STAT. TECH. IN BUSINESS + ECON LOOSELEAF
STAT. TECH. IN BUSINESS + ECON LOOSELEAF
18th Edition
ISBN: 9781264261765
Author: Lind
Publisher: MCG
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Chapter 17, Problem 1.1SR
To determine

To find: The index for each of the countries by using country U as the base period and to find what percent of metal China produces more than that produced by country U.

Expert Solution & Answer
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Answer to Problem 1.1SR

The table that shows the simple index of all countries is given below:

    CountryAmount (millions of tons)Index
    China831.71026.790123
    Japan104.7129.2592593
    US81100
    India101.5125.308642
    Russia71.588.27160494

China produces approximately 26.79% more metal than country U.

Explanation of Solution

Given information:

    CountryAmount (millions of tons)
    China831.7
    Japan104.7
    US81
    India101.5
    Russia71.5

Formula used:

The simple index for the period t

with the base period 0 is calculated as:

  P=ptp0×100

Where pt is the price of period t and P0 is the price of period 0. The index for the base period is 100.

Calculation:

The base is country U and the amount for country U is 81 million tons, that is, p0=81. For country C, the simple index is calculated as:

  IndexChina=831.781×100=1026.790123

The table that shows the simple index of all periods is given below:

    CountryAmount (millions of tons)Index
    China831.7831.781×100=1026.790123
    Japan104.7129.2592593
    US81100
    India101.5125.308642
    Russia71.588.27160494

The index for country C is 1026.790123. Hence, country C produces approximately 26.79% more metal than country U.

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