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18 Dec 2019

Assume you have applied to two different universities (let'srefer to them as Universities A and B) for your graduatework. In the past, 25% of students (with similar credentialsas yours) who applied to University A were accepted, whileUniversity B accepted 35% of the applicants. Assume events areindependent of each other.

A)find the probability of getting acceptance letters for both universities P(A and B)

B) Find the probability of getting an acceptance letter for either university p(A or B)

C) state the probability of getting accepted to university A--P(A)

D) state the probability of getting accepted to university B--P(B)

E) Does it seem you should apply to only one of the universities, if so which one, or both universities? explain.

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Related questions

George Washington University got rid of its SAT requirement, and applications soared 28 percent. This kind of jump is unprecedented, the school said. About 6,000 more students applied compared to the year before. It also saw a "significant" increase in applications from blacks, Hispanics, international students, and those who would be the first in their family to go to college. That's what GW was hoping for when it started allowing applicants to opt-out of submitting their standardized test scores this year. The school says it won't hurt your chances of getting in. About 20 percent of those who applied chose not to submit their scores. GW is one of the largest and most prestigious schools to go "test-optional," but it's a growing trend. More than 30 schools dropped the requirement in the past year, bringing the total to about 850. The list includes mostly liberal arts schools, including Wesleyan University, Bryn Mawr, and Wake Forest. The thinking is that dropping the test requirement will encourage more low-income and minority students -- who tend to score lower on the SAT -- to apply. While academic research is mixed on whether a "test-optional" policy really does increase diversity among enrolled students, some schools have seen it work. Diversity is up, and they're attracting strong applicants who may not have applied before. Experts say that high school grades can be much better at predicting whether or not a student will succeed in college than their SAT or ACT scores. Some other factors may have played a role in GW's spike in applicants, too. The college also credits its new, data-driven recruitment strategy and revamped campus visit experience. The increase in applications could make it more difficult to get in. GW admitted about 60 more applicants who applied early-decision compared to last year, but a spokeswoman said the college has not yet determined how many total students will be accepted. And it appears that the applicant pool could be more competitive this year. Of those already admitted, high school GPAs are slightly higher than in last year's class.

Is this an increase in demand or an increase in quantity demanded? There is no wrong answer, just back up your answer with sound economic reasoning.

1. Roshima is researching universities where she could study for her MBA degree. She is considering 3 major attributes that she considers important in her choice: ranking, price, and location. The value she places on each attribute, however, differs according to whether she remains full-time employed during her studies or quits her job and focuses on her degree. If she continues to work full time and takes all her courses online, then ranking is the most important attribute, twice as important as price and three times as important as location. If she quits her job and attends school full time, then location becomes three times as important as ranking and twice as important as price. She is considering two universities, respectively, the MBA program at Arizona State University (ASU) and the MBA program at University of Phoenix (UOP), both of which are priced at approximately $25,000. She has rated each attribute on a scale of 1 to 100 for each of the two schools.


Attribute

ASU

UOP


Ranking


Location


Price



80


50


45



70


70


45













a. Which of the two options should Roshima pursue of she wants to keep her full-time job? (Calculate the total expected utility from each school option and compare. Graph is not required)


b. Which of the two options should she pick if she plans to quit her job and dedicate to her studies?


c. Which option should she pursue if the probability of being laid off and unable to find a new job is estimated as 0.6? Show your calculations and explain your reasoning.




2. The demand function for Einstein Bagels has been estimated as follows:


Qx = -15.87 – 40.73Px + 84.17Py + 0.55Ax

where Qx represents thousands of bagels; Px is the price per bagel; Py is the average price per bagel of other brands of bagels; and Ax represents thousands of dollars spent advertising Einstein Bagels. The current values of the independent variables are Ax=216, Px=0.85, and Py=0.79.



a. Calculate the price elasticity of demand for Einstein’s Bagels and explain what it means.


b. Derive an expression for the (inverse) demand curve for Einsteins’s Bagels.


c. If the cost of producing Einstein’s Bagels is constant at $0.10 per bagel, should they reduce price and thereafter, sell more bagels (assume profit maximization is the company’s goal)?


d. Should Einstein Bagels spend more on advertising?



1. Roshima is researching universities where she could study for her MBA degree. She is considering 3 major attributes that she considers important in her choice: ranking, price, and location. The value she places on each attribute, however, differs according to whether she remains full-time employed during her studies or quits her job and focuses on her degree. If she continues to work full time and takes all her courses online, then ranking is the most important attribute, twice as important as price and three times as important as location. If she quits her job and attends school full time, then location becomes three times as important as ranking and twice as important as price. She is considering two universities, respectively, the MBA program at Arizona State University (ASU) and the MBA program at University of Phoenix (UOP), both of which are priced at approximately $25,000. She has rated each attribute on a scale of 1 to 100 for each of the two schools.


