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.
Why Work with Us
Top Quality and Well-Researched Papers
We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.
Professional and Experienced Academic Writers
We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.
Free Unlimited Revisions
If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.
Prompt Delivery and 100% Money-Back-Guarantee
All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.
Original & Confidential
We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.
24/7 Customer Support
Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.
Try it now!
How it works?
Follow these simple steps to get your paper done
Place your order
Fill in the order form and provide all details of your assignment.
Proceed with the payment
Choose the payment system that suits you most.
Receive the final file
Once your paper is ready, we will email it to you.
No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.
No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.
Admission Essays & Business Writing Help
An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.
Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.
If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.