The following data is applicable to the following 5 questions (1-5). MRPL = MEL = 17; L* = 50; LM = 48; W* = $13; and WM = $10.75.

1. What is the total cost of labor?

2. What is labor’s contribution to the firm’s gross revenues?

3. What is labor’s contribution to the firm’s profits?

4. This is a profit-maximizing firm. True or False

5. What is the expected mobility cost per hour?

Answers

Answer 1

1. Total cost of labor: $650.

2. Labor's contribution to gross revenues: $221.

3. Labor's contribution to profits: -$34.

4. The firm is profit-maximizing: True.

5. Expected mobility cost per hour: -$2.25.

1. The total cost of labor is given by the formula:

TCL = W*L* = $13 × 50 = $650

Therefore, the total cost of labor is $650.

2. The firm's gross revenues are given by the formula:

GR = PQ

Therefore, labor's contribution to the firm's gross revenues is:

Labor's contribution to gross revenue = W*MPL*MEL*, Where MPL* = MEL = 17

Therefore, labor's contribution to the firm's gross revenues is:

17 × $13 = $221

3. The firm's profits are given by the formula:

Profits = GR - TC

Labor's contribution to profits = W*MPL*(LM - L*) = 17($13)($48 - $50) = -$34

Therefore, labor's contribution to the firm's profits is -$34.

4. Profit-maximizing firm: A profit-maximizing firm hires labor until the marginal cost of labor equals the marginal revenue product of labor. If the MRPL is equal to the wage rate, then the firm is maximizing profits. We are given that MRPL = $13. Since W* = $13, the firm is profit-maximizing. Therefore, the answer is True.

5. The expected mobility cost per hour is given by the formula:

EMC = WM - W*

Therefore, the expected mobility cost per hour is:$10.75 - $13 = -$2.25/hour

Therefore, the expected mobility cost per hour is -$2.25/hour.

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Related Questions

your region seems to have several problems with communication between corporate headquarters and store managers. what formal communication network will best resolve these problems?

Answers

Based on a formal communication network strategy, the best method to applying to resolve the several problems with communication between corporate headquarters and store managers is the Free Flow Network

What is a Formal Communication Network?

A formal Communication Network is a term that is used to describe the method by which an organization is used to exchange information or messages within the firm or among the employees.

Free Flow Network

This is a form of formal communication network whereby there are no constraints on the flow of communication. Thereby making every employee free to exchange messages or information.

Other Methods of Formal Communication Networks include the following:Single Chain Network, Wheel Network, Circular Network, Inverted V Network

Hence, in this case, it is concluded that the correct answer is Free Flow Network

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which major financial statement answers the following question: does the firm generate enough funds to support anticipated investment, or does additional outside capital need to be raised? a. balance sheet b. statement of cash flows c. annual report d. income statement

Answers

The statement "does the firm generate enough funds to support anticipated investment, or does additional outside capital need to be raised? " is the example of B. statement of cash flow.

In the term of business and financial economic, A cash flow statement generally can be defined as a financial statement that provides aggregate data regarding all cash inflows. The cash flow statement is received by a company receives from its ongoing operations and external investment sources. There are several aspects that included in the cash flow statement, such as all cash outflows that pay for business activities and investments during a given period.

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The type of state law that involves such issues as business disputes or divorces is known as?

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The type of state law that involves such issues as business disputes or divorces is known as civil law.

The term civil law originates from the Roman word ‘jus civile’, meaning “citizen’s law”. Civil law denotes a body of laws and rules that concerns the private rights of citizens and not those of the public. It applies in private relations between individual citizens.

Civil law has some other features, including that it is codified, imposes civil liability on the offender (who has to compensate for damages done), and varies according to political jurisdictions. Civil law today encompasses contract law, property law, family law, tort law, corporate law and administrative law.

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What is the difference between national and enterprise.

Answers

Answer:

National car rental provides a better overall service when compared to Enterprise car rental. National rental offers a more customer-focused service with better-quality cars in more convenient locations.

Explanation:

how does using an exporting intermediary limit the risk involved with global marketing?

Answers

Using an exporting intermediary can limit the risk involved with global marketing by providing a buffer between the company and the foreign market, helping the company navigate complexities, and assuming some of the financial risk.

How can I become rich???

Answers

Explanation:

1, Don’t focus on a job, use the income from your job to invest to create different forms of income

2, Fastest way to get rich is to form a business

that's it :)

You can start a side business or go into a trade they are really high in demand because nobody wants to do them

What did adam smith believe about about self-interest, private property, the role of government, and competition in the economy?.

