[ECON 101] - Final Exam Guide - Everything you need to know! (25 pages long)

Lonely Planet In 1972, Tony and Maureen Wheeler were newlyweds who decided to have one last adventurous travel experience before settling down. Their trip was an overland trek from London to Australia through Asia. So many other travelers asked them about their experiences that they sat down at their kitchen table and wrote a book titled Across Asia on the Cheap. They published the book themselves and were surprised by how many copies they sold.

More than three decades and 60 million books later, their publishing enterprise has turned out to be one of the most successful in history. The Wheelers%u2019 publishing company, Lonely Planet, has grown rapidly, with typical annual sales increases of 15 percent or more. In 2007, BBC Worldwide purchased a 75 percent ownership interest in the company and purchased the rest of the company%u2019s stock in 2011.

Lonely Planet TV now produces a variety of travel and documentary programs that appear on cable networks throughout the world. As a BBC subsidiary, the company does not release sales figures, but industry analysts estimate current annual revenues to be about $110 million. Lonely Planet publishes more than 600 titles and holds a 20 percent share of the travel guide market. The company has more than 450 employees in its U.K., U.S., French, and Australian offices performing editorial, production, graphic design, and marketing tasks.

Travel guide content is written by a network of more than 200 contract authors in more than 20 countries. These authors are knowledgeable about everything from visa regulations to hotel prices to the names of the hottest new entertainment spots. The combined expertise of the in-house staff and the in- country authors has kept Lonely Planet ahead of its competitors for many years.

Lonely Planet also offers travel services that include a phone card, hotel and hostel room- booking, airplane tickets, European rail travel reservations and tickets, package tours, and travel insurance. These services are sold by telephone and on the Lonely Planet Web site. The Web site has won numerous awards, including the Society of American Travel Writers Silver Award and a spot on Time magazine%u2019s %u201CFifty Best Web Sites%u201D list.

The site was launched in 1994 and includes an online store in which Lonely Planet publications are sold. However, the site%u2019s main draws are its comprehensive collection of information about travel destinations and its online discussion area, the Thorn Tree, which has nearly a half million registered users. The company has had trouble turning any of this information into a source of revenue generation. Despite its excellent Web site and its use of new technologies, most of Lonely Planet%u2019s revenues are still generated by book sales.

The typical production cycle of a travel guide is about eight months long. This is the time it takes to commission authors, conduct research, work through several drafts of writing and editing, select photos, create the physical book, and print it. This production cycle causes new books to be almost a year out of date by the time they are published. Only the most popular titles are revised annually. Other titles are on two-, three-, or four-year revision cycles. The time delay in publication means that many details in the guides are outdated or wrong; restaurants and hotels close (or move), exchange rates and visa regulations change, and once hot night spots are abandoned by fickle clientele. Lonely Planet publications are well researched and of high quality, but the writers do not work continually because the books are not published continually.

The Web site often has information that is more current than the published travel guides. The site%u2019s online shop does offer some custom guides, which are parts of its existing travel guides packaged in different ways, and it does let customers buy specific chapters from its books, but it still is largely focused on selling books, although the site does offer PDF files that can be downloaded to mobile devices. Lonely Planet has adopted some new technologies, but has not used them to change its revenue model in any major way or to make basic changes in the production of its main product, the travel guides.

Required: 1. Review the company%u2019s offerings for Apple iPhone and iPad products and for Android smart phones (Trippy). Evaluate those products and identify opportunities for other products or services that the company could offer for mobile devices that would take advantage of Internet technologies (including wireless technologies for mobile devices) and address customers%u2019 concerns about the timeliness and currency of information in the printed travel guides.

2. Prepare a report in which you analyze the marketing channel conflicts and cannibalization issues that Lonely Planet faces as it is currently operating. Suggest solutions that might reduce the revenue losses or operational frictions that result from these issues.

Q27. “There will be differences in degree of mood elevation seen in depressed clients after

receiving either cognitive-behavioral or psychoanalytic therapy.”

In this hypothesis if any, the independent variable(s) is /are_______

In this hypothesis if any, the dependent variable(s) is /are __

In this hypothesis if any, the confound variable(s) is /are________ __________

Q28. “There will be differences in degree of mood elevation seen in depressed clients after receiving either cognitive-behavioral or psychoanalytic therapy.” During a test of this hypothesis, it was discovered that some of the participants were males and the others are females. It was discovered also that some of the participants lived with family members and others lived alone.

In this hypothesis if any, the independent variable(s) is /are___

In this hypothesis if any, the dependent variable(s) is /are ____

In this hypothesis if any, the confound variable(s) is /are________________

Q29. Dr. Dow Jones wants to know whether a problem-based approach to teaching economics

will result in higher academic performance than his traditional method. Of the four sections of

Economics 200 at his university, Dr. Jones arbitrary assigns two sections to the traditional

method and two sections to the problem-based method. At the end of the semester, all students

complete the same final exam (Links to an external site.)Links to an external site..

