Gen Combo Ll Statistical Techniques In Business And Economics; Connect Ac
17th Edition
ISBN: 9781260149623
Author: Lind
Publisher: MCG
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Chapter 17, Problem 16E
To determine
Find the real income for the selected years during the six-year period.
Identify that Sam’s wages keep up with inflation or did he lose ground.
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Trevor Harty, an avid mountain biker, always wanted to start a business selling top-of-the-line mountain bikes and other outdoor supplies. A little over 6 years ago, he and a silent partner opened a store called Hale and Harty Trail Bikes and Supplies. Growth was rapid in the first 2 years, but since that time, growth in sales has slowed a bit, as expected. The quarterly sales (in $1,000s) for the past 4 years are shown in the table below: Year 1 Year 2 Year 3 Year 4 Quarter 1 274 282 282 296 Quarter 2 182 198 185 210 Quarter 3 132 138 336 160 Quarter 4 163 169 172 188 • Develop a trend line using the data in the table. Use this to forecast sales for each quarter of year 5. What does the slope of this line indicate? • Use the multiplicative decomposition model to incorporate both trend and seasonal components into the forecast. What does the slope of this line indicate? • Compare the slope of the trend line in part a to the slope in the trend line for the decomposition model that was…
Nominal income refers to an income value that is not adjusted for inflation. Real income adjusts the nominal value for the rate of inflation. Real income per capita is considered a good measure of the buying power of an individual in a particular area because it adjusts for both the number of people in the area and the relative inflation of the area. According to Forbes magazine, the state with the highest annual real income per capita in 2020 is Connecticut with a real per capita income of $68,533. Suppose that the annual real income of individuals in Connecticut follows a normal distribution with a mean of $68,533 and standard deviation of 23.480
a. What is the probability that an individual in Connecticut has an annual real income of $50,000 or more (to 2 decimals)?
c. What is the probability that an individual in Connecticut has an annual real income between$60,000 and $80,000 (to 2 decimals)?
d. What is the annual real income of a person in the 99th percentile of annual…
Give an example of a nominal variable for people in recovery for substance abuse
Chapter 17 Solutions
Gen Combo Ll Statistical Techniques In Business And Economics; Connect Ac
Ch. 17 - Prob. 1.1SRCh. 17 - Prob. 1.2SRCh. 17 - Prob. 1ECh. 17 - Prob. 2ECh. 17 - Prob. 3ECh. 17 - Prob. 4ECh. 17 - Prob. 2SRCh. 17 - Prob. 5ECh. 17 - Prob. 6ECh. 17 - Prob. 7E
Ch. 17 - Prob. 8ECh. 17 - Prob. 3SRCh. 17 - Prob. 9ECh. 17 - Prob. 10ECh. 17 - Prob. 4SRCh. 17 - Prob. 11ECh. 17 - Prob. 5SRCh. 17 - Prob. 6SRCh. 17 - Prob. 7SRCh. 17 - Prob. 13ECh. 17 - Prob. 14ECh. 17 - Prob. 15ECh. 17 - Prob. 16ECh. 17 - Prob. 17CECh. 17 - Prob. 18CECh. 17 - Prob. 19CECh. 17 - Prob. 20CECh. 17 - Prob. 21CECh. 17 - Prob. 22CECh. 17 - Prob. 23CECh. 17 - Prob. 24CECh. 17 - Prob. 25CECh. 17 - Prob. 26CECh. 17 - Prob. 27CECh. 17 - Prob. 28CECh. 17 - Prob. 29CECh. 17 - Prob. 30CECh. 17 - Prob. 31CECh. 17 - Prob. 32CECh. 17 - Prob. 33CECh. 17 - Prob. 34CECh. 17 - Prob. 35CECh. 17 - Prob. 36CECh. 17 - Prob. 37CECh. 17 - Prob. 38CECh. 17 - Prob. 39CECh. 17 - Prob. 40CECh. 17 - Prob. 41CECh. 17 - Prob. 42CECh. 17 - Prob. 43CECh. 17 - Prob. 44CECh. 17 - Prob. 45CECh. 17 - Prob. 46CECh. 17 - Prob. 47CECh. 17 - Prob. 48CECh. 17 - Prob. 49CECh. 17 - Prob. 50CECh. 17 - Prob. 51CECh. 17 - Prob. 52CECh. 17 - Prob. 53CECh. 17 - Prob. 54CECh. 17 - Prob. 55CE