Answers

Adam Smith was of the opinion that self-interest is important because it determines a competitive economy and allows all individuals to perform their best to increase their own personal gain.

Who is Adam Smith?

Adam Smith was a Scottish economist and philosopher who was a pioneer of political economy and key figure during the Scottish Enlightenment.

Therefore, Adam Smith believes self-interest is important. It determines a competitive economy and allows all individuals to improve their own personal gain.

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Commitment decision can assist a school leaver to adapt to change of entrepreneurship​

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Answer:

When battling unemployment, entrepreneurship is a solution, entrepreneurs open doors to new ventures, new business, new alliances etc. When an investor puts money into a startup or a venture, the entrepreneur automatically gets to expand its team to scale the venture and hence providing employment to more people.

^_________^ <3

Siiri invests 10 % in real estate, 40 % in mutual funds, 25 % in government bonds, and 25 % in stocks. what do Siri’s investment demonstrate?

Siiri invests 10 % in real estate, 40 % in mutual funds, 25 % in government bonds, and 25 % in stocks.

Answers

Answer: Asset allocation

Explanation:

Asset allocation refers to the strategy of investing in different types of assets and investment vehicles so that the risks would be balanced by the rewards to be earned so that the investor will benefit.

Asset allocation is usually based on the investor's investment goals and their risk appetite. Those who are more risk tolerant will usually invest more in stocks so Siiri here is most likely risk averse but based on the percentage that went into stocks, they might be more risk neutral.

Would you consider VFITX to be a good investment choice? why or why not.

Answers

A moderate and sustainable amount of current income is the goal of the investment. The fund makes at least 80% of its investment in U.S. Treasury securities, which include Treasury bills, bonds, and notes.

What are Treasury bills?

Having a maturity of one year or less, a Treasury Bill (T-Bill) is a short-term obligation of the United States government backed by the Treasury Department.

Typically, $1,000 bills are available for purchase from the Treasury. However, some can place non-competitive bids up to a maximum denomination of $5 million. These securities are frequently viewed as safe and low-risk investment options.

T-Bills are sold by the Treasury Department in auctions that feature both competitive and non-competitive bidding. The price of a noncompetitive bid, sometimes referred to as a noncompetitive tender, is determined by averaging all the competitive offers that were received.

The tangible net worth of T-Bills is typically very high. T-bills are issued by the U.S. government to pay for a range of public works initiatives, including the building of roads and schools.

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a Shannon has been a member of her school's newspaper club for 2 years and attends writing workshops in her free time. Which career choice should she explore? A. Museum Curator B. Web Content Developer C. Graphic Designer D. Business manager​

Answers

She could look into both option B and D but I’m leaning more towards D as She could use her writing and English skills to compose formal documents and prepare motivational and persuasive speeches. And her initiative and independence would also be solid qualities to have for a business manager.

Wendell's Donut Shoppe is investigating the purchase of a new $34,600 donut-making machine. The new machine would permit the company to reduce the amount of part-time help needed, at a cost savings of $6,500 per year. In addition, the new machine would allow the company to produce one new style of the donut, resulting in the sale of 2,500 dozen more donuts each year. The company realizes a contribution margin of $1.60 per dozen donuts sold. The new machine would have a six-year useful life.
Required:
1. What would be the total annual cash inflows associated with the new machine for capital budgeting purposes?
2. Find the internal rate of return promised by the new machine to the nearest whole percent.
3. In addition to the data given previously, assume that the machine will have a $14,000 salvage value at the end of six years. Under these conditions, compute the internal rate of return to the nearest whole percent.

Answers

1. The total annual cash inflows associated with the new machine is $10,500 per year.

2. The internal rate of return to the nearest whole percent is approximately 23%.

3. The internal rate of return to the nearest whole percent is approximately 38%.

1. To calculate the total annual cash inflows associated with the new machine, we need to consider the cost savings from reduced part-time help and the additional sales revenue from the new style of donut.

Cost savings from reduced part-time help: $6,500 per year

Additional sales revenue from the new style of donut:

2,500 dozen donuts * $1.60 contribution margin per dozen = $4,000 per year

Total annual cash inflows = Cost savings + Additional sales revenue

= $6,500 + $4,000

= $10,500 per year

2. The internal rate of return to the nearest whole percent is approximately 23%. To find the internal rate of return (IRR), we need to determine the discount rate that will make the present value of the cash inflows equal to the initial cost of the machine ($34,600).

