline of variables and statistical methods adequate (1 error at most) but can be improved

a) Problem well-defined and covers the scope; b) Variable descriptions and statistical methods accurately and clearly outlined

Methodology: Application of the appropriate statistical methods and analyses (as relevant to each Phase)

Incorrect statistical method used and incorrect analysis (Does not meet)

Correct method used but some errors in intermediate steps of the analyses and calculations

Correct method used, correct steps followed, and correct final answers (meets expectations)

Decision-making: Interpretation of the results, conclusions, and final decision-making in the context of the business problem

Conclusion is incorrect and interpretation is incorrect or missing (does not meet)

Correct interpretation of results but the conclusions are not communicated properly in the business context (meets but can be improved)

Correct interpretation of results and conclusions in the context of the business problem (meets expectations completely)

Organization: Development, layout, flow and design

Points not sequential – hard to follow; layout incorrect; design is incorrect or messy

Points are sequential; layout is adequate; design and flow are adequate (meet but can be improved)

Points are well developed, layout is clean, and design is professional

Literacy: Paragraphs, grammar, punctuation, & word choice; Introduction & conclusion

Several misspellings; grammar and/or word usage errors are disruptive; does not include introduction or conclusion

Minor errors in spelling, grammar, punctuation, or word choice; introduction and/or conclusion are included but are not well-structured

Not more than 1 or 2 errors overall; effective introduction and conclusion

Order a Similar Paper

Test Hypothesis, Protocol & Summary

March 19, 2023/in Uncategorized /by

Context: Your organization is evaluating the quality of its call center operations. One of the most important metrics in a call center is Time in Queue (TiQ), which is the time a customer has to wait before he/she is serviced by a Customer Service Representative (CSR). If a customer has to wait for too long, he/she is more likely to get discouraged and hang up. Furthermore, customers who have to wait too long in the queue typically report a negative overall experience with the call. You’ve conducted an exhaustive literature review and found that the average TiQ in your industry is 2.5 minutes (150 seconds).

Another important metric is Service Time (ST), also known as Handle Time, which is the time a CSR spends servicing the customer. CSR’s with more experience and deeper knowledge tend to resolve customer calls faster. Companies can improve average ST by providing more training to their CSR’s or even by channeling calls according to area of expertise. Last month your company had an average ST of approximately 3.5 minutes (210 seconds). In an effort to improve this metric, the company has implemented a new protocol that channels calls to CSR’s based on area of expertise. The new protocol (PE) is being tested side-by-side with the traditional (PT) protocol.

Instructions:

Access the CallCenterWaitingTime.xlsx file. Each row in the database corresponds to a different call. The column variables are as follows:

ProtocolType: indicates protocol type, either PT or PE
QueueTime: Time in Queue, in seconds
ServiceTime: Service Time, in seconds
Perform a test of hypothesis to determine whether the average TiQ is lower than the industry standard of 2.5 minutes (150 seconds). Use a significance level of α=0.05.
Evaluate if the company should allocate more resources to improve its average TiQ.
Perform a test of hypothesis to determine whether the average ST with service protocol PE is lower than with the PT protocol. Use a significance level of α=0.05.
Assess if the new protocol served its purpose. (Hint: this should be a test of means for 2 independent groups.)
Submit your calculations and a 175-word summary of your conclusions.

Order a Similar Paper

Complete the following exercises located at the end of each chapter and put them into a Word document to be submitted as directed by the instructor.

March 19, 2023/in Uncategorized /by

Complete the following exercises located at the end of each chapter and put them into a Word document to be submitted as directed by the instructor.

Show all relevant work; use the equation editor in Microsoft Word when necessary.

1. Chapter 5, numbers 5.11, 5.13, 5.15, and 5.18

2. Chapter 8, numbers 8.10, 8.14, 8.16, 8.19, and 8.21

5.11 Scores on the Wechsler Adult Intelligence Scale (WAIS) approximate a normal curve with a mean of 100 and a standard deviation of 15. What proportion of IQ scores are

(a) above Kristen’s 125?

(b) below 82?

(c) within 9 points of the mean?

(d) more than 40 points from the mean?

5.13 IQ scores on the WAIS test approximate a normal curve with a mean of 100 and a standard deviation of 15. What IQ score is identified with

(a) the upper 2 percent, that is, 2 percent to the right (and 98 percent to the left)?

(b) the lower 10 percent?

(c) the upper 60 percent?

(d) the middle 95 percent? [Remember, the middle 95 percent straddles the line perpendicular to the mean (or the 50th percentile), with half of 95 percent, or 47.5 percent, above this line and the remaining 47.5 percent below this line.]

(e) the middle 99 percent?

IMPORTANT NOTE: When doing Questions 5.15 and 5.16, remember to decide first whether a proportion or a score is to be found.

*5. 15 An investigator polls common cold sufferers, asking them to estimate the number of hours of physical discomfort caused by their most recent colds. Assume that their estimates approximate a normal curve with a mean of 83 hours and a standard deviation of 20 hours.

(a) What is the estimated number of hours for the shortest-suffering 5 percent?

(b) What proportion of sufferers estimate that their colds lasted longer than 48 hours?

(c) What proportion suffered for fewer than 61 hours?

(d) What is the estimated number of hours suffered by the extreme 1 percent either above or below the mean?

(e) What proportion suffered for between 1 and 3 days, that is, between 24 and 72 hours?

(f) What is the estimated number of hours suffered by the middle 95 percent? [See the comment about “middle 95 percent” in Question 5.13(d).]

(g) What proportion suffered for between 2 and 4 days?

(h) A medical researcher wishes to concentrate on the 20 percent who suffered the most. She will work only with those who estimate that they suffered for more than ——— hours.

(i) Another researcher wishes to compare those who suffered least with those who suffered most. If each group is to consist of only the extreme 3 percent, the mild group will consist of those who suffered for fewer than _____ hours, and the severe group will consist of those who suffered for more than _____ hours.

(j) Another survey found that people with colds who took daily doses of vitamin C suffered, on the average, for 61 hours. What proportion of the original survey (with a mean of 83 hours and a standard deviation of 20 hours) suffered for more than 61 hours?

(k) What proportion of the original survey suffered for exactly 61 hours? (Be careful!)

*5.18 The body mass index (BMI) measures body size in people by dividing weight (in pounds) by the square of height (in inches) and then multiplying by a factor of 703. A BMI less than 18.5 is defined as underweight; between 18.5 to 24.9 is normal; between 25 and 29.9 is overweight; and 30 or more is obese. It is well established that Americans have become heavier during the last half century. Assume that the positively skewed distribution of BMIs for adult American males has a mean of 28 with a standard deviation of 4.

(a) Would the median BMI score exceed, equal, or be exceeded by the mean BMI score of 28?

(b) What z score defines overweight

(c) What z score defines obese

8.10 Television stations sometimes solicit feedback volunteered by viewers about a tele-vised event. Following a televised debate between Barack Obama and Mitt Romney in the 2012 presidential election campaign, a TV station conducted a telephone poll to determine the “winner.” Callers were given two phone numbers, one for Obama and the other for Romney, to register their opinions automatically.

(a) Comment on whether or not this was a random sample.

