Making choices at the margin a) is about comparing benefits and costs. b) results in a good use of resources. c) involves making decisions in increments. d) all of the above 17. Involuntary exchange a) buyers gain at the expense of sellers. b) sellers gain at the expense of buyers. c) buyers and sellers are both made better off. d) buyers and sellers both gain at the expense of the government. 18. The marginal cost of working four days a week instead of three days a week is a) the opportunity cost of the fourth day of work. b) the wages earned on the fourth day of work. c) the opportunity cost of the fourth day of work minus the wages earned on the fourth day of work. d) the opportunity cost of the four days of work.

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Describe five criteria that an investor might use to evaluate a business. Which is the most important, and why? [5 marks] (b) Distinguish between marketing and selling. [5 marks] (c) Distinguish between quantitative and qualitative market research. [5 marks] (d) A PC manufacturer obtains the following results from test marketing PC systems: System including Price Number ex VAT sold 19 inch monitor and software bundle 299 1000 19 inch monitor, software bundle and a printer 399 750 22 inch monitor and software bundle 499 400 22 inch monitor, printer but no additional software 599 500 If the test market area represents 1% of the target population, what price point and how many sales should be expected for a system with a 22 inch monitor but with neither software nor printer?(a) When designing an interactive web site, describe five desirable stylistic points.

1. Explain In-Depth Interviews: Narrative methods are critical to my data collection and the nature of my research topic.

2. Explain: Of the types of qualitative research questions provided by Tolley et al. (2016),

3. Why: Focusing in groups is a unique data resource because of the dynamic interaction among the participants, who are encouraged to express their opinions, whether contradicting or conforming with others in the group.

4. Explain: The survey has been historically considered a quantitative tool. However, surveys can be a helpful qualitative tool.

5. Hypothesis:More practical distribution of categorical funds is possible with increased autonomy in allocation at the district level and community engagement.

6. Distinguishing: Between Equity and Equality

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A firm's beta can be estimated from the slope of the characteristic line (best fit line). Following a) to i) to estimate the betas and costs of equity for Polaris and Coca-Cola Inc. 1. Estimate raw beta and adjusted beta () - (Please save Excel file a) Go to finance.yahoo.com, enter the symbol for Polaris (PII), and click on Search. Click on Historical Data; then enter starting and ending dates that correspond to the most recent five years. Download five years of monthly adjusted closing prices for Polaris. Calculate monthly returns for the past 5 years. b) Repeat the process to get comparable data for the S&P 500 Index. Download the data and copy it into the same spreadsheet as Polaris with dates aligned. Calculate the monthly returns for the past 5 years. c) Run regression using Data Analysis Tool with the monthly return for Polaris as the Input Y Range and the monthly return for S&P 500 as the Input X Range. Report the beta of Polaris. Is this a raw beta or adjusted beta? d) What is the adjusted beta for Polaris using Blume (1971) adjustment?

2. Identify market return (Rm): e) Download monthly adjusted closing prices for S&P 500 index (ticker symbol ^GSPC) for the past 15 years from finance.yahoo.com and calculate monthly returns of S&P 500 index. f) Calculate the average monthly return of S&P 500 index based on the fifteen years' data in e) and annualize the monthly index return to annualized return of the index. 3. Apply CAPM to estimate cost of equity for 3M(rE): g) Report 10-year Treasury bond yield through WSJ.com (https://www.wsj.com/market- data?mod=nav_top_subsection). h) Apply capital asset pricing model to estimate the cost of equity for PII. You can use 10-year Treasury bond yield as the proxy of risk-free rate and the annualized S&P 500 index return in f) as the expected market return in your CAPM [ = + ( )]. i) Repeat part (a) to (d) and (g) to (h) to find estimate the adjusted beta and cost of equity for Coca-Cola (KO). 4. Analysis:

j) Which of the stocks (PII and KO) would you classify as defensive? Which would be classified as aggressive? Do the beta coefficients for the firms make sense given the industries in which these firms operate? Does the risk-return relationship make sense for PII and KO? Briefly explain.

(a) Give a brief description of the three segments that make up the Global Positioning System (GPS), and their main software, hardware and information components. [5 marks] (b) What are the main timing observables from the GPS signals, and how can they be processed to give time, position and velocity? [5 marks] (c) What data is broadcast in the GPS signals, and how is it used by receivers? [5 marks] (d) Explain some of the ways in which an additional communication channel can be used to assist a GPS receiver, and what advantages the user might observe. [5 marks] 3 Digital Communication II (a) Describe the OSI (Open Systems Interconnections) reference model and discuss examples of the networking functions normally associated with each component. [14 marks] (b) What do we mean by layer violation? Discuss some of the reasons that might lead a pragmatic protocol implementer to engage in layer violation and illustrate with an example.