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- The Oxford Dictionary defines the word nominal asa value that is “stated or expressed but notnecessarily corresponding exactly to the real value.[18]Develop a reasonable argument for why the termnominal rate is used to describe the annual percentagerate of an investment account that compoundsinterest.arrow_forwardNominal income refers to an income value that is not adjusted for inflation. Real income adjusts the nominal value for the rate of inflation. Real income per capita is considered a good measure of the buying power of an individual in a particular area because it adjusts for both the number of people in the area and the relative inflation of the area. According to Forbes magazine, the state with the highest annual real income per capita in 2020 is Connecticut with a real per capita income of $68,533. Suppose that the annual real income of individuals in Connecticut follows a normal distribution with a mean of $68,533 and standard deviation of $23,480. (a) What is the probability that an individual in Connecticut has an annual real income of $54,000 or more? (Round your answer to four decimal places.) (b) What is the probability that an individual in Connecticut has an annual real income of $29,000 or less? (Round your answer to four decimal places.) (c) What is the probability…arrow_forwardA certain stock has grown continuously from 1980 to 2015. A $15,000 investment in the stock in 1980 would be worth $2,500,000 in 2015. Find the stock's average annual growth rate during this period. Round to the nearest percent.arrow_forward
- A teller's hourly wage for various years is represented in the table below. Year Hourly Wage 2015 $22.50 2016 $24.00 2017 $27.60 What was the hourly wage percent of change from 2016 to 2017? Be sure to state if it was a percent increase or percent decrease. %arrow_forwardc. Predict sales in 15 years.arrow_forwardYou get hired at Meijer, a new store in Boardman making $15.50 per hour right before you start college. The average yearly income for a YSU graduates’ first job after graduating is $66,000. Is it worth going to college or should you work at Meijer the rest of your life assuming you work 40 hours a week for 50 weeks a year? Be sure to use absolute change and relative percent change in your paragraph. (Let your Meijer income be old or original value)arrow_forward
- Go to the St. Louis Federal Reserve FRED databaseand find data on the M1 money supply (M1SL) andthe 10-year treasury bond rate (GS10). Add the twoseries into a single graph by using the “Add DataSeries” feature. Transform the M1 money supplyvariable into the M1 growth rate by adjusting theunits for the M1 money supply to “Percent Changefrom Year Ago.”a. In general, how have the growth rate of theM1 money supply and the 10-year treasurybond rate behaved during recessions andduring expansionary periods since the year2000?b. In general, is there an obvious, stable relationship between money growth and the10-year interest rate since the year 2000?c. Compare the money growth rate and the10-year interest rate for the most recentmonth available to the rates for January2000. How do the rates compare?arrow_forwardThe price of a commodity increased by 5% from 1978 to 1979, by 8% from 1979 to 1980 and by 77% from 1980 to 1981. Find the average rate of change.arrow_forwardIn 2014, the median salary nationwide for a high school teacher was $56,310 per year. The median annual wage for all workers was $35,540.SOURCE: United States. Department of Labor. "High School Teachers." Occupational Outlook Handbook. 17 Dec. 2015. Web. 7 March 2016. Suppose a worker makes $29,000 in wages per year. Find the percent increase in salary the worker can expect if he/she trains to be a teacher and can expect to earn a salary of $40,000. Enter your response to the nearest 0.1% %arrow_forward
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