Example 20.15) Calculate (a) a weighted average of price relatives and (b) a weighted aggregate priceindex, both for year 2 (based on year 1), for the following commodities:Price (Rs)CommodityWeightYear 1Year 2A5215210B10250275C41,1001,300D8950950E13170200

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Answered: Example 20.15) Calculate (a) a weighted…

A First Course in Probability (10th Edition)

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Author:Sheldon Ross

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Chapter1: Combinatorial Analysis

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Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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6. From the following data construct a price index number of the group of four cömmodities by using the appropriate formula : Commodity Current Year Base Year Price per unit Expenditure Price per unit Expenditure A 2 40 75 16 8 40 C 1 10 2 24 D 25 10 60
Suppose the following table represents world oil production in millions of barrels a day for a recent period of time. Complete parts a and b. Region Oil Production (millions of barrels a day) Iran 6.97 Saudi Arabia 8.76 Other OPEC countries 21.77 Non-OPEC countries 53.53 Question content area bottom Part 1 a. Compute the percentage of values in each category. Region Oil Production (millions of barrels a day) Percentage Iran 6.97 enter your response here% Saudi Arabia 8.76 enter your response here% Other OPEC countries 21.77 enter your response here% Non-OPEC countries 53.53 enter your response here% (Round to two decimal places as needed.) Part 2 b. What conclusions can you reach concerning the production of oil in the specified time period? Oil production by non-OPEC countries accounted for ▼ less than a quarter more than half slightly less than half more than three dash quarters of total oil production. Oil production by OPEC countries other than Iran…
Given the following data and seasonal index: Month Sales Year 1 Year 2 Jan 8 8 Feb 7 9 Mar 5 6 Apr 10 11 May 9 12 June 12 16 July 15 20 Aug 20 25 Sept 4 4 Oct 3 2 Nov 8 7 Dec 9 9 (a) Compute the seasonal index using only year 1 data. (b) Determine the deseasonalized demand values using year 2 data and year 1's seasonal indices.
A group of researchers carried out a survey of household expenditure for an average family and the data are shown in Table 3. Table 3 Commodity 2016 2017 Quantity 105 Price Quantity 100 Price Rice (kg) Bread (loaf) Cocoa powder (kg) Milk (liter) Sugar (kg) 7.30 8.60 3.02 16 3.10 18 10.26 25 7.83 33 6.10 56 6.55 78 2.85 11 2.95 15 (i) Compute the Average Price Relative (APR) index for 2016 and 2017, using 2016 as the base year. (ii) Calculate Paasche Price Index for 2017 (year 2016 = 100). Interpret the answer. (iii) Calculate Laspeyres Price Index for 2017 (year 2016 = 100). Interpret the answer. (iv) Calculate the Fisher's Price index.
42. In a working class budget enquiry in towns A and B, it was found in 2014 that an average working class family's expenditure on food and other items was as follows : Town A Town B 50% 50% () Food (i) Other items In 2017, the consumer price index stood at 279 for town A, 265 for town B (Base year 2014 = 100). It was known that the rise in the prices of all articles consumed by the working class was the same for A and B. What was the 2017 index for (a) food, and (b) other items ? 64% 36%
47. Given the following data : Weekly take-home pay (wages) Consumer price index Year 109.50 112.8 2012 2013 112.20 118.2 2014 116.40 127.4 2015 125.08 138.2 2016 135.40 143.5 2017 138.10 149.8 () What was the real average weekly wage for each year ? (i) In which year did the employees have the greatest buying power ? (ii) What percentage increase in the weekly wages for the year 2017 is required (if any) to provide the same buying power that the employees enjoyed in the year in which they had the highest real wages ?
10. Compute by Fisher's formula the Quantity Index Number from the data given befow : 2004 2006 Articles Price Total Value Price Total Value A 5 50 4 48 8 49 6. 18 20
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From the following data construct a price index number of the group of four commodities by using the appropriate formula : Commodity Base Year Current Year Price per unit Expenditure Price per unit Expenditure A 40 75 4 16 40 C 1 10 2 24 5 25 10 60
6. From the following data construct a price index number of the group of four commodities by using the appropriate formula : Commodity Pog Expenditure (Rs.) Price per unit Base Year Current Year Price per unit Expenditure (Rs.) TAT 40 75 bodlomvtisgos datow ordt 1 esvitsleo ogerovA beeioW bairigiev.C slil Viisle Dlo sg.SoVs bo 5tow siugmo 25 ofdieeoq oe 10 el di boriem 60slot 8 40 24 1 bolugmoo jol0 STOW eovitslonoohq ovods btupeib

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Example 20.15) Calculate (a) a weighted average of price relatives and (b) a weighted aggregate price index, both for year 2 (based on year 1), for the following commodities: Price (Rs) Commodity Weight Year 1 Year 2 215 210 250 275 1,100 1,300 950 950 170 200 ABCDE 50483 10 13