Complete the following

a. This study employs a_____

b. Show the design Template:

c. In this design, __ _ constitute the control group.

d. In this design, __ -- constitute the treatment group.

e. In this hypothesis if any, the independent variable(s) is/are ___

f. In this hypothesis if any, the dependent variable(s) is /are_____

g. In this hypothesis if any, the confounding variable(s) is/ are­­­­­­­­ _____

Q30. Dr. Dow Jones wants to know whether a problem-based approach to teaching economics

will result in higher academic performance than his traditional method. Of the four sections of

Economics 200 at his university, Dr. Jones randomly assigns two sections to the traditional

method and two sections to the problem-based method. At the beginning of the semester all

students complete the same initial exam and at the end of the semester, all students complete the

same final exam (Links to an external site.)Links to an external site..

Complete the following:

This study employs a __ design.

Show the basic format (Template) for this design.

Q31. Dr. Dow Jones wants to know whether a problem-based approach to teaching economics

will result in higher academic performance than his traditional method. Of the eight sections of

Economics 200 at his university, Dr. Jones randomly assigns four sections to the traditional

method and four sections to the problem-based method. Two of the first four sections that are

assigned to the traditional method are tested at the beginning of the semester and the other two

sections are not tested. At the end of the semester, all students of these four sections complete the same final exam (Links to an external site.)Links to an external site.. Two of the first four sections that are assigned to the problem-based approach method are tested at the beginning of the semester and the other two sections are not tested. At the end of the semester, all students of these four sections complete the same final exam (Links to an external site.)Links to an external site..

Complete the following:

This study employs __ design.

Show the basic format (Template) for this design.

Q32. Dr. Dow Jones wants to know whether a problem-based approach to teaching economics

will result in higher academic performance than his traditional method. Of the four sections of

Economics 200 at his university, Dr. Jones randomly assigns two sections to the traditional

method and two sections to the problem-based method. At the end of the semester, all students

complete the same final exam (Links to an external site.)Links to an external site..

Complete the following:

This study employs --------.

Show the basic format (template) for this design.

Q33. Dr. Dow Jones wants to know whether a problem-based approach to teaching economics

will result in higher academic performance than his traditional method. Of the four sections of

Economics 101 at his university, Dr. Jones arbitrary assigns two sections to the traditional method and two sections to the problem-based method. At the beginning of the semester all students complete the same initial exam and at the end of the semester, all students complete the same final exam (Links to an external site.)Links to an external site..

Complete the following:

a. This study employs a_ _design.

Show the basic format for this design.

Q34. Penny Poodle wanted to know which dog obedience training program was more effective:

Puppy Pride, the approach she has been using for many years, or Doggie Do-Right, a new

approach. Penny convinced 50 human companions of untrained dogs to participate in her study.

25 of dogs and their humans were randomly assigned to complete the Puppy Pride and the other

25 of dogs and their humans were assigned to complete the Doggie Do-Right

course. At the end of the training programs, all of the dogs were scored on their level of

obedience on a standardized dog obedience checklist (scores could range from 10 to 100).

Complete the following

This study employs a design.

Show the basic format for this design.

In this design, ______________________ constitute the control group.

In this design, _____ _____________________ constitute the treatment group.

In this study, __ _____ is the Independent variable.

In this study, __ ____ is the dependent variable.

Q35. Dr. Phil wants to know if there are different opinions regarding the value of public

school education between Americans who have at least one relative who attended private

School and Americans who have no family experience with private School. Dr. Phil contacts45

American participants in each group. He asks each person to complete a survey about their attitudes toward public education and he measures their scores.

Complete the following

a. This study employs an_ ___________ design.

b. The Template (basic format) for this design is

In this design, ____ --------------------------------_ constitute the control group.

In this design, ____ --------------------------------_ constitute the treatment group.

e. In this study, ____ ___ is the Independent variable.

In this study, _ ______ _ is the dependent variable.

Q36. Dr. Phil wants to know if there are different opinions regarding the value of public

school education between Americans who have at least one relative who attended private

School and Americans who have no family experience with private School. Dr. Phil contacts45

American participants in each group. He asks each person to complete a survey about their attitudes toward public education and he measures their scores. He wants each

group to include younger as well as older adults, He asks each person to complete a survey about their attitudes toward public education.

Complete the following:

a. This study employs a_ ___________ design.

b. The basic format (Template) for this design is

Q37 PJ conducts an experimental study on the effects of soft music during high stakes science testing. He randomly assigns students at the school. In one condition he does not provide music for testing while in the other group he does provide the music. He administers a pretest at the beginning of the year and a posttest at the end of the year. PJ’s design is best described as a:

Static group comparison (Randomized posttest only control group design

b. Randomized Pretest-posttest control group design

c. Control-group-time-series design

d. Nonrandomized control-group pretest-posttest design

Econ 528 Spring 2016 Final Exam: Monopoly Due: April 26, 2016, 6 PM 1. Hank Yoon is the economist in a competitive market. The market price is $35 per item. The total cost equation is , and MC = 2 + Q

1.a. What level of output of items should you produce in the short run?

b. What price should you charge in the short run?

c. Will you make any profits (Total Revenue minus Total Costs) in the short run?

d. What will happen in the long run? How would your answers change if your costs were and MC = 5 + 60Q

2. Phillip Haynes is the controller of a company that has the sole authority to manufacture your product. The inverse market demand curve is . Your total cost equation is . What is the output you should produce, the price you should charge, and your profits.

3. You are the project executive of a monopolistically competitive firm. The present demand curve is . Your total cost equation is , and MC = 17Q

a. What level of output should you set to maximize profits?

b. What price would you charge?

c. What will happen in your market in the long run? Explain.