(b) How might this poll have been improved?

*8.14 The probability of a boy being born equals .50, or 1/2, as does the probability of a girl being born. For a randomly selected family with two children, what’s the probability of

(a) two boys, that is, a boy and a boy? (Reminder: Before using either the addition or multiplication rule, satisfy yourself that the various events are either mutually exclu-sive or independent, respectively.)

(b) two girls?

(c) either two boys or two girls?

8.16 A traditional test for extrasensory perception (ESP) involves a set of playing cards, each of which shows a different symbol (circle, square, cross, star, or wavy lines). If C represents a correct guess and I an incorrect guess, what is the probability of

(a) C?

(b) CI (in that order) for two guesses?

(c) CCC for three guesses?

(d) III for three guesses?

8.19 A sensor is used to monitor the performance of a nuclear reactor. The sensor accurately reflects the state of the reactor with a probability of .97. But with a probability of .02, it gives a false alarm (by reporting excessive radiation even though the reactor is performing normally), and with a probability of .01, it misses excessive radiation (by failing to report excessive radiation even though the reactor is performing abnormally).

(a) What is the probability that a sensor will give an incorrect report, that is, either a false alarm or a miss?

(b) To reduce costly shutdowns caused by false alarms, management introduces a second completely independent sensor, and the reactor is shut down only when both sensors report excessive radiation. (According to this perspective, solitary reports of excessive radiation should be viewed as false alarms and ignored, since both sensors provide accurate information much of the time.) What is the new probability that the reactor will be shut down because of simultaneous false alarms by both the first and second sensors?

(c) Being more concerned about failures to detect excessive radiation, someone who lives near the nuclear reactor proposes an entirely different strategy: Shut down the reactor whenever either sensor reports excessive radiation. (According to this point of view, even a solitary report of excessive radiation should trigger a shutdown, since a failure to detect excessive radiation is potentially catastrophic.) If this policy were adopted, what is the new probability that excessive radiation will be missed simultaneously by both the first and second sensors?

*8.21 Assume that the probability of breast cancer equals .01 for women in the 50–59 age group. Furthermore, if a woman does have breast cancer, the probability of a true positive mammogram (correct detection of breast cancer) equals .80 and the probability of a false negative mammogram (a miss) equals .20. On the other hand, if a woman does not have breast cancer, the probability of a true negative mammogram (correct nondetection) equals .90 and the probability of a false positive mammogram (a false alarm) equals .10. (Hint: Use a frequency analysis to answer questions. To facilitate checking your answers with those in the book, begin with a total of 1,000 women, then branch into the number of women who do or do not have breast cancer, and finally, under each of these numbers, branch into the number of women with positive and negative mammograms.)

(a) What is the probability that a randomly selected woman will have a positive mammogram?

(b) What is the probability of having breast cancer, given a positive mammogram?

(c) What is the probability of not having breast cancer, given a negative mammogram?

Order a Similar Paper

Health Maintenance Services of Georgia reports

March 19, 2023/in Uncategorized /by

45. An auditor for Health Maintenance Services of Georgia reports 40% of policyholders 55 years or older submit a claim during the year. Fifteen policyholders are randomly selected for company records. a. How many of the policyholders would you expect to have filed a claim within the last year? b. What is the probability that 10 of the selected policyholders submitted a claim last year? c. What is the probability that 10 or more of the selected policyholders submitted a claim last year? d. What is the probability that more than 10 of the selected policyholders submitted a claim last year?

71. Refer to the Baseball 2016 data. Compute the mean number of home runs per game. To do this, first find the mean number of home runs per team for 2016. Next, divide this value by 162 (a season comprises 162 games). Then multiply by 2 because there are two teams in each game. Use the Poisson distribution to estimate the number of home runs that will be hit in a game. Find the probability that: a. There are no home runs in a game. b. There are two home runs in a game. c. There are at least four home runs in a game.

53. Management at Gordon Electronics is considering adopting a bonus system to increase production. One suggestion is to pay a bonus on the highest 5% of production based on past experience. Past records indicate weekly production follows the normal distribution. The mean of this distribution is 4,000 units per week and the standard deviation is 60 units per week. If the bonus is paid on the upper 5% of production, the bonus will be paid on how many units or more?

55. Best Electronics Inc. offers a “no hassle” returns policy. The daily number of customers returning items follows the normal distribution. The mean number of customers returning items is 10.3 per day and the standard deviation is 2.25 per day .a. For any day, what is the probability that eight or fewer customers returned items? b. For any day, what is the probability that the number of customers returning items is between 12 and 14? c. Is there any chance of a day with no customer returns?

76. Refer to the Lincolnville School District bus data a. Refer to the maintenance cost variable. The mean maintenance cost for last year is $4,552 with a standard deviation of $2332. Estimate the number of buses with a maintenance cost of more than $6,000. Compare that with the actual number. Create a frequency distribution of maintenance cost. Is the distribution normally distributed. Refer to the variable on the number of miles driven since the last maintenance. The mean is 11,121 and the standard deviation is 617 miles. Estimate the number of buses traveling more than 11,500 miles since the last maintenance. Compare that number with the actual value. Create a frequency distribution of miles since maintenance cost. Is the distribution normally distributed?

A. Century National Bank Refer to the Century National Bank data. Is it reasonable that the distribution of checking account balances approximates a normal probability distribution? Determine the mean and the standard deviation for the sample of 60 customers. Compare the actual distribution with the theoretical distribution. Cite some specific examples and comment on your findings. Divide the account balances into three groups, of about 20 each, with the smallest third of the balances in the first group, the middle third in the second group, and those with the largest balances in the third group. Next, develop a table that shows the number in each of the categories of the account balances by branch. Does it ap-pear that account balances are related to the branch? Cite some examples and comment on your findings.

