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19.
In calendar year 2008, there was turbulence in the air as Jet Airways' Chairman pondered what course of action the airline should take. Air India was also struggling with the same dilemma. Two of India's largest airlines, Air India and Jet Airways, had sounded caution on their fiscal health due to mounting operational costs. A daily operational loss of $2 million (Rs 8.6 crore) had in fact forced Jet Airways to put its employees on alert. Jet's senior General Manager had termed the situation as grave. Jet's current losses were $2 million a day (including Jet-Lite). The current rate of Jet Airways' domestic losses was $0.5 million (Rs 2.15 crore) and that of JetLite was another $0.5 million. International business was losing over $1 million (Rs 4.30 crore) a day.
The situation was equally grave for other national carriers. Driven by mounting losses of almost Rs 10 crore a day. Air India, in its merged avatar, was considering severe cost-cutting measures like slashing employee allowances, reducing in-flight catering expenses on short-haul flights and restructuring functional arms. The airline also considered other options like cutting maintenance costs by stationing officers at hubs, instead of allowing them to travel at regular intervals.
Jet Airways, Air India and other domestic airlines had reasons to gel worried, as 24 airlines across the world had gone bankrupt in the year on account of rising fuel costs. In India, operating costs had gone up 30-40%. Fuel prices had doubled in the past one year to Rs 70,000 per kilolitre, forcing airlines to increase fares. Consequently, passenger load had fallen to an average 55-60% per flight from previous year's peak of 70-75%. Other airlines faced a similar situation; some were even looking for buyers. Domestic carriers had lost about Rs 4,000 crore in 2007-08 with Air India leading the pack. "As against 27% wage bill globally, our wage bill is 22% of total input costs. Even then we are at a loss," an Air India official said. Civil aviation ministry, however, had a different lake. "Air India engineers go to Dubai every fortnight to work for 15 days and stay in five star hotels. If they are stationed there, the airline would save Rs 8 crore a year. This is just the tip of the iceberg. There are several things we can do to reduce operational inefficiency". According to analysts, Jet Airways could be looking at a combined annual loss of around Rs 3,000 crore, if there were no improvement in operational efficiencies and ATF prices. Against this backdrop, the airline had asked its employees to raise the service bar and arrest falling passenger load.
[1] Which of the followings are the reasons for Jet Airways not doing well?
1. Rising ATF prices
2. Reduced passenger load
3. Declining service quality
4. Staff travelling to Dubai
(1) 1 and 2
(2) 2 and 3
(3) 1, 2 and 3
(4) 1, 2 and 4
(5) 1, 2, 3 and 4[2] The total loss for the airline industry was likely to be Rs. 10,000 crore. Jet Airlines lost Rs. 3,000 crore, Air India lost Rs. “X” crore and “rest of the airlines” lost Rs. “Y” crore. What was the loss for the “rest of the airlines”, in 2008?
(1) Cannot be determined
(2) Rs. 3,350 crore
(3) Rs. 3,690 crore
(4) Rs. 3,340 crore
(5) None of the above[3] Suppose fuel constitutes 30% of the revenues, do you think airlines would be in a better situation by reducing prices?
(1) Yes
(2) Data insufficient to reach decision
(3) No
(4) It would not matter
(5) None of the aboveasked in XAT
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20.
In a local pet store, seven puppies wait to be introduced to their new owners. The puppies, named Ashlen, Blakely, Custard, Daffy, Earl, Fala and Gabino, are all kept in two available pens. Pen 1 holds three puppies, and pen 2 holds four puppies.
i). If Gabino is kept in pen 1, then Daffy is not kept in pen 2.
ii). If Daffy is not kept in pen 2, then Gabino is kept in pen 1.
iii). If Ashlen is kept in pen 2, then Blakely is not kept in pen 2.
iv). If Blakely is kept in pen 1, then Ashlen is not kept in pen 1.
[1] Which of the following groups of puppies could be in pen 2?
(1) Gabino, Daffy, Custard, Earl.
(2) Blakely, Gabino, Ashlen, Daffy.
(3) Ashlen, Gabino, Earl, Custard.
(4) Blakely, Custard, Earl, Fala.
(5) Gabino, Ashlen, Fala, Earl.[2] If Earl shares a pen with Fala, then which of the following MUST be true?
(1) Gabino is in pen 1 with Daffy.
(2) Custard is in pen 2.
(3) Blakely is in pen 2 and Fala is in pen 1.
