You are the purchasing manager of a company and are responsible for ensuring that necessary inputs are available to keep your factory operating

Question 1: You are the purchasing manager of a company and are responsible for ensuring that necessary inputs are available to keep your factory operating. For each of the three types of purchases identified below, recommend whether your company should use spot purchases, contract purchase, or internal production. Support your answer using economic concepts from this course. To what extent is your decision and any contract terms affected by the variability in the demand for your product and thus your need for the product purchased?

a. A subsystem that is similar to but not exactly the same as subsystems used by competitors; several large companies offer to make modifications to the subsystem to fit your requirements.

b. A part that is unique to your company and requires significant capital investment in order to produce. Your company is the only one using this part but several vendors have offered to manufacture it for you.

c. Light fixtures and light bulbs used to illuminate the factory floor.

Question 2: Discuss each of the pricing strategies below. What conditions are necessary to make each strategy successful in terms of increasing profits? Explain your answer.

a. A local restaurant/bar offers discounted drinks during “happy hour,” from 5 to 6 PM on weeknights.

b. The price Company X charges for its ink cartridges is nearly as much as it charges for a printer.

c. Packs of 5 T-shirts cost $10 while an individual T-shirt costs $4.

d. Coupons for specials at a local grocery store can be downloaded from an online site.

e. Computer and appliance manufacturers promote service contracts.

f. Microsoft Office includes several programs in one package.

Question 3: You hire a contractor to remodel your house. Identify three potential areas where asymmetric information and the principal-agent problem may be present. What are ways to mitigate the problems? Do you think having local government representatives inspect remodeling and building activities helps to reduce any of the problems? Explain your answers

Question 4: Explain how incomplete information can cause market failure. Give at least one example of this type of market failure and explain how government intervention has been used to correct the problem. How effective has this form of intervention been? Use the material from this course to support your answer

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The math grades on the final exam varied greatly. Using the scores below, how many scores were within one standard deviation of the mean? How many scores were within two standard deviations of the mean?

Answer the following problems showing your work and explaining (or analyzing) your results.

1.     The math grades on the final exam varied greatly. Using the scores below, how many scores were within one standard deviation of the mean? How many scores were within two standard deviations of the mean?

       99   34   86   57   73   85    91   93   46    96   88   79    68   85   89

2.     The scores for math test #3 were normally distributed. If 15 students had a mean score of 74.8% and a standard deviation of 7.57, how many students scored above an 85%?

3.     If you know the standard deviation, how do you find the variance?

4.   To get the best deal on a stereo system, Louis called eight appliance stores and asked for the cost of a specific model. The prices he was quoted are listed below:

       $216   $135   $281   $189   $218   $193   $299   $235

Find the standard deviation.

5.     A company has 70 employees whose salaries are summarized in the frequency distribution below.

Salary	Number of Employees
5,001–10,000	8
10,001–15,000	12
15,001–20,000	20
20,001–25,000	17
25,001–30,000	13

1. Find the standard deviation.
2. Find the variance.

6.  Calculate the mean and variance of the data. Show and explain your steps. Round to the nearest tenth.

       14,   16,   7,   9,   11,   13,   8,   10

7.  Create a frequency distribution table for the number of times a number was rolled on a die. (It may be helpful to print or write out all of the numbers so none are excluded.)

    3,   5,   1,   6,   1,   2,   2,   6,   3,   4,   5,   1,   1,   3,   4,   2,   1,   6,   5,   3,   4,   2,   1,   3,   2,   4,   6,   5,   3,   1

8.   Answer the following questions using the frequency distribution table you created in No. 7.

1. Which number(s) had the highest frequency?
2. How many times did a number of 4 or greater get thrown?
3. How many times was an odd number thrown?
4. How many times did a number greater than or equal to 2 and less than or equal to 5 get thrown?

9.   The wait times (in seconds) for fast food service at two burger companies were recorded for quality assurance. Using the data below, find the following for each sample.

1. Range
2. Standard deviation
3. Variance

Lastly, compare the two sets of results.

Company	Wait times in seconds
Big Burger Company	105	67	78	120	175	115	120	59
The Cheesy Burger	133	124	200	79	101	147	118	125

10.  What does it mean if a graph is normally distributed? What percent of values fall within 1, 2, and 3, standard deviations from the mean?

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