Call Center Timing

March 19, 2023/in Uncategorized /by

Call Center Timing

ProtocolType	QueueTime	ServiceTime
PE	43	976
PE	151	33
PE	57	35
PE	715	39
PE	45	41
PE	97	43
PE	239	43
PE	33	48
PE	31	48
PE	299	49
PE	27	50
PE	189	50
PE	51	51
PE	71	52
PE	57	56
PE	149	57
PE	809	61
PE	121	61
PE	65	63
PE	59	65
PE	29	68
PE	43	68
PE	91	71
PE	811	72
PE	95	72
PE	67	74
PE	143	75
PE	85	75
PE	173	75
PE	77	75
PE	25	76
PE	75	77
PE	41	79
PE	529	79
PE	47	80
PE	147	87
PE	247	90
PE	189	104
PE	89	106
PE	323	110
PE	265	121
PE	141	129
PE	167	131
PE	107	144
PE	261	157
PE	63	159
PE	37	167
PE	367	167
PE	91	168
PE	193	172
PE	133	195
PE	31	204
PE	203	210
PE	261	211
PE	705	246
PE	75	255
PE	31	260
PE	177	854
PE	193	899
PE	93	905
PE	53	942
PE	91	225
PE	103	239
PE	219	243
PE	179	268
PE	153	299
PE	57	319
PE	571	321
PE	71	388
PE	89	408
PE	89	577
PT	81	29
PT	65	86
PT	147	86
PT	33	88
PT	103	90
PT	21	90
PT	35	90
PT	63	90
PT	163	92
PT	85	96
PT	69	97
PT	377	99
PT	43	102
PT	41	104
PT	83	108
PT	367	109
PT	45	113
PT	49	122
PT	155	122
PT	45	124
PT	571	130
PT	83	139
PT	55	150
PT	705	156
PT	101	157
PT	277	166
PT	43	172
PT	29	172
PT	97	173
PT	43	187
PT	103	187
PT	65	193
PT	627	197
PT	121	215
PT	131	229
PT	29	248
PT	91	267
PT	219	283
PT	167	323
PT	417	493
PT	141	539
PT	187	551
PT	651	567
PT	203	633
PT	73	775
PT	705	1048
PE	47	231
PE	291	33
PE	43	34
PE	121	35
PE	179	37
PE	129	38
PE	141	43
PE	73	45
PE	97	47
PE	141	52
PE	63	54
PE	51	56
PE	107	64
PE	99	65
PE	43	67
PE	123	69
PE	315	70
PE	129	76
PE	71	77
PE	33	78
PE	179	80
PE	131	83
PE	105	92
PE	95	94
PE	131	110
PE	143	110
PE	135	112
PE	75	119
PE	127	129
PE	277	140
PE	235	188
PE	97	204
PE	31	206
PE	119	207
PE	219	239
PE	47	214
PE	67	243
PE	65	387
PT	119	31
PT	107	85
PT	129	89
PT	69	91
PT	161	106
PT	27	111
PT	73	119
PT	75	124
PT	69	125
PT	105	132
PT	57	159
PT	63	166
PT	41	168
PT	69	178
PT	145	191
PT	139	215
PT	51	256
PT	43	267
PT	141	310
PT	71	327
PT	159	513
PT	129	2662
PE	83	33
PE	87	34
PE	137	34
PE	91	34
PE	681	34
PE	29	36
PE	69	36
PE	61	36
PE	725	36
PE	147	37
PE	61	37
PE	89	37
PE	51	38
PE	27	38
PE	811	40
PE	37	40
PE	99	41
PE	59	41
PE	79	42
PE	225	42
PE	133	42
PE	43	43
PE	51	44
PE	107	44
PE	37	44
PE	145	45
PE	173	45
PE	63	45
PE	139	45
PE	31	46
PE	55	46
PE	99	46
PE	29	47
PE	105	47
PE	55	47
PE	47	47
PE	57	47
PE	195	47
PE	419	49
PE	83	49
PE	71	49
PE	65	50
PE	311	51
PE	753	51
PE	45	51
PE	151	51
PE	43	52
PE	47	52
PE	143	52
PE	715	52
PE	71	52
PE	43	52
PE	55	53
PE	53	53
PE	187	54
PE	213	54
PE	123	55
PE	265	55
PE	163	55
PE	107	55
PE	141	56
PE	67	56
PE	83	56
PE	47	56
PE	487	56
PE	41	57
PE	83	57
PE	753	57
PE	81	57
PE	767	57
PE	315	58
PE	241	59
PE	39	59
PE	85	59
PE	73	59
PE	199	59
PE	53	60
PE	71	60
PE	91	60
PE	179	60
PE	93	60
PE	47	60
PE	75	60
PE	109	61
PE	273	61
PE	37	61
PE	123	61
PE	155	62
PE	211	63
PE	45	64
PE	109	64
PE	45	64
PE	33	65
PE	63	65
PE	139	65
PE	91	66
PE	809	66
PE	149	66
PE	71	66
PE	85	67
PE	71	67
PE	33	67
PE	49	67
PE	41	67
PE	135	68
PE	21	68
PE	323	68
PE	177	69
PE	811	69
PE	75	69
PE	141	69
PE	99	69
PE	83	70
PE	133	70
PE	77	70
PE	85	70
PE	809	70
PE	35	71
PE	93	72
PE	67	73
PE	83	73
PE	73	73
PE	57	73
PE	45	74
PE	55	74
PE	65	74
PE	67	74
PE	193	75
PE	149	75
PE	39	75
PE	65	76
PE	171	76
PE	33	76
PE	171	76
PE	99	76
PE	105	76
PE	41	77
PE	91	77
PE	107	77
PE	161	77
PE	93	77
PE	83	78
PE	49	78
PE	63	79
PE	71	79
PE	203	79
PE	229	79
PE	77	79
PE	97	80
PE	301	80
PE	39	81
PE	107	81
PE	145	81
PE	33	82
PE	123	82
PE	109	82
PE	49	83
PE	243	83
PE	205	83
PE	125	83
PE	127	84
PE	185	85
PE	69	94
PE	41	96
PE	165	102
PE	321	106
PE	41	110
PE	189	111
PE	155	114
PE	45	117
PE	179	123
PE	35	124
PE	541	126
PE	57	128
PE	101	129
PE	43	129
PE	123	132
PE	75	142
PE	105	142
PE	145	146
PE	217	152
PE	157	154
PE	61	158
PE	221	162
PE	71	172
PE	123	173
PE	57	179
PE	109	180
PE	123	189
PE	37	206
PE	81	207
PE	89	208
PE	51	216
PE	129	220
PE	77	220
PE	135	225
PE	131	231
PE	27	236
PE	121	242
PE	45	253
PE	95	253
PE	89	255
PE	83	412
PE	135	414
PE	135	799
PE	809	822
PE	149	886
PE	93	901
PE	75	209
PE	55	211
PE	117	211
PE	79	213
PE	113	224
PE	149	225
PE	95	227
PE	57	227
PE	51	241
PE	115	261
PE	43	264
PE	89	296
PE	99	297
PE	105	300
PE	105	320
PE	655	340
PE	27	344
PE	79	388
PE	715	407
PE	87	407
PE	227	474
PE	157	530
PE	31	531
PE	753	532
PE	71	584
PE	237	694
PE	69	704
PE	129	721
PE	145	2270
PT	243	28
PT	91	29
PT	161	30
PT	53	30
PT	63	33
PT	47	86
PT	67	86
PT	107	86
PT	183	88
PT	67	89
PT	75	89
PT	35	90
PT	355	90
PT	207	90
PT	105	91
PT	75	91
PT	185	91
PT	129	91
PT	33	92
PT	61	92
PT	81	92
PT	71	92
PT	51	93
PT	809	93
PT	129	93
PT	95	94
PT	79	95
PT	73	95
PT	35	95
PT	127	96
PT	115	96
PT	51	96
PT	93	97
PT	97	97
PT	237	97
PT	77	98
PT	35	98
PT	123	98
PT	179	98
PT	239	99
PT	63	99
PT	71	99
PT	89	100
PT	217	100
PT	91	100
PT	23	100
PT	269	101
PT	153	102
PT	263	103
PT	101	103
PT	55	104
PT	95	104
PT	205	104
PT	165	105
PT	271	105
PT	69	106
PT	81	106
PT	129	106
PT	149	106
PT	273	107
PT	225	107
PT	103	109
PT	145	109
PT	35	109
PT	97	109
PT	89	110
PT	65	112
PT	189	114
PT	51	114
PT	339	114
PT	83	115
PT	57	115
PT	99	115
PT	71	116
PT	41	117
PT	73	117
PT	67	118
PT	55	118
PT	77	118
PT	77	119
PT	59	120
PT	101	121
PT	135	121
PT	51	122
PT	247	122
PT	131	122
PT	169	123
PT	165	123
PT	63	123
PT	45	123
PT	301	123
PT	53	124
PT	105	124
PT	47	124
PT	53	124
PT	75	124
PT	153	124
PT	279	126
PT	119	126
PT	153	126
PT	27	126
PT	137	127
PT	111	129
PT	177	129
PT	125	129
PT	131	130
PT	95	130
PT	67	131
PT	261	132
PT	59	132
PT	111	133
PT	205	133
PT	139	133
PT	87	133
PT	141	134
PT	103	134
PT	209	134
PT	59	134
PT	149	135
PT	97	135
PT	67	135
PT	165	136
PT	87	139
PT	129	139
PT	57	141
PT	49	141
PT	83	141
PT	107	142
PT	59	142
PT	55	143
PT	341	144
PT	117	146
PT	59	146
PT	599	147
PT	95	147
PT	57	148
PT	65	148
PT	61	149
PT	51	149
PT	125	149
PT	117	149
PT	111	150
PT	93	151
PT	27	151
PT	47	151
PT	85	155
PT	113	156
PT	49	158
PT	49	158
PT	129	159
PT	161	160
PT	73	161
PT	121	162
PT	171	162
PT	99	163
PT	93	164
PT	135	165
PT	139	165
PT	57	165
PT	125	167
PT	87	168
PT	45	169
PT	171	170
PT	285	171
PT	175	173
PT	51	174
PT	73	174
PT	155	174
PT	95	176
PT	69	177
PT	109	177
PT	199	178
PT	105	179
PT	119	179
PT	49	181
PT	97	181
PT	57	182
PT	81	182
PT	141	183
PT	177	185
PT	31	188
PT	105	189
PT	105	190
PT	77	191
PT	617	193
PT	145	194
PT	163	195
PT	223	197
PT	105	197
PT	311	197
PT	53	199
PT	71	199
PT	51	199
PT	143	201
PT	111	202
PT	279	203
PT	161	204
PT	305	205
PT	47	205
PT	53	205
PT	81	206
PT	65	208
PT	153	208
PT	69	209
PT	161	209
PT	61	218
PT	123	219
PT	73	220
PT	69	221
PT	111	229
PT	107	229
PT	321	234
PT	89	236
PT	417	244
PT	95	245
PT	117	245
PT	69	245
PT	181	247
PT	179	247
PT	195	251
PT	93	252
PT	95	254
PT	59	255
PT	93	257
PT	225	264
PT	207	264
PT	29	264
PT	67	264
PT	725	265
PT	753	266
PT	381	267
PT	133	271
PT	95	272
PT	627	275
PT	99	279
PT	175	279
PT	97	281
PT	123	282
PT	43	282
PT	45	282
PT	725	283
PT	209	284
PT	153	285
PT	107	287
PT	83	288
PT	57	288
PT	131	288
PT	79	289
PT	121	293
PT	83	304
PT	141	313
PT	89	314
PT	65	328
PT	89	330
PT	71	330
PT	79	346
PT	125	346
PT	45	347
PT	175	354
PT	55	356
PT	105	359
PT	79	361
PT	107	362
PT	147	367
PT	29	374
PT	89	376
PT	95	378
PT	153	389
PT	681	393
PT	57	393
PT	175	393
PT	725	407
PT	77	485
PT	223	489
PT	207	492
PT	41	492