(4) Earl is in pen 1.
(5) Gabino shares a pen with Blakely.[3] If Earl and Fala are in different pens, then which of the following must NOT be true?
(1) Fala shares a pen with Custard.
(2) Gabino shares a pen with Ashlen.
(3) Earl is in a higher-numbered pen than Blakely.
(4) Blakely shares pen 2 with Earl and Daffy.
(5) Custard is in a higher-numbered pen than Fala.asked in XAT
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21.
Shekhar, an MBA from Singapore returned to his hometown-Jamshedpur. Jamshedpur had a population of 10 lacs with one of the highest per capita income among India cities. Shekhar loved music. While listening to his favourite song on “satellite radio”, he wondered if he could mix his passion with business. Incidentally, a few weeks later, while called for expression of interest from potential franchisees. Jamshedpur did not have a single good music outlet, where its residents could buy quality, variety and the latest from the world of music.
Music world wanted the potential franchisees to own minimum 1200 square feet space and invest Rs.30 lacs. Profits were to be shared in the ratio of 3:7 between Music World and the franchisee. While Shekhar was excited about working with a renowned brand, he was worried if Rs. 30 lacs was too high an amount to shell out. He did not have the entire amount with him and was thinking of borrowing from the bank. He made enquiries with other Music World franchisees located in towns like Patna and Ranchi, as he expected similar footfall in Jamshedpur. A franchisee in Patna had sales revenue varying from 1-2 lacs rupees per month with profit margin in the range of 25- 30%. Satisfied, Shekhar decided to proceed.
Soon, he was on a look out for the space. Jamshedpur had three main areas - Bistupur, Sakchi and Sonari. All areas were inter-connected by good roads. Bistupur was a business area where most of High end retail formats were located. Most upper middle class and higher class customers shopped there. It was also the education hub of the city. On the other hand, Sakchi was a growing Lower middle class business area and Sonari had mostly residential population.
Shekhar was in favour of choosing Bistupur as it was the place where he shopped. However, he soon stumbled across problems. Not only it was difficult to obtain space in Bistupur but property Rentals touched 30-40 rupees per square feet month. Rentals at Sakchi and Sonari were in the Range of 15-20 rupees per square feet per month. Also, Shekhar‟s friend, who stayed in Sakchi, told him that a few branded outlets were opening in Sakchi and it seemed to be the fastest growing market in Jamshedpur, with highest ratio of teenagers. But, Shekhar was not in favour of Sakchi due to its low image. He expected to target college going crowd in Bistupur.
High real estate prices in Bistupur and his low assessment of Sakchi market created confusion in Shekhar's mind. To give the decision a serious and fresh thought, he decided to hit Jamshedpur- Ranchi highway in his newly acquired car.
[1] How best should Shekhar resolve his confusion?
A. By investing in the franchise
B. Do not invest in the franchise and look for different brand name.
C. Go back to Singapore and start to find the drivers and potential of the business.
D. Do a further in–depth study to find the drivers and potential of the business.
E. Approach another music company for setting up a franchise.[2] Suppose sales in Patna ad Bistupur are likely to be same, how many years would it take for Shekhar to recoup the investment (consider zero inflation)?
A. Less than five years.
B. Less than seven years.
C. Less than eight years.
D. Less than nine years.
E. May be never.[3] What could be the most likely reason for Shekhar‟s bias in favour of Bistupur?
A. Presence of college going crowd, as he felt they were the customers for the latest music.
B. Crowded (hoi polio) image of Sakchi.
C. It was difficult for Shekhar to associate non – Bistupur areas with good quality products.
D. Higher rentals in Bistupur.
E. Patronage of Bistupur shops by executive and their families.[4] Which one of the following is the most important decision criterion is such a business Situation?
A. Financial capability of entrepreneur.
B. Changes in music industry.
C. Future market growth.
D. Profitability of business in first couple of years.
E. Real Estate prices.asked in XAT
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22.
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23.
A circular field, with inner radius of 10 meters and outer radius of 20 meters, was divided into five successive stages for ploughing. The ploughing of each stage was handed over to a different farmer.
1. Farmers are referred to by following symbols: F1, F2, F3, F4, F5.
2. The points between different stages of project are referred to by the following symbols: P1, P2, P3, P4, P5, not necessarily in that order.