Using a financial calculator or spreadsheet software, we can input the cash inflows of $10,500 per year for 6 years and find the IRR. The IRR represents the discount rate that makes the net present value (NPV) of the cash flows equal to zero.

Assuming a 12% discount rate, the NPV can be calculated as follows:

NPV = -$34,600 + ($10,500 / (1+0.12)^1) + ($10,500 / (1+0.12)^2) + ... + ($10,500 / (1+0.12)^6)

By varying the discount rate until the NPV is zero, we can find the internal rate of return. In this case, the internal rate of return to the nearest whole percent is approximately 23%.

3. If we include the $14,000 salvage value at the end of the machine's useful life, the calculation for the internal rate of return would change.

The cash inflows for the first 5 years would remain the same:

$10,500 per year

In the 6th year, we would consider the salvage value:

Salvage value = $14,000

Total cash inflow in the 6th year = $10,500 + $14,000 = $24,500

By varying the discount rate until the NPV is zero, the internal rate of return to the nearest whole percent is approximately 38%.

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QUESTION 8 of 10: What is a focus group?

Answers

what's a focus group, well it's a group that focus

______ Is a market in which a large number of suppliers compete with each other to satisfy the needs and wants of a large numbers of consumers at a competitive price.???

Answers

Answer : Monopolistic competition

Answer:

Monopolistic Competition

Explanation:

In a monopolistic competitive market, there are large numbers of sellers who do not sell identical products instead they sell differential products. They compete with each other at a competitive price. The products could be differentiated in many ways including quality, style, location and even brand name. Since they compete at a competitive price, if there is a substantial rise in the price of any of the products, the buyers could quickly shift from one product to another. The most crucial factor behind product differentiation is because of geographical factors. Under a monopolistic competitive market, the sellers do not have any influence over customer loyalty and limited control over the price.

Gunna, an agri-entrepreneur comes to you to find out about important things before he can start marketing his agricultural products online. Gunna is confused about the information that will be displayed on his website later. He was able to know that, in general, advertisements on websites would not form an official offer to contract. In fact, the contract will only be formed after the customer makes an offer by placing an order; and, the supplier accepts this offer". Briefly discuss two (2) basic principles in Contract Law that Gunna should know in relation to his confusion.

Answers

Gunna should understand that website advertisements are not offers but invitations to treat. Contract formation occurs when customers make offers by placing orders, and Gunna accepts those offers.

Two basic principles in Contract Law that Gunna should know in relation to his confusion are offer and acceptance.

Offer: Gunna should understand that an offer is a clear and definite proposal made by one party to another, expressing a willingness to enter into a contract. In the context of his website, the information displayed should not be considered as an offer but rather as an invitation to treat. Gunna should ensure that the information on his website, such as product descriptions and prices, is presented as an invitation for customers to make offers rather than an offer itself.Acceptance: Gunna needs to be aware that acceptance is the agreement by the other party to the terms of the offer. In the online context, the customer's act of placing an order is considered an offer to contract. Gunna must ensure that he has a clear process in place to accept these offers, such as providing confirmation of receipt or processing the order. The contract will only be formed when Gunna explicitly accepts the customer's offer by confirming the order and indicating acceptance.

By understanding these principles, Gunna can ensure that his website functions properly in terms of contract formation. He should avoid presenting the information as offers and instead view them as invitations to treat. Gunna should also establish a clear process for accepting customer offers to create a valid contract.

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Supply-side policies have proven that smaller government makes the economy more efficient. ​ Select one: True False

Answers

Answer:

The given statement is "False".

Explanation:

Supply-side policies include those strategies that increase the economic ability of an enterprise as well as the ability to manufacture. To increase supply-side efficiency, there are also many specific steps that somehow an authority may undertake. Any strategy that increases the economic capacity of a nation's infrastructure and therefore its ability to transfer should be under the supply-side legal framework.

Based on the graph shown above, which of the following is the equallibrium quantity and price at which the compony should sell the truck

Answers

Based on the graph shown above, the following is the equilibrium quantity and price at which the company should sell the truck: option B. 300 trucks at $6 per truck

What is an equilibrium quantity and price?

In economics, an equilibrium quantity and price refers to a state in which the quantity of a good or service that a seller is willing to supply is equal to the quantity that a buyer is willing to demand, and the price at which this transaction occurs is the equilibrium price. This is also known as market equilibrium.

