25. A firm receives 12 checks per month from customers. Average payments and clearingtimes are: 4 checks for $11,000 (per check), 2 days; and 8 checks for $17,000(per check),5 days. Assume a 30-day month.(i) What are average daily receipts?(ii) What the weighted average delay of the receipts(iii) What is the average daily float?Give a one-sentence interpretation of the result in part (iii).

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Answered: (i) What are average daily receipts?…

(i) What are average daily receipts? (ii) What the weighted average delay of the receipts (iii) What is the average daily float?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter22: Inflation

Section: Chapter Questions

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Question

25. A firm receives 12 checks per month from customers. Average payments and clearing
times are: 4 checks for $11,000 (per check), 2 days; and 8 checks for $17,000(per check),
5 days. Assume a 30-day month.
(i) What are average daily receipts?
(ii) What the weighted average delay of the receipts
(iii) What is the average daily float?
Give a one-sentence interpretation of the result in part (iii).

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