Biblical Worldview PAPER INSTRUCTIONS

March 19, 2023/in statistics, Uncategorized /by

EDUC 504

Biblical Worldview PAPER INSTRUCTIONS

Rationale

The Biblical Worldview Assignment is course-embedded into every degree program in Liberty University’s School of Education (SOE). Its purpose is to carry out LU’s mission to provide an education with a solid Christian foundation and to ensure that every SOE program completer understands the implications of a biblical worldview for the field of education. While there are other assignments that require candidates to write a personal philosophy of education, that is not necessarily the intent of this particular assignment. The goal of this activity is for candidates to accomplish the following:

· Convey an understanding of what is meant by a biblical worldview.

· Support and illustrate this understanding by citing the Bible and other literature on the topic of biblical worldview.

· Apply principles of a biblical worldview to educational practice.

· Articulate key components of a Christian philosophy of education, citing from the Bible and other literature on the topic of Christian philosophy of education.

Because the SOE embeds this assignment into every degree program—i.e., bachelor, master, education specialist (Ed.S.), and doctorate (Ed.D)—it is likely that candidates who earn multiple degrees from LU’s SOE will be required to complete the assignment multiple times. Especially in the Ed.S. and Ed.D. degrees, the Biblical Worldview Assignment may be required for more than one course. Candidates who are required to complete the assignment more than once may resubmit the initial assignment but are encouraged to revise as needed. For example, expectations for undergraduate and graduate writing levels are different; therefore, the composition of the paper may need to be strengthened with the repeated submission. Also, check the assignment directions and rubric to ensure that you are meeting the present course’s specific requirements.

Mission of Liberty University: This assignment advances LU’s mission by promoting “the synthesis of academic knowledge and Christian worldview in order that there might be a maturing of spiritual, intellectual, social and physical value-driven behavior” and by encouraging “a commitment to the Christian life, one of personal integrity, sensitivity to the needs of others, social responsibility and active communication of the Christian faith, and, as it is lived out, a life that leads people to Jesus Christ as the Lord of the universe and their own personal Savior.” Click on these links to learn more about LU’s Mission Statement and LU’s Doctrinal Statement .

Mission of LU’s School of Education: This assignment advances the School of Education’s mission, which is “to develop competent professionals with a biblical worldview for Christian, public, and private schools.” Click on this link to learn more about the SOE Conceptual Framework .

Directions

Write a 4-page paper in current APA format that conveys your understanding of what is meant by a biblical worldview and a Christian philosophy of education. Also, discuss the implications of these principles in their application to educational practice. Page length requirement begins with the introductory paragraph and ends with the conclusion; it includes neither the title page nor the reference page. An abstract is not required. In addition to the Bible, cite a minimum of four references that represent the body of literature supporting and explaining biblical worldview and Christian philosophy of education. No more than 10% of the paper is to include direct quotes; therefore, you should do much more summarizing and paraphrasing than quoting. Citations are required both for direct quotes and for summarized ideas drawn from references. The format of the paper is to include the sections below with headings that follow current APA format. Click on this link to view an APA Tips document with helpful hints for writing success.

· Title Page

· Introduction

Present a strong, clear thesis statement. The focus of this paragraph is to introduce the reader to the thesis statement. The remainder of the paper should support and illustrate the main point(s) of the thesis statement.

· Biblical Worldview

Based upon your readings of the Bible and literature on the topic of biblical worldview, convey a basic understanding of the elements of a worldview that is based distinctively on a perspective of life drawn from Judeo-Christian scriptures. Do not focus on the field of education in this section. A common error is for writers to neglect the discussion of a biblical worldview by focusing too much on the field of education, which is to be addressed in subsequent sections of the paper.

