Loose Leaf for Statistical Techniques in Business and Economics
17th Edition
ISBN: 9781260152647
Author: Douglas A. Lind
Publisher: McGraw-Hill Education
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Chapter 17, Problem 45CE
To determine
Develop a simple price index for each four items using 1990 as the base period.
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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.)
Use the following price information for selected items for 2010 and 2018. Production figures for those two periods are also given.
Use the following price information for selected items for 2010 and 2018. Production figures for those two periods are also given.
Price
Quantity
Item
2010
2018
2010
2018
Aluminum (cents per pound)
$
0.82
$
0.86
1,000
1,200
Natural gas $ per million BLA
4.37
2.99
5,000
4,000
Petroleum (barrel)
71.21
58.15
60,000
60,000
Platinum (troy ounce)
1,743.60
1,292.53
500
600
Chapter 17 Solutions
Loose Leaf for Statistical Techniques in Business and Economics
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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- Use the following price information for selected items for 2010 and 2018. Production figures for those two periods are also given. Price Quantity Item 2010 2018 2010 2018 Aluminum (cents per pound) $ 0.82 $ 0.86 1,000 1,200 Natural gas $ per million BLA 4.37 2.99 5,000 4,000 Petroleum (barrel) 71.21 58.15 60,000 60,000 Platinum (troy ounce) 1,743.60 1,292.53 500 600 Determine Fisher's ideal index for 2018 using 2010 as the base period. (Round your answer to 2 decimal places.)arrow_forwardthe following table provides the average price of regular grade gasoline for 4 years. Use 2015 as the reference value, complete the table by calculating the price index for each year. Show all your calculationarrow_forwardPlease solve this questionarrow_forward
- A price relative was computed for houses. The base period is 2005. The price relative in 2010 was 130. The interpretation of the price relative is that a. there has been a 130% increase in the price of houses from 2005 to 2010. b. there has been a 30% increase in the price of houses from 2005 to 2010. c. the price of houses in 2010 was $130 higher than the price in 2005. d. It is impossible to interpret the index.arrow_forwardUse the following price information for selected items for 2010 and 2018. Production figures for those two periods are also given. Price Quantity Item 2018 2018 2010 2018 Aluminum (cents per pound) 0.63 0.67 1,005 1,362 Natural gas (1,000 cu. ft.) 4.18 2.80 4,755 5,834 Petroleum (barrel) 71.02 57.96 71,619 74,074 Platinum (troy ounce) 1,743.41 1,292.34 647 537 Determine a value index for 2018 using 2010 as the base period. (Round your answer to 2 decimal places.)arrow_forwardComplete the following table by finding the net price factor, single equivalent discount, trade discount (in dollars), and net price (in dollars). Round the net price factor and single equivalent discount to five decimal places, and the trade discount and net price to the nearest cent, when necessary. Single Equivalent Trade Net Price Trade List Price Discount Net Price Factor Discount Rate Discount $3.79 14/10/10 $ 2$arrow_forward
- 2015 2020 ITEM PRICE QUANTITY PRICE QUANTITY Cup of coffee 8.50 50 10.50 60 Toasted cheese sandwich 13.00 35 14.00 25 English muffin 9.00 120 9.50 138 The preliminary analysis of the data produced the following table: po qo p1 q1 poqo poq1 p1qo p1q1 8.50 50 10.50 60 425 510 525 630 13.00 35 14.00 25 455 325 490 350 9.00 120 9.50 138 1080 X 1140 1311 Σ W Y 2155 Using the table of analysis shown above, answer the following questions (use 2015 as the base year):arrow_forwardSuppose that the Producer Price Index and the sales of Hoskin’s Wholesale Distributors for 2006 and 2018 are: What are Hoskin's real sales (also called deflated sales) for the 2 years? (Round your answers to the nearest whole dollar.)arrow_forwardgiven a list price of $4,400 and a chain discount of 2/3, find the (round your answer to 2 decimal places.) a. trade discount and b. net price.arrow_forward
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