STAT TECH IN BUSINESS & ECON AC
STAT TECH IN BUSINESS & ECON AC
18th Edition
ISBN: 9781264731657
Author: Lind
Publisher: MCG
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Chapter 17, Problem 14E
To determine

Develop and interpret the index using 2010 as the base.

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The local Ice Cream shop keeps a track of how much ice cream they sell vs. the temperature on that day. Here are their figures for the last 12 monthly: Month: Jan., Feb., Mar., Apr., May, Jun., Jul., Aug., Sep., Oct., Nov., Dec. Temperature in Ferenheit:  57.5, 61.5, 53.4, 59.3, 65.3, 71.7, 66.9, 77.1, 74.1, 64.5, 72.6, 62.9 Ice Cream Sales: 215, 325, 185, 332, 406, 522, 412, 614, 544, 421, 445, 408 How does the average monthly temperature affect the number of ice cream they sell vs the temperature on that day?
Use the following price information for selected items for 2010 and 2018. Production figures for those two periods are also given. Compute a simple price index for each of the four items. Use 2010 as the base period. (Round your answers to 1 decimal place.)
On December 17, 2010, the Wilmington, North Carolina StarNews carried an Associated Press report headlined "13 million get unexpected tax bill from Obama tax credit". The report said that The Internal Revenue Service reported that the average tax refund was $2,892 in the 2010 filing season, up from $2,663 in 2009. However, the number of refunds dropped by 3.5 percent to 93.3 million. What was the percentage increase in the average tax refund from 2009 to 2010?      $2,892 - $2,663= 229 ÷ $2,663= 0.08599324% was the percentage increase from 2009 to 2010.   How many refunds were there in 2009 and in 2010? (Use the information given in the problem to find your answer.)   c. The number of refunds decreased while the average refund increased, so you need some arithmetic to decide how the total dollar amount refunded changed from 2009 to 2010.  Find that change in both absolute and percentage terms
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