24John works in an appliance store. His sales commission depends on the number of units sold per period, and the overall average price of all units sold. The following is a report of his sales effort in a given month. The report shows the price and the percent of total units sold at that price. Percent of total unitsItemPricesoldA$1,64010%B127025%C86035%D46020%E20010% The overall mean price of all items sold is,a$930.64 b$912.39 c$894.50 d$876.96

Average price is the average price of an asset or security observed over a period of time.

Answered: John works in an appliance store. His…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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24	John works in an appliance store. His sales commission depends on the number of units sold per period, and the overall average price of all units sold. The following is a report of his sales effort in a given month. The report shows the price and the percent of total units sold at that price.

		Percent of
		total units
Item	Price	sold
A	$1,640	10%
B	1270	25%
C	860	35%
D	460	20%
E	200	10%

	The overall mean price of all items sold is,
a	$930.64
b	$912.39
c	$894.50
d	$876.96

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