Case Study Analysis I
1. A business executive, transferred from Chicago to Atlanta, needs to sell her house in Chicago quickly. The executive’s employer has offered to buy the house for $210,000, but the offer expires at the end of the week. The executive does not currently have a better offer but can afford to leave the house on the market for another month. From conversations with her realtor, the executive believes the price she will get by leaving the house on the market for another month is uniformly distributed between $300,000 and $325,000. (50 points)
(A)If she leaves the house on the market for another month, what is the mathematical expression for the probability density function of the sales price
(B) If she leaves it on the market for another month, what is the probability that she will get at least $315,000 for the house?
(C) If she leaves it on the market for another month, what is the probability that she will get less than $310,000?
(D)What is the expected value of sales price?
(E) Should the executive leave the house on the market for another month? Why or why not? Develop your answers based on the results from (A)-(D), using at least 100 words.
2. The U.S. Bureau of Labor Statistics reports that the average annual expenditure on food and drink for all families is $5,700 (Money, December 2003). Assume that annual expenditure on food and drink is normally distributed and that the standard deviation is $1,500. (20 points)
(A)What is the range of expenditures of the 24.2% of families with the lowest annual spending on food and drink?
(B) Assume total number of families is 500,000. How many families spend more than $7000 annually on food and drink?
3. The average base salary for a store manager (Wal-Mart) in Riverside, California, is $68,000, and the average base salary for a store manager (Wal-Mart) in Los Angeles, California, is $78,000. Assume that salaries are normally distributed, the standard deviation for store managers in Riverside is $20,000, and the standard deviation for store managers in Los Angles is $22,000. (55 points)
(A)What is the probability that a store manager in Riverside has a base salary in excess of $100,000?
(B) What is the probability that a store manager in Los Angeles has a base salary in excess of $100,000?
(C) What is the probability that a store manager in Los Angeles has a base salary of less than $67,000?
(D)How much would a store manager in Los Angeles have to make in order to have a higher salary than 98.21% of the store managers in Riverside?
(E) Based the results from (A)-(D), if you are a job applicant for store manager position (Wal-Mart) in California, how would you negotiate annual salary using at least 200 words.
At 111papers.com, we value all our customers, and for that, always strive to ensure that we deliver the best top-quality content that we can. All the processes, from writing, formatting, editing, and submission is 100% original and detail-oriented. With us, you are, therefore, always guaranteed quality work by certified and experienced writing professionals. We take pride in the university homework help services that we provide our customers.
As the best homework help service in the world, 111 Papers ensures that all customers are completely satisfied with the finished product before disbursing payment. You are not obligated to pay for the final product if you aren’t 100% satisfied with the paper. We also provide a money-back guarantee if you don’t feel that your paper was written to your satisfaction. This guarantee is totally transparent and follows all the terms and conditions set by the company.Read more
All products that we deliver are guaranteed to be 100% original. We check for unoriginality on all orders delivered by our writers using the most advanced anti-plagiarism programs in the market. We, therefore, guarantee that all products that we submit to you are 100% original. We have a zero-tolerance policy for copied content. Thanks to our strict no plagiarized work rule, you can submit your homework to your professor without worrying.Read more
TThis is one of the most cherished courtesy services that we provide to help ensure that our customers are completely satisfied with our finished products. Delivering the best final product to our customers takes multiple inputs. 111papers.com prides itself on delivering the best university homework help services in the writing industry. And, in part, our free revision policy is how we do it. What’s more, all our revisions are 100% free without any strings attached.Read more
Client privacy is important to use. We know and understand just how important customers value their privacy and always want to safeguard their personal information. Thus, all the information that you share with us will always remain in safe custody. We will never disclose your personal information to any third party or sell your details to anyone. 111 Papers uses the most sophisticated, top-of-the-line security programs to ensure that our customers’ information is safe and secured.Read more
Placing your order with us means that you agree with the homework help service we provide. We, in turn, will endear to ensure that we do everything we can to deliver the most comprehensive finished product as per your requirements. We will also count on your cooperation to help us deliver on this mandate. Yes, we also need you to ensure that you have the highest-quality paper.Read more