At the equilibrium price, there is no surplus or shortage of the good or service, and the market is said to be in balance. If the price is higher than the equilibrium price, there will be a surplus of the good or service, and if the price is lower than the equilibrium price, there will be a shortage.

The equilibrium quantity and price are determined by the interaction of supply and demand in a market. When the supply and demand curves intersect, the equilibrium quantity and price are established.

Therefore, the correct answer is as given above

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The complete question goes thus:

A toy company created a new truck to offer to consumers.

Based on the graph shown above, which of the following is the equilibrium quantity and price at which the company should sell the truck?

A. 200 trucks at $8 per truck

B. 300 trucks at $6 per truck

C. 400 trucks at $8 per truck

D. 200 trucks at $4 per truck

Based on the graph shown above, which of the following is the equallibrium quantity and price at which

What is a mechanism used to put a plan into action

Answers

Set priorities. Decide which goals you want to act on first, and make a list of what steps you need to take. Then carry them out. ...
Review your progress. Take a look at where you are to see if you're on track to meet your goals. ...
Adjust your plan if you need to. If you're not on track to meet your goals, adjust your plan.

are independent directors of mutual funds more or less powerful than the independent directors of a publicly traded u.s. company?

Answers

The reason is that, unlike a mutual fund, the shareholders of a listed firm hold a leader of that firm more account. As an end, directors get more sway in management to ensure as stock price be maximized.

What becoming a shareholder entails?

A person or organization that has contributed funds to a company in exchange for just a "share" of ownership is referred to as a shareholder. Common and preferred come to the fore by the corporation and retained (i.e., owned) by shareholder serve as a representation of such ownership. Owners of the firm, or technically component if there are more than one, shareholders aren't usually involved in day-to-day operations; that responsibility is given to the board of directors and company management.

However, company directors can also be shareholders.

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Which of the following best describes a stock.

A) An incredibly stable investment that is always a safe investment
B) Is insured by the FDIC
C) Represents a share of ownership of a corporation
D) Only sold in the United States

Answers

Answer: C

Explanation: A stock represents a share of ownership of a corporation. Stocks are bought by people so they can get money. If the company's stock they by it from goes well, they get money as well as interest. The answer is C. Hope this helps!

profit is the only
Organizational objectives of the business.Do you agree

Answers

Explanation:

I agree because without profit what's the use of the business

bennie razor company has decided to sell one of its old manufacturing machines on june 30, 2017. the machine was purchased for $80,000 on january 1, 2013, and was depreciated on a straight-line basis over a 10-year life assuming no salvage value. if the machine was sold for $26,000, how much is the gain or loss to be recorded at the time of the sale?

Answers

Bennie Razor Company should recognize a loss of $10,000 at the time of the sale.

Data and Calculations:

Cost of machine = $80,000

Estimated useful life = 10 years

Date of purchase  = June 30, 2007

Date of sale = Jan. 1, 2013

Period of use = 5.5 years (from June 30, 2007 to Jan. 1, 2013)

Annual depreciation on straight-line basis = $8,000 ($80,000/10)

Accumulated depreciation for 5.5 years = $44,00 ($8,000 x 5.5)

Net book value at sale date = $36,000 ($80,000 - $44,000)

Sales proceeds = $26,000

Loss recognized on sale = $10,000 ($36,000 - $26,000)

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4. In your progress report, you want the Work Completed section to follow your
Summary of Costs. To date, the company has rewritten the home page content,
created a new logo, and updated the overall structure of the site. Currently, an idea
for site navigation has been proposed but not yet confirmed. You want to include a
visual of the navigation option in the progress report.

a. The navigation option includes these links from the Home Page: About, Services,
Customer Reviews, and Contact. The About section would include links to History
and Our Mission; the Services section would also include links to Pricing, Scope, and
Timeline. Show an example of a simple, custom graphic to display the navigation. (3
points)

4. In your progress report, you want the Work Completed section to follow yourSummary of Costs. To date,

Answers

Links to About, Services, Customer Reviews, and Contact are included in the suggested navigation option, along with dropdown menus for About (History and Our Purpose) and Services (Pricing, Scope, and Timeline).

What type of bar chart is most popular?

When showing a sequence of statistics over time, it is highly helpful. If long labels are needed, vertical bar graphs have the drawback of not leaving much room at the bottom of the chart.

Which bar charts are frequently employed to display time series data?