Attribute

ASU

UOP


Ranking


Location


Price



80


50


45



70


70


45













a. Which of the two options should Roshima pursue of she wants to keep her full-time job? (Calculate the total expected utility from each school option and compare. Graph is not required)


b. Which of the two options should she pick if she plans to quit her job and dedicate to her studies?


c. Which option should she pursue if the probability of being laid off and unable to find a new job is estimated as 0.6? Show your calculations and explain your reasoning.




2. The demand function for Einstein Bagels has been estimated as follows:


Qx = -15.87 – 40.73Px + 84.17Py + 0.55Ax

where Qx represents thousands of bagels; Px is the price per bagel; Py is the average price per bagel of other brands of bagels; and Ax represents thousands of dollars spent advertising Einstein Bagels. The current values of the independent variables are Ax=216, Px=0.85, and Py=0.79.



a. Calculate the price elasticity of demand for Einstein’s Bagels and explain what it means.


b. Derive an expression for the (inverse) demand curve for Einsteins’s Bagels.


c. If the cost of producing Einstein’s Bagels is constant at $0.10 per bagel, should they reduce price and thereafter, sell more bagels (assume profit maximization is the company’s goal)?


d. Should Einstein Bagels spend more on advertising?

Grade inflation Gone Wild - sTUarTrojsTaCzer

A bout six years ago, I was sitting in the student union of a small liberal arts college when I saw a graph on the cover of the student newspaper that showed the history of grades given at that institution in the past 30 years.

Grades were up. Way up.

I am a scientist by training and I love numbers. So when I looked at that graph, I wondered, How many colleges and universities have
data like this that I can find? The answer is that a lot of schools have data like this hidden somewhere. Back then, I found more than 80 colleges and universities with data on grades, mostly by poking around the Web. Then I created a website (gradeinflation.com) so that others could find this data. I learned that grades started to shoot up nationwide in the 1960s, levelled off in the 1970s, and then started rising again in the 1980s. Private schools had much higher grades than public schools, but virtually everyone was experiencing grade inflation.

What about today?

Grades continue to go up regardless of the quality of education. At a time when many are raising questions about the quality of U.S. higher education, the average GPA at public schools is 3.0, with many flagship state schools having average GPAs higher than 3.2. At a private college, the average is now 3.3. At some schools, it tops 3.5 and even 3.6. A is average at those schools! At elite Brown University, two-thirds of all letter grades given are now A's.

These changes in grading have had a profound influence on college life and learning. When students walk into a classroom knowing that they can go through the motions and get a B+ or better, that's what they tend to do, give minimal effort. Our college classrooms are filled with students who do not prepare for class. Many studies less than 10 hours a week that's less than half the hours they spent studying 40 years ago. Paradoxically, students are spending more and more money on an education that seems to deliver less and less content.
With so few hours filled with learning, boredom sets in and students have to find something to pass the time. Instead of learning, they drink. A recent survey of more than 30,000 first-year students across the country showed that nearly half were spending more hours drinking than they were studying. If we continue along this path, well end up with a generation of poorly educated college graduates who have used their four years principally to develop an addiction to alcohol.

Many say that grade inflation is a complicated issue with no easy fix. But there are solutions. At about the same time that I started to collect data on rising grades, Princeton University began to do something about its grade-inflation problem. Its guidelines have the effect of now limiting A's on average to 35 per cent of students in a class. Those guidelines have worked. Grades are going back down at Princeton and academic rigour is making a comeback. A similar successful effort has taken place at Wellesley College in Massachusetts. And through a concerted effort on the part of faculty and leadership, grades at Reed College in Oregon have stayed essentially constant for 20 years.

Princeton, Wellesley, and Reed provide evidence that the effort to keep grade inflation in check is not impossible. This effort takes two major steps. First, school officials must admit that there is a problem. Then they must implement policies or guidelines that truly restore excellence.

I asked Dean Nancy Malkiel at Princeton why so few schools seem to be following Princeton's lead. Because its hard work, she answered. Because you have to persuade the faculty that its important to do the work.

Making a switch will take hard work, but the effort is worthwhile. The alternative is a student body that barely studies and drinks out of boredom. That's not acceptable. Colleges and universities must roll up their sleeves, bring down inflated grades, and encourage real learning. It's not an impossible task. There are successful examples that can be followed. I am looking forward to the day when we can return to being proud of the education that our nation's colleges and universities provide.

Analyze Stuart Rojstaczer's argument in Grade Inflation Gone Wild, addressing the following questions:
What evidence does Rojstaczer use to indicate that there is a problem?
How would you characterize this evidence (for example, scientific, anecdotal), and to what extent are you persuaded by the evidence he provides to suggest that grade inflation has a profound effect on life and learning?
To what extent does he persuade you that a change in policy is
necessary or that such a change would make a difference?

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