· Christian Philosophy of Education

Based upon your readings of the Bible and literature on the topic of Christian philosophy of education, convey a basic understanding of the elements of an educational philosophy that is based distinctively on a perspective drawn from Judeo-Christian scriptures. Address metaphysical and axiological issues. Metaphysical issues relate to questions of meaning and purpose. Axiological issues relate to questions of values. Minimize the discussion of practical application to the field of education in this section. A common error is for writers to neglect the discussion of a Christian philosophy of education by focusing too much on the implications for educational practice, which will be addressed in the subsequent section.

· Implications for Educational Practice

Discuss the implications of a biblical worldview and Christian philosophy for practical application to the overall field of education. Ensure that you discuss these implications for the field in general, but you may also proceed to specify implications for your particular area of interest. For example, if you are preparing to serve as a content area teacher, a special education teacher, an administrator, or a school counselor, you may—after addressing implications for the overall field of education—address implications for your area of service.

· Conclusion

An effective conclusion affirms the thesis statement and leaves the reader with a clear idea of how thoughts in the paper fit together to make a specific point.

· Reference Page

Cite the Bible in the body of the manuscript, but—per APA—the Bible and other classical or holy scriptures are not to be listed on the reference page. List here at least 4 references other than the Bible. One your references is to be the course textbook. Click on this APA Tips Document for details.

Submission: Submit the document both in Blackboard and in LiveText. It will not be graded until it is submitted in both locations. In Blackboard, it will be checked by SafeAssign for plagiarism. It will be graded in LiveText using the embedded rubric there.

References and Citations: See the APA Tips Document for details on how to cite the Bible in the body of the manuscript. Below are links to sources you might find helpful as you prepare:

· Articles and Websites

· What’s a Christian Worldview? (Focus on the Family)

· Developing a Biblical Worldview (Foundations for Living)

· What Is a Christian Worldview (Israel Wayne)

· The Importance of a Christian Worldview (The Gospel Project)

· On Education (Francis Schaefer)

· Writings in Christian Education (Calvin College)

· Journals: Many journals on the topic are available via Liberty Databases.

· Christian Worldview Journal (BreakPoint: The Chuck Colson Center)

· Christian Education Journal (Biola University)

· Christian Perspectives in Education (Liberty University, School of Education)

· LU’s Jerry Falwell Library: Click this link to search Liberty Databases of academic sources. Recommended search terms: biblical Christian worldview, Christian philosophy of education.

· Bibliography: Books on Biblical Worldview and Christian Philosophy of Education

· Course Readings: Relevant readings from present and past courses may be incorporated as appropriate, e.g., textbooks and articles.

Submit this assignment by 11:59 p.m. (ET) on Sunday of Module/Week 6.

Page 2 of 3

Order a Similar Paper

Use business knowledge, data analytics method, and data visualization skills to analyze the sales data from a music store.

March 19, 2023/in Uncategorized /by

Use business knowledge, data analytics method, and data visualization skills to analyze the sales data from a music store. You can use any statistical tools you like, e.g. Excel, Python, R.

Dataset
The dataset records the sales revenue of a music store from January 1997 to June 1998. The dataset has two tables: Transactions and Demographics.

Transactions Table
Explanation of columns:
Customer ID: the unique ID of each customer.
Date of Transaction: the date that the customer purchased the album.
# of Albums: the number of albums that the customer purchased.
$ Sales Revenue: the revenue of each transaction.

Demographics Table
Explanation of columns:
Customer ID: the unique ID of each customer.
Gender: gender information of each customer.
Total Visits: the total number of visits of each customer to the music store.

Requirements:

Please be creative and provide any writeups with graphs, dashboards, mathematical analysis as you see necessary to provide as many interesting insights as you can discover.

Here’s a list of things you may consider when composing your writeup:

1. Covert the ‘Date of Transaction’ column in the Transaction table to the standard datetime format.

2. Merge two tables into one spreadsheet. (hint: v-lookup function in excel)

3. Check the distributions of each column. Clean the dataset if there is a wrong record or outlier.

4. What is the revenue trend over the months of the music store?

5. Is the music store getting enough visitors?

6. How many of the visitors are buying?

7. Are men and women different in terms of total revenue, total visits, total transactions, or the number of albums purchased?

8. Are men and women different in terms of average revenue, visits, or transactions per customer?

9. Are men and women different in terms of revenue and transactions each month?

10. The ultimate goal of the music store is to increase sales. Do you have any marketing strategy for the music store?

11. Provide the finished dataset with your analytic results as the attachment in addition to the written assignment.

Submitting requirement:

The cover page and reference page/s are not included in the above-stated page requirement. These should be in addition to page requirements.

Format in proper APA 7th Edition style.

A minimum of three outside peer-reviewed sources for your references

Examination Period Faculty of Business and Economics EXAM CODES:

