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Complete the following homework scenario:

  • Using only websites ending in .gov, report the current GDP, the current Federal deficit, the current Federal debt, and the bottom line of the current (last) budget approved by Congress (surplus or shortage). Note that the fiscal year for the federal government is October 1 – September 31.

  • What inference can you draw from the numbers collected?

Simulation Using Analytic Solver Platform

Assignments: It is strongly recommended that you create a separate file for each of these problems in order to avoid that the simulation runs interfere with each other. For all problems, run 5000 trials.

Solve the following problems in Excel using Excel add-in- ‘analytical solver platform’ (due Thursday, oct 29th)

Q. 11. The owner of a ski apparel store in Winter Park, Colorado must make a decision in July regarding the number of ski jackets to order for the following ski season. Each ski jacket costs $54 each and can be sold during the ski season for $145. Any unsold jacket at the end of the season are sold for $45. The demand for jackets is expected to follow a Poisson distribution with an average rate of 80. The store owner can order jackets in lot sizes of 10 units.

 a. How many jackets should the store owner order if she wants to maximize her expected profit?

b. What are the best-case and worst-case outcomes the owner may face on this product if she implements your suggestion?

c. How likely is it that the store owner will make at least $7,000 if she implements your suggestion?

d. How likely is it that the store owner will make between $6,000 and $7,000 if she implements your suggestion?

Hints:

a.    Solve as a combination of simulation/optimization. The following functions will help with this problem (you may need others also which you have used before): PsiPoisson (see page 577) Psimin and Psimax (see pages 602-603); Psitarget (see page 596). 17 pts

b.     Solve without an optimization. Instead, build a model and vary the order quantity in between 50, 60, 70, 80, 90, 100, 110  using the PsiSimParam function as discussed in section 12.14.2. Create a table similar to Figure 12.22. Answer all questions and discuss in case you find differences to your solution in part a). 15 pts

Q.17. Lynn Price recently completed her MBA and accepted a job with an electronics manufacturing company. Although she lilkes her job, she is also looking forward to retiring one day. To ensure that her retirement is comfortable, she intends to invest $3,000 of her salary into a tax-sheltered retirement fund at the end of each year. Lynn is not certain what rate of return this investment will earn each year, but she expects each year’s rate of return could be modeled appropriately as a normally distributed random variable with a mean of 12.5% and standard deviation of 2%.

a. If Lynn is 30 years old now, how much money should she expect to have in her retirement fund at age 60?

 b. Construct a 95% confidence interval for the average amount Lynn will have at age 60.

c. What is the probability that Lynn will have more than $1 million in her retirement fund when she reaches age 60?

d. How much should Lynn invest each year if she wants there to be a 90% chance of having at least $1 million in her retirement fund at age 60?

 e. Suppose Lynn contributes $3,000 annually to her retirement fund for eight years and then terminates her annual contributions. How much of her salary would she have contributed to this retirement plan and how much money could she expect to have accumulated at age 60?

f. Now suppose that Lynn contributes nothing to her retirement fund for eight years and then begins contributing $3,000 annuallly until age 60. How much of her salary would she have contributed to this retirement plan, and how much money could she expect to have accumulated at age 60?

g. What should Lynn (and you) learn from the answers to questions e and f?

Hints:  Part d) is similar to last week – try different values, explain what you did and provide answers. Show a new model for e) and f. 25 pts. For the interest calculation, assume that there is no interest in the first year (when she is 30) just the addition of $3000. Year “60” is the last year where funds and interest are added.

Note : All solutions need to be done in excel using ‘Analytical solver platform’. 

Business Law Assignment Week 4

Application: Is This Purpose Legal?

The final requirement of a valid contract is that it must be made for a legal purpose. Consider the following situation:

You and Tommy made a $100 bet on the outcome of the Super Bowl. After your team won, Tommy refused to pay you the $100.

Based on the information that you have learned in your reading, write a 150-word paper that answers the following questions about the situation described above:

  1. Could you legally sue Tommy?
  2. Why or why not? Be sure to support your conclusion with facts, definitions, and/or examples.
  3. If you have not already done so, clearly explain what constitutes legal and illegal gambling. ***Please use APA formatting.  Also please use quotes from the text/resources.  Please see example of APA formatting below:
     APA Textbook In-text Citations        

Reading

  • Course Text: Goldman, A., & Sigismond, W. (2014). Business Law: Principles and Practices (9th ed.). South-Western: Cengage Learning.

    • Chapter 10, “Legality”In this chapter, you will examine the last requirement of a valid contract: Legality. You will explore the nature of illegal agreements and the exceptions to the rule that courts will not enforce illegal agreements. Finally, you will be introduced to the agreements that are generally recognized as being illegal in most states.Focus on the definitions and concepts provided throughout the chapter. Review and think about the examples and short cases in the chapter that demonstrate the major ideas being conveyed.
    • Chapter 11, “Memorialize Contracts in Writing–Statute of Frauds”

Don’t all contracts need to be put in writing? The answer, actually, is “No.” In fact, the law requires that only a few specific types of contracts must be written in order to be enforceable in court. In this chapter, you will explore the categories of contracts required to be in writing, the validity of oral contracts, and the advantages of creating a written contact. Finally, you will be introduced to the parol evidence rule.

Focus on the definitions and concepts provided throughout the chapter. Review and think about the examples and short cases in the chapter that demonstrate the major ideas being conveyed, and consider the prevalence of oral contracts and the advantages of written contracts.