Using a sequence of bars, time series bar charts can display changes in a metric over time. This allows you to plot several series, display the breakdown of a metric across dimensions, and display the evolution of the values over time.

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Question 2 of 10
A business that wants to increase its productivity by hiring additional highly
qualified employees would most benefit from an investment in

Answers

Answer:

b.labor

Explanation:

How do you redeem a winning lottery ticket?

Answers

which state because different states have different ways

what is the type of account and normal balance of allowance for doubtful accounts? a.asset; debit b.asset; credit c.contra asset; credit d.contra asset; debit

Answers

Option (c) is correct i.e. contra asset: credit, is the type of account and normal balance of allowance for doubtful accounts.

An allowance is a sum of money that is granted or allotted, typically on a regular basis for a particular purpose. In the case of children, parents may provide their kids pocket money (British English: an allowance) for errands and other personal expenses. An allowance in the construction sector is a sum of money assigned to a particular task as part of a larger contract. Usually, the individual giving the allowance tries to regulate when or how money is spent by the receiver so that it serves their purposes. For instance, a parent's allowance may be either unconditional or conditional and intended to educate the child money management in exchange for completing tasks or achieving a goal. The person providing the allowance typically specifies the use and may implement controls to ensure that the funds are only used for that use. When working away from home, firm personnel may receive a per diem or stipend to cover their expenses for food and transport. They may also be given special non-cash tokens or vouchers, such as a meal voucher, that may only be used for that reason.

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importantance of business ​

Answers

Answer:

Business is the source of employment. It creates employment opportunities for a large number of people in any country. Various types of employees are required both in management and technical jobs of business. The development of industry and commerce is helping to solve the employment problems of the nation.

Business improves the quality of life in two ways. Firstly, it provides high-quality goods and service to the people required for their enjoyment, comfort, and health. Secondly, a business offers employment opportunities to the people by which they can generate income and improve the quality of life.

Businesses help the society first through the distribution of goods and services which are essential for survival. Furthermore, they create employment opportunities that help individuals within the society earn an income to afford their needs.

Explanation:

timberly construction makes a lump-sum purchase of several assets on january 1 at a total cash price of $900,000. the estimated market values of the purchased assets are building, $508,800; land, $297,600; land improvements, $28,800; and four vehicles, $124,800. required: 1-a. allocate the lump-sum purchase price to the separate assets purchased. 1-b. prepare the journal entry to record the purchase. 2. compute the first-year depreciation expense on the building using the straight-line method, assuming a 15-year life and a $27,000 salvage value. 3. compute the first-year depreciation expense on the land improvements assuming a five-year life and double-declining-balance depreciation.

Answers

Depreciation expense on buildings  $30,000

Depreciation = Purchase value - salvage value/estimated useful life

Depreciation = $477,000 - $27,000/15

Depreciation = $30,000

Depreciation expense on land improvements  $10,800

Depreciation rate = 100%/ 5 year = 20%

Depreciation rate = 2 × 20% = 40%

Depreciation = $27,000 ×40%

Depreciation =$10,800

In accountancy, depreciation is a time period that refers to two components of the same idea: first, the actual decrease of the truthful price of an asset, which includes the lower in value of the manufacturing facility device each year as it is used and wears, and second, the allocation in accounting statements of the unique price of the belongings to intervals wherein the belongings are used (depreciation with the matching precept). Depreciation is, therefore, the lower in the value of assets and the method used to reallocate, or "write down" the price of a tangible asset (which includes a device) over its useful life span. Groups depreciate long-time period assets for both accounting and tax purposes.

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Which of the following would NOT be a condition associated with monopolistic competition?

Answers

Where is the following answers?

what most demonstrated consumers’ changing buying patterns during the covid-19 pandemic?

Answers

Due to extensive lockdowns, a volatile economy, and changes in lifestyle, the COVID-19 pandemic significantly altered consumers' purchasing habits.

The new coronavirus that started the COVID-19 pandemic, which has had an impact on almost every sphere of civilization, is a major worldwide health concern. Since its initial discovery in Wuhan, China in December 2019, it has spread quickly over the world, causing numerous lockdowns and travel restrictions. The epidemic has significantly impacted the world economy, resulting in significant employment losses, economic uncertainty, and supply chain disruptions. Businesses have been forced to shut down, and those that are still operating have had to change to comply with new health and safety regulations. Millions of people now work from home as a result of the epidemic, which has also transformed the way that people work and accelerated the transition to digital technology.