March 19, 2023/in Uncategorized /by

Office Use Only Semester One 2019 Examination Period Faculty of Business and Economics EXAM CODES: ETC2410-ETW2410-BEX2410 TITLE OF PAPER: Introductory Econometrics – PAPER 1 EXAM DURATION: 2 hours writing time READING TIME: 10 minutes THIS PAPER IS FOR STUDENTS STUDYING AT: (tick where applicable)  Caulfield  Clayton  Parkville  Peninsula  Monash Extension  Off Campus Learning  Malaysia  Sth Africa  Other (specify) During an exam, you must not have in your possession any item/material that has not been authorised for your exam. This includes books, notes, paper, electronic device/s, mobile phone, smart watch/device, calculator, pencil case, or writing on any part of your body. Any authorised items are listed below. Items/materials on your desk, chair, in your clothing or otherwise on your person will be deemed to be in your possession. No examination materials are to be removed from the room. This includes retaining, copying, memorising or noting down content of exam material for personal use or to share with any other person by any means following your exam. Failure to comply with the above instructions, or attempting to cheat or cheating in an exam is a discipline offence under Part 7 of the Monash University (Council) Regulations, or a breach of instructions under Part 3 of the Monash University (Academic Board) Regulations. AUTHORISED MATERIALS OPEN BOOK  YES  NO CALCULATORS  YES  NO Only HP 10bII+ or Casio FX82 (any suffix) calculator permitted SPECIFICALLY PERMITTED ITEMS  YES  NO if yes, items permitted are: one A4 sheet of paper with hand written notes on both sides Candidates must complete this section if required to write answers within this paper STUDENT ID: __ __ __ __ __ __ __ __ DESK NUMBER: __ __ __ __ __ INSTRUCTIONS TO STUDENTS • Answer all FOUR questions. All questions are of equal value (15 marks). This paper is worth 60 marks in total and constitutes 60% of the final assessment. • For multiple choice questions write the question number and only one letter (a), (b), (c), (d) or (e) for each question in your answer book (not on the question sheet). • When testing a hypothesis, to obtain full marks you need to specify the null and the alternative hypotheses, the test statistic and its distribution under the null, and then perform the test and state your conclusion. • If a question does not specify the level of significance of a hypothesis test explicitly, use 5%. • Statistical tables are provided after Question 4. Question 1 (15 marks) This question has 15 multiple choice questions. Make sure that you clearly specify the question number and only one letter for each multiple choice question in your answer book (not on the question sheet). 1. Consider two datasets. In dataset A, we have data on consumption expenditure, income and hours of work for every year from 2000 to 2017 for a group of individuals who were randomly selected in the year 2000. In data set B, we have data on consumption per capita, income per capita and unemployment rate for Australia, Indonesia, Malaysia, New Zealand, Thailand and Vietnam for every year from 2000 to 2017. (a) Both datasets are examples of time series data. (b) Both datasets are examples of cross-sectional data. (c) Both datasets are examples of panel data. (d) Dataset A is an example of panel data, dataset B is an example of time series data. (e) Dataset A is an example of cross-sectional data, dataset B is an example of time-series data. (1 mark) 2. Which of the following statements is NOT true? (a) Randomised controlled trials are the best means for measuring causal relationships. (b) In predictive modelling, the variables that are used as predictors need not cause the variable that they try to predict. (c) Correlation is not causation. (d) Time series observations are always i.i.d. (e) Time series data are ordered whereas cross section data are not. (1 mark) Page 2 of 15 3. Let  denote the weight of a newborn baby immediately after birth.  is a random variable with mean , i.e. () =  and variance 2 i.e.  (−)2 = 2. We denote weights of 5 newborn babies selected at random by 12 3 4 and 5, and their sample average by ̄ Which of the following statements is NOT true (a) P5 =1( − ̄) = 0 (b) P5 =1  = 5̄ (c) (̄) =  (d) ̄ =  (e) ̄ is a linear combination of 12 3 4 and 5 (1 mark) 4. Let  and  denote returns to two risky assets. We are told that  () =  () =  and  () =   () = 2 If we invest half of our savings in one of these assets and the other half in the other asset, then the variance of the return to our investment will be (a)  2 4 if  and  are uncorrelated (b)  2 2 if  and  are uncorrelated (c)  2 2 always (d) 2 always (e) (−)2+(−)2 4 if  and  are uncorrelated (1 mark) Questions 5 and 6 refer to the following p.d.f.: According to an expert, the annual growth rate of the real GDP and the inflation rate for Malaysia in 2019 are governed by the following joint probability density function: Inflation rate ↓ , GDP growth rate → 4% 5% 6% 1% 0.1 0.1 0.0 2% 0.1 0.2 0.0 3% 0.1 0.1 0.1 4% 0.0 0.1 0.1 5. The expected growth rate of real GDP in Malaysia in 2019 according to this expert is: (a) a random variable (b) 500% because 4+5+6 3 = 5 (c) 490% because 4×03+5×05+6×02 = 49 (d) 250% because 1×02+2×03+3×03+4×02 = 25 (e) 492% because 1 4 ×{(4× 01 01+01 +5× 01 01+01 )+(4× 01 01+02 +5× 02 01+02 )+ (4× 01 01+01+01 +5× 01 01+01+01 +6× 01 01+01+01 )+ (5× 01 01+01 +6× 01 01+01 )} = 492 (1 mark) Page 3 of 15 6. Conditional on 5% GDP growth rate, the expected inflation rate in Malaysia in 2019 according to this expert is: (a) a random variable (b) 250% because 1+2+3+4 4 = 25 (c) 250% because 1×02+2×03+3×03+4×02 = 25 (d) 120% because 1×01+2×02+3×01+4×01 = 12 (e) 240% because 1× 01 05 +2× 02 05 +3× 01 05 +4× 01 05 = 24 (1 mark) Questions 7, 8 and 9 refer to the multiple regression model  = 0 + 11 + 22 + · · ·+  +   = 12      (1) which in matrix notation is y ×1 = X ×(+1) β (+1)×1 + u ×1 7.  (u | X) = 0 implies that (a) (X0u) = 0 (b) X0bu = 0 where bu is the vector of OLS residuals of regression of y on X (c)  (u | X) = 2I where I is the identity matrix of order  (d) X0X is invertible (e) Columns of X are linearly independent (1 mark) 8. Which one of the following statements is correct? (a) Xy is an  ×1 vector (b) X0X is an  ×  matrix (c) X0u = 0 (d) X0u is a ( +1)×1 vector (e) X0β is a ( +1)×1 vector (1 mark) 9. Assuming that this model satisfies all assumptions of the Classical Linear Model (CLM) and denoting the OLS estimator of β by bβ, which of the following statements is NOT correct? (a) bβ is an unbiased estimator of β (b) bβ is a consistent estimator of β (c) Conditional on X bβ is normally distributed (d) bβ is the best linear unbiased estimator of β (e) bβ is equal to β (1 mark) Page 4 of 15 10. We have chosen a random sample of 100 publicly listed companies and recorded their average share price, profits, revenues and total costs in 2017-2018 financial year. Note that profits = revenue – total cost. In a regression model with the share price as the dependent variable and a constant, profit, revenue and total cost as independent variables, the OLS estimator (a) cannot be computed because X0X matrix is not invertible (b) will be biased because share price is not normally distributed (c) will be unbiased (d) will be BLUE (e) will be unbiased but not BLUE (1 mark) Questions 11 to 13 refer to the following problem: We would like to model the relationship between the price of an apartment with its area and its number of bedrooms. We postulate the following population regression model  = 0 + 1 + 2 +  Suppose all assumptions of the Classical Linear Model applies to this model. We have collected data on price (in 1000 dollars), area (in square metres) and number of bedrooms for 120 randomly selected apartments and estimated the parameters of this models using OLS. This resulted in 31899 135 and 6237 for estimates of 0, 1 and 2 respectively. 11. Which of the following equations reports the results appropriately? (a) d = 31899+135  +6237  (b) d = 31899+135  +6237  + ̂ (c) d = 31899+135  +6237  +  (d)  = 31899+135  +6237  +  (e)  ( |  ) = 31899+135  +6237  (1 mark) 12. Which of the following statements is correct? (a)  ( |  ) = 31899+135  +6237  (b)  ( |  ) = 31899+135  +6237  +  (c)  ( |  ) = 31899+135  +6237  + ̂ (d)  ( |  ) = 0 + 1 + 2 (e)  ( |  ) = 0 + 1 + 2 +  (1 mark) 13. The null hypothesis for testing that given the area of an apartment, its number of bedrooms is not a significant predictor of its price, is: (a) 0 :  = 0 (b) 0 : ( | ) = 0 (c) 0 : b2 = 0 (d) 0 : 2 = 0 (e) 0 : b2 6= 0 (1 mark) Page 5 of 15 Questions 14 and 15 relate to the following econometric model: Some economists believe that the relationship between greenhouse gas emission and income is nonlinear. Denote a country’s emission of CO2 per capita by 2 and its GDP per capita by  and consider the following model: 2 = 0 + 1 + 2 2 +  (2) 14. The hypothesis that the relationship between 2 and  is linear versus the al- ternative that it is an inverted U shape relationship can be written as: (a) 0 : 2 = 0 against 1 : 2  0 (b) 0 : 2 = 0 against 1 : 2  0 (c) 0 : 1 = 0 against 1 : 1  0 (d) 0 : 1 = 0 against 1 : 1  0 (e) 0 : 1 = 2 = 0 against 1 : at least one of 1 or 2 not equal to zero (1 mark) 15. If we know that in the model shown in equation (2)   ( | ) = 2, but all other assumptions of the Classical Linear Model are satisfied, then (a) we can still use the OLS estimator because it is unbiased, and we can use the usual OLS standard errors to perform  tests (b) we can still use the OLS estimator because it is unbiased, but we need to use heteroskedas- ticity robust standard errors to perform  tests (c) we cannot use the OLS estimator because the OLS estimator is biased in this case (d) we can still use the OLS estimator because it is the best linear unbiased estimator in this case (e) we can still use the OLS estimator because the OLS estimator is the same as the “weighted least squares” estimator in this case (1 mark) Question 2 (15 marks) 2.a. Suppose we have a sample of  observations on a variable . Show that if we run a regression of  on a constant only, the OLS estimate of the constant will be the sample average of  (3 marks) 2.b. From the World Development Indicators database, we have extracted data on the following variables for 121 countries in 2015: Variable Definition Range UNDER5 Mortality rate in children under 5 (per 1000 live births) 2.4 – 130.9 GDPPC GDP per capita in PPP adjusted dollars (as defined in assignment 1) 626 – 80892 SANITATION People using basic sanitation services (% of population) 7 – 100 WATER People using basic drinking water services (% of population) 0 – 100 The “Range” column provides the range of these variable in our sample. Page 6 of 15 From these 121 countries, 35 are in sub-Saharan Africa. We have created a dummy variable called SUBSAHARA which is equal to 1 if the country is a sub-Saharan country and 0 otherwise. Using this data set, we have estimated the following regressions using OLS (standard errors are provided in parentheses below parameter estimates) d5 = 172 (21) +596 (38)  (3) d5 = 1590 (145) − 72 (22) log()− 06 (01)  − 02 (01)  (4) i. From the information provided, compute the average under-5 mortality rate (a) for the 35 sub-Saharan countries, (b) for the remaining 86 countries, and (c) for all 121 countries in this sample. (3 marks) ii. Explain the estimated coefficients of log() in equation (4) in a way that a person with no econometric training would understand. (2 marks) iii. Suppose we want to test the hypothesis that after controlling for log(), a 1 percentage point increase in the proportion of population with access to basic sanitation has the same effect on under-5 mortality as a 1 percentage point increase in the proportion of population with access to drinking water, against the alternative that these effects are not equal, at the 5% level of significance. Explain how we could do that. For full marks, you need to state the null, the alternative, the test statistic and its distribution under the null, any additional regressions that we may have to estimate to calculate the test statistic, and how to come up with a conclusion using this procedure. All of these need to be explained in the context of this question where appropriate. (4 marks) iv. We have added  to equation (4) and re-estimated it and obtained the following equation: d5 = 1354 (145) − 74 (22) log()− 04 (01)  − 01 (01)  +182 (58)  (5) Use this information to test the hypothesis that after controlling for GDP per capita and access to sanitation and water services, there is no difference between the mean of under-5 mortality in sub-Saharan countries and the rest of the world, against the alternative that sub-Saharan countries have a higher mean, at the 5% level of significance. Remember that you need to state all steps of hypothesis testing to obtain full marks. (3 marks) Page 7 of 15 Question 3 (15 marks) 3.a. In predictive modelling, when we want to find the best subset of  explanatory variables {1 2     } to predict a target variable  we do not use 2 to compare models. Explain why, and provide the formula of an alternative statistic (only one) that we can use for selecting the best predictive model, highlighting specifically how this statistic overcomes the deficiency of 2 for model selection. (3 marks) 3.b. We have randomly selected a sample of 249 employed men and collected the following infor- mation: Variable Definition Range Median WAGE hourly wage in dollars 7.5 – 125 30 EDUC years of education 2 – 18 12 EXPER years of experience 0 – 38 13 The “Range” and “Median” columns show the range and the median of each variable within our sample, and zero years of experience means people who have less than 6 months experience. Consider the following population regression model for the logarithm of wage given education and experience: log() = 0 + 1 ( −12)+ 2  + 3 2 +  (6) We have estimated the following regression using OLS: dlog() = 2837 (0066) + 0095 (0010) ( −12)+ 0055 (0009) − 0001 (00003) 2 (7) 2 = 0394 standard error of the regression = 0420  = 249 Note that we have subtracted 12 from years of education in order to make the results more readily interpretable. i. Interpret the estimated coefficients in this regression, including its intercept. (4 marks) ii. Can we interpret the coefficient of ( −12) as the estimate of the “return to education”, i.e. proportional increase in wage caused by an extra year of education? Explain. (2 marks) iii. In order to test the hypothesis that the errors of this model are homoskedastic against a specific alternative, we have estimated the following auxiliary regression: ̂2 = 0096 (0031) + 0004 (0006) ( −12)+ 0005 (0002)  2 = 0039 standard error of the regression = 0262  = 249 where ̂ is the estimated residual of equation (7). Use this information to perform the test at the 5% level of significance. Remember that you need to write down the null and the alternative and all steps of hypothesis testing to obtain full marks. (4 marks) iv. Suppose we are told that the conditional variance of the error in model (6) is proportional to experience, i.e.  ( | ) = 2 × . Explain how we can use this information to transform model (6) in such a way that the transformed model will have the same parameters but no heteroskedasticity. (2 marks) Page 8 of 15