3. Farmer F5 was given the work of ploughing stage starting at point P4.
4. The stage from point P5 to point P3 was not the first stage.
5. Farmer F4 was given the work of the fourth stage.
6. Stage 3 finished at point P1, and the work of which was not given to farmer F1.
7. Farmer F3 was given work of stage ending at point P5.[1] Which was the finish point for farmer F2?
A. P1
B. P2
C. P3
D. P4
E. P5[2] Which stage was ploughed by farmer F5?
A. First
B. Second
C. Third
D. Fourth
E. Fifth[3] Which were the starting and finishing points for stage 2?
A. P2 and P5
B. P5 and P3
C. P3 and P1
D. P5 and P4
E. P3 and P2[4] For which farmer was P2 a finishing point?
A. F1
B. F2
C. F3
D. F4
E. F5[5] Which was the starting point for farmer F3?
A. P2
B. P3
C. P4
D. P1
E. None of aboveasked in XAT
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24.
Decisions are often „risky‟ in the sense that their outcomes are not known with certainty. Presented with a choice between a risky prospect that offers a 50 percent chance to win $200 (otherwise nothing) and an alternative of receiving $100 for sure, most people prefer the sure gain over the gamble, although the two prospects have the same expected value. (Expected value is the sum of possible outcomes weighted by their probability of occurrence.) Preference for a sure outcome over risky prospect of equal expected value is called risk averse; indeed, people tend to be risk averse when choosing between prospects with positive outcomes. The tendency towards risk aversion can be explained by the notion of diminishing sensitivity, first formalized by Daniel Bernoulli in 1738. Just as the impact of a candle is greater when it is brought into a dark room than into a room that is well lit so, suggested Bernoulli, the utility resulting from a small increase in wealth will be inversely proportional to the amount of wealth already in one‟s possession. It has since been assumed that people have a subjective utility function, and that preferences should be described using expected utility instead of expected value. According to expected utility, the worth of a gamble offering a 50 percent chance to win $200 (otherwise nothing) is 0.50 * u($200), where u is the person's concave utility function. (A function is concave or convex if a line joining two points on the curve lies entirely below or above the curves, respectively). It follows from a concave function that the subjective value attached to a gain of $100 is more than 50 percent of the value attached to a gain of $200, which entails preference for the sure $100 gain and, hence, risk aversion.
Consider now a choice between losses. When asked to choose between a prospect that offers a 50 percent chance to lose $200 (otherwise nothing) and the alternative of losing $100 for sure, most people prefer to take an even chance at losing $200 or nothing over a sure $100 loss. This is because diminishing sensitivity applies to negative as well as to positive outcomes: the impact of an initial $100 loss is greater than that of the next $100. This results in a convex function for losses and a preference for risky prospects over sure outcomes of equal expected value, called risk seeking. With the exception of prospects that involve very small probabilities, risk aversion is generally observed in choices involving gains, whereas risk seeking tends to hold in choices involving losses.
Based on above passage, analyse the decision situations faced by three persons: Babu, Babitha and Bablu.
[1] Suppose instant and further utility of each unit of gain is same for Babu. Babu has decided to play as many times as possible, before he dies. He expected to live for another 50 years. A game does not last more than ten seconds. Babu is confused which theory to trust for making decision and seeks help of a renowned decision making consultant: Roy Associates. What should be Roy Associates' advice to Babu?
A. Babu can decide on the basis of Expected Value hypothesis.
B. Babu should decide on the basis of Expected Utility hypothesis.
C. “Mr. Babu, I'm redundant”.
D. A and B
E. A, B and C[2] Babitha played a game wherein she had three options with following probalilities: 0.4, 0.5 and 0.8. The gains from three outcomes are likely to be $100, $80 and $50. An expert has pointed out that Babitha is a risk taking person. According to expected utility hypothesis, which option is Babitha most likely to favour?
A. First
B. Second
C. Third
D. Babitha would be indifferent to all three actions.
E. None of the above.[3] Continuing with previous question, suppose Babitha can only play one more game, which theory would help in arriving at better decision?
A. Expected Value.
B. Expected Utility.
C. Both theories will give same results.
D. None of the two.
E. Data is insufficient to answer the question.[4] Bablu had four options with probability of 0.1, 0.25, 0.5 and 1. The gains associated with each options are: $1000, $400, $200 and $100 respectively. Bablu chose the first option. As per expected value hypothesis:
A. Bablu is risk taking.
B. Expected value function is concave.
C. Expected value function is convex.
D. It does not matter which option should Babu choose.
E. None of above.asked in XAT
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