2) There are four possible states of the world: 1, 2, 3, and 4, with corresponding state claims: S1, S2, S3, and S4. Three assets are available with asset prices (in dollars) and payoffs (in "corn") in the four states given below: A1: price - $24 payoffs: (1, 2, 3, 4) A2: price = $13 payoffs: (0, 1, 2, 3) A3: price = $12 payoffs: (0, 0, 2, 4) No other assets are available. A) Find a portfolio that replicates the state claim S1 with payoff (1, 0, 0, 0) B) What is the price of that state claim? C) Explain why at least one of S2, S3, and/or S4 cannot be replicated with these assets.

Tri-County Utilities, Inc., supplies natural gas to customers in a three-county area. The company purchases natural gas from two companies: Southern Gas and Northwest Gas. Demand forecasts for the coming winter season are as follows: Hamilton County, 400 units; Butler County, 200 units; and Clermont County, 300 units. Contracts to provide the following quantities have been written: Southern Gas, 500 units; and Northwest Gas, 400 units. Distribution costs for the counties vary, depending upon the location of the suppliers. The distribution costs per unit (in thousands of dollars) are as follows:

The following information applies to the questions displayed below.]RunHeavy Corporation (RHC) is a corporation that manages a local band. It had the following activities during its first month. RHC was formed with an investment of $11,900 cash, paid in by the leader of the band on January 3 in exchange for common stock. On January 4, RHC purchased music equipment by paying $2,300 cash and signing an $9,600 promissory note payable in three years. On January 5, RHC booked the band for six concert events, at a price of $2,800 each, but no cash was collected yet. Of the six events, four were completed between January 10 and 20. On January 22, cash was collected for three of the four events. The other two bookings were for February concerts, but on January 24, RHC collected half of the $2,800 fee for one of them. On January 27, RHC paid $3,440 cash for the band’s travel-related costs. On January 28, RHC paid its band members a total of $2,490 cash for salaries and wages for the first…

How common are financial cost or contractual constraints associated with smartphone ownership? A survey of smartphone owners found that 48% of the 18- to 29-year-olds, 38% of the 30- to 49-year-olds, 25% of the 50- to 64-year-olds, and 19% of those age 65 or older have reached the maximum amount of data they are allowed to use as part of their plan, at least on occasion. Suppose the survey was based on 200 smartphone owners in each of the four age groups: 18 to 29, 30 to 49, 50 to 64, and 65+. a.  At the 0.05 level of significance, is there evidence of a differ-ence among the age groups in the proportion of smartphone owners who have reached the maximum amount of data they are allowed to use as part of their plan, at least on occasion? b. Determine the p-value in (a) and interpret its meaning. c.  If appropriate, use the Marascuilo procedure and a=0.05 to determine which age groups differ.