Order a Similar Paper

What is the firm’s profits at the monopoly price determined in part a

March 19, 2023/in Uncategorized /by

Monopoly pricing (50 points)

Milwaukee Utilities has a complete monopoly over the generation and transmission of energy. The following information on this company is given as follows:

Demand = 500 – 6Q

Average cost = 250 – Q

Where Q is measured in megawatts and prices and costs are measured in dollars.

How much energy would be sold and at what price if

a.) The firm sets price as a profit-maximizing monopolist? Note: The marginal cost curve is twice as steep as the average cost curve.

b.) What is the firm’s profits at the monopoly price determined in part a?

c.) Now, suppose the firm adopts a two-part tariff pricing scheme for its customers such that the access fee is equal to the profit-maximizing marginal cost and the user fee is the difference between the profit maximizing monopoly price and marginal cost. Please calculate the user and access fees based on this information.

d.) Now suppose the firm practices 3rd degree price discrimination and charges the profit-maximizing price to the high reservation price customers and charges a 10 percent discount on the monopoly price to low reservation price customers. Note, low reservation price customers are those who would never pay the monopoly price. What is the price charged to the low reservation price customers? What is the profit generated by charging these profits? Are the profits greater than the profits in part ‘b’? Please explain.

e.) Now suppose the state public utility commission requires this firm to charge the competitive price, how much energy would be sold and at what price? What is the firm’s profits?

f.) Based on the profits obtained when forcing this monopoly to charge a competitive price, the regulator now requires this monopoly to set price equal to average cost (this is called second-best pricing). What is the firm’s profits when charging second-best prices?

Please show all work to receive full credit.