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Other Questions
explain how Keats's word choice in "Ode on a Grecian Urn effectively develops the idea that art is an eternal and unchanging source of truth. Consider Keats's use of adjectives, adverbs, and hyperbole. Cite specific details from the poem to support your analysis. A publisher receives a copy of a 500-page textbook from a printer. The page proofs are carefully read and the number of errors on each page is recorded, producing the data in the following table: Number of errors 0 1 2 3 4 5 Number of pages 102 138 140 79 33 8 Find the mean and standard deviation in number of errors per page. After years of overhunting, environmental scientists have reintroduced mountain goats into Yellowstone National Park. The initial number of mountain goats reintroduced to the park was1,500; after 11 years, the population is estimated to be around 8,400. Assuming an exponential growth pattern, what is the annual growth rate (rounded to the nearest tenth of a percent) ofthe new mountain goat population in Yellowstone National Park?Hint: All) = Ao(t +)', where Aft) is the final amount, Ao is the initial amount,r is the growth rate expressed as a decimal, and t is time.a.) 0.17%b.) 1.7%c.) 17.0%d.) 17.9% Put the following setrnces in order . the_____________________is a substance where the atoms are all the same kind. Your truck is in a traffic emergency and may collide with another vehicle if you do not take action. Which of these is a good rule to remember at such a time? Most Latin Americans live in big cities. These Urban areas are mostly found where? A. Deserts B. Mountain Ranges C. Forests D. Coasts Please help me find the median to this table If D=t+9^2 and C=t^2-t-8, find an expression that equals D-3C in standard form.100 POINTS IF YOU CAN GET IT RIGHT Which seven minutes of terror does the video's title refer to? aPlanning the rovers trip to Mars. bThe sequence of events that led to the creation of NASA. cRobotic exploration of Mars. dThe amount of time it took Curiosity to land on Mars. This is my last question can you guy help me.thank you 8.1 consider the following 2015 data for newark general hospital (in millions of dollars): a. calculate and interpret the profit variance. b. calculate and interpret the revenue variance. c. calculate and interpret the cost variance. d. calculate and interpret the volume and price variances on the revenue side. e. calculate and interpret the volume and management variances on the cost side. f. how are the variances calculated above related? A student wanted to study the amount of mold growing on pizza at different temperatures. In the experiment, the student set up four identical pans of pizza. Each pan contained the same amount of pizza. What was one error made with the four pans of pizza when setting up this experiment?? A town in the shape of a trapeziod is shown below if the popualtion of the town is 28,000 people, find the number of people per sqaure mile. 12 mi 16. 6 mi 21 mi 14 mi What is 5.1 divided 104 and then rounded to nearest tenth ? 6. Using the slope of the line, estimate the gravitational acceleration and comment on the accuracy:.la. Length: 51.4 cm Initial Angle 10 degrees 20 degrees 30 degrees 1b. Comments 2(a) Length: 51.4 List three characteristics of Jovian planets. Calculate the amount to be capitalised in respect of capital work in progress during 2021. Question 6 - IFRS 9 FINIANCIAL INSTRUMENTS On 1 January 2018, TLC bought a GHS100,000 5% bond for GHS95,000, incurring issue costs of GHS2,000. Interest is received in arrears. The bond will be redeemed at a premium of GHS5,960 over nominal value on 31 December 2020. The effective rate of interest is 8%. The fair value of the bond was as follows: 31 December 2018 GHS110,000 31 December 2019 GHS104,000 Required: Explain, with calculations, how the bond will be accounted for over all the relevant years if: (a) TLC planned to hold the bond until the redemption date. (b) TCL may sell the bond if the possibility of an investment with a higher return arises. (c) TLC planned to trade the bond in the short-term, selling it for its fair value on 1 January 2019. Suppose we roll a die 60 times.(a) Let X be the number of times we roll a 1. What are E(X) and Var(X)?(b) Use the normal approximation to the binomial distribution to approximate the probability that we roll a 1 less than 15 times.(c) Did you use the half-unit correction for continuity in part (b)? If not, repeat the calculation using the half-unit correction. If so, repeat the calculation without it.(d) Using a computer to find the cdf of the binomial distribution, I found the probability of rolling a 1 less than 15 times to be P(X 14) = 0.9352196. How close was your normal approximation? Did the half-unit correction for continuity make the approximation better How to subscribe to the Journal of Accountancy?