Section II: Game theoretic approach toward analyzing output behavior of rivals (50 points)

Firms X and Y are duopolists facing the same two strategy choices. They can either tacitly collude or they can compete in a Cournot fashion. The market demand for their product, as well as their respective cost curves are as follows:

C(qx) = C(qy) =50qi (firm X and Y’s total cost curves), where i=x or y

MC(qy) =MC(qy) = 50 (firm X and Y’s marginal cost curves)

P=500-5Q, (market demand), where Q = qx + qy .

C(q) and have the same cost structure: marginal cost and average cost both=50

a.) Calculate the respective output levels of each firm if they collude to set monopoly prices.

b.) Calculate the respective output levels of each firm if they adhere to the Cournot model.

c.) What four possible output combinations are available in this game?

d.) Derive the for possible profit outcomes for each firm that arise from producing the four possible output combinations available in this game.

e.) Use these profit outcomes to construct a 2×2 normal representative matrix for this game.

f.) Does either firm have a dominant strategy? If so, what is it?

g.) Is there a Nash equilibrium for this game? If so, what is it?

h.) Is the outcome of this game a prisoner’s dilemma? Please Explain?

Please show all work to receive full credit.

Order a Similar Paper

quantitative questions

March 19, 2023/in Uncategorized /by

Show your work for quantitative questions. You can create diagrams with any means you like (with Excel, by hand, etc.), as long as they are clear and contain the required material.

Show your work for quantitative questions. You can create diagrams with any means you like (with Excel, by hand, etc.), as long as they are clear and contain the required material. Full credit is given for answers that use correct economic terminology, where appropriate.

Full credit is given for answers that use correct economic terminology, where appropriate. For the following questions, show your work for all answers.

You work for a graphics design company and have the opportunity to submit a design proposal for a news outlet’s logo re-design effort. You have a competitive advantage in designing logos using serif fonts, which are trending right now. The incumbent design company, who is your major competitor for this contract, has a competitive advantage in designing logos with sans serif fonts. The news outlet is accepting proposals and may decide the winner based on those submissions. You and your competitor know the following facts:

· If you submit a logo using a serif font and they also use a serif font, you will be offered the design contract and expect a profit of $10k from redesigning the logo (and submitting the bid). Your competitor will receive a net benefit from its team gaining more design experience, worth $1k.

· If you submit a logo using sans serif font and they also use a sans serif font, they will win the contract and expect a profit of $15k. You will take home a net benefit of $1k from the design experience.

· If you submit a logo using sans serif font and your competitor uses a serif font, your equally poor designs will result in neither firm being offered a contract. You both will experience a net cost from reputational impacts. Your cost will be $3k, and your competitor’s will be $5k.

· If you submit a logo using a serif font and your competitor uses a sans serif font, your equally good submissions will result in a tie. You both come out of the competition empty-handed with a net benefit of participating of $0, waiting for how the news outlet will proceed with any future evaluation of your work.

A. Represent this competition visually using the correct tool(s) from economic game theory.

B. What is the Nash Equilibrium/Equilibria set(s) of best responses in this “game”? Show how you arrived at this answer by highlighting or circling each firm’s payouts from its best responses and providing a brief explanation.

C. Will a Nash Equilibrium be realized if you and your competitor do not communicate before submitting your proposals? Why or why not?

D. Will a Nash Equilibrium be realized if you and your competitor communicate before submitting your proposals? Why or why not?

You work for a biotech company that is considering new R&D for a substance that would simultaneously consume ocean plastic, absorb greenhouse gases, and increase ocean albedo. You’re confident in your ability to develop a reasonably successful product, but you are not sure how well you can safeguard your intellectual property (IP) from rival biotech firms. You are risk-neutral. You face three alternative choices:

· Invest in the R&D and apply for a patent. In this case, you expect to spend $10m on R&D and $5m on patent expenses but obtain $60m in revenue. (Note that you will have to commit to patent application when deciding on R&D.)

· Invest in R&D and not apply for a patent. In this case, you expect to spend $10m on R&D and receive $60m in revenue. However, there is a 70% chance that some aspects of your IP will “spill over” to rival biotech companies, and you will not be able to maintain a monopoly position as the sole producer of this wonder substance. Other firms may enter, and you will lose market share resulting in a revenue loss given by L.

· Don’t invest in R&D. Incur no research costs and receive no revenue from such an endeavor.

A. Represent the key aspects of the decision you face with an appropriate decision tree.

B. If L = $5m, what alternative will you chose?

C. If L = $10m, what alternative will you chose?

D. Under what values of L would you prefer to patent your technology than operate without a patent? (Round to two decimal places.)

E. Now assume that conducting R&D reveals whether your IP will spill over to other firms. Your R&D cost is still $10m. Your understanding of the probability of an IP spill-over as of now is the same (there is a 70% chance of spill-over occurring), but R&D will reveal whether or not it will occur with certainty.

· If, after R&D, your IP is safe, you can expect the same $60m in revenue as before.

· If, after R&D, you expect your IP to spill over to other firms and you do not patent your technology, you expect to lose $10m in revenue compared to the case of your IP being safe. If you patent your tech, your patent cost will be $5m and your revenue will be $60m.

i. Represent the key aspects of the decision you face with an appropriate decision tree.

ii. Will you invest in R&D and patent right away, invest in R&D and consider patenting after conducting research, or chose not to invest in R&D? What calculations led you to this decision?

iii. Discuss how this scenario relates to the “Real Options” framework for investing under uncertainty by identifying (1) the option in this scenario and (2) how your choice of whether and when to exercise that option allows you to make the best decision.

You produce children’s toys and are shopping for product liability insurance. You have conducted very thorough engineering and lab tests of your toys and have calculated hazard rates from toy breakage, incidents from how children interact with them, etc. You have determined that there is a 0.02% chance of a “major” incident occurring with one of your toys in the next year, defined as an incident resulting in $1m in damages.

A. Based on these facts, what is the premium you expect to pay for actuarily fair insurance?

B. After shopping around, you are offered a few premiums that are higher than you expect. Insurers define “major” events the same way but disagree on the probability of one of your toys causing a major event in the next year. (They claim this probability is higher.)

i. Why might prospective insurers assume a higher probability of a major event?

ii. What can you do to try to resolve the difference in understanding of this probability? List and describe two.

C. If instead prospective insurers cite the same definition of a “major” event and the probability of it occurring in the next year, why might they be asking for premiums higher than the actuarily fair rate (aside from market power)? What is a solution to this issue?

Mihaylo College of Business & Economics

Test Hypothesis, Protocol & Summary

Complete the following exercises located at the end of each chapter and put them into a Word document to be submitted as directed by the instructor.

Health Maintenance Services of Georgia reports

Call Center Timing

Call Center Timing

Biblical Worldview PAPER INSTRUCTIONS

Biblical Worldview PAPER INSTRUCTIONS

Use business knowledge, data analytics method, and data visualization skills to analyze the sales data from a music store.

Examination Period Faculty of Business and Economics EXAM CODES:

Order a Similar Paper

What is the firm’s profits at the monopoly price determined in part a

quantitative questions

Order a Similar Paper

About Us

Quick Links

We Accept

Contact Us

Hello!