Statistics for Business & Economics, Revised (with XLSTAT Education Edition Printed Access Card)
13th Edition
ISBN: 9781337094160
Author: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm, James J. Cochran
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Videos
Textbook Question
Chapter 20, Problem 18E
Nickerson Manufacturing Company has the following data on quantities shipped and unit costs for each of its four products:
- a. Compute the price relative for each product.
- b. Compute a weighted aggregate price index that reflects the shipping cost change over the four-year period.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
The data below have been taken from the cost records of the Halifax General Hospital. The data relate to the costs of admitting patients at various levels of patient activity:
Month Number of Patients Admitting Admitted Department CostsMay..................................................................... 3,600 $ 29,400June .................................................................... 3,800 $ 28,700July ...................................................................... 2,900 $ 27,400August ................................................................ 3,200 $ 28,000September .......................................................... 3,300…
The marketing manager of "ABC Tapes" wants to assess the competitiveness of the company's product in the market. Table
1 represents the prices and quantities of blank cassette tapes sold in January 2016 and January 2020.
TABLE 1
2016
2020
Length of tapes
Price
Quantity
Price
Quantity
30 minutes
R 4.00
32
R 5.60
40
60 minutes
R 4 30
150
R 6.15
190
90 minutes
R 4.60
100
R 7.40
130
Using 2016 as base and calculate for 2020 the following:
Determine the Laspeyres price index:
a) 149.492
Ob) 149.367
Oc) 66.949
d) 66.893
Assume that a company wants to separate a mixed cost into its variable and fixed elements for cost estimation purposes. It provided the
following information:
Uni ts
Mixed
Month
Produced
Cost
$11, 045
$11, 870
$11, 560
January
1, 050
February
1, 150
March
1, 100
1, 250
$12, 100
$10, 800
$12, 210
$10, 970
$11, 005
April
May
950
June
1, 280
July
990
August
1, 010
The regression equation used for estimating the total mixed cost for a given level of activity is closest to:
Chapter 20 Solutions
Statistics for Business & Economics, Revised (with XLSTAT Education Edition Printed Access Card)
Ch. 20.2 - The following table reports prices and usage...Ch. 20.2 - An item with a price relative of 132 cost 10.75 in...Ch. 20.2 - A large manufacturer purchases an identical...Ch. 20.2 - Prob. 4ECh. 20.2 - Under the last-in, first-out (LIFO) inventory...Ch. 20.3 - Price relatives for three items, along with...Ch. 20.3 - The Mitchell Chemical Company produces a special...Ch. 20.3 - Prob. 8ECh. 20.3 - Compute the price relatives for the RB Beverages...Ch. 20.5 - Registered nurses in 2007 made an average hourly...
Ch. 20.5 - The average hourly wage rate for construction...Ch. 20.5 - Shipments of product from manufacturer to the...Ch. 20.5 - The revenue for Google for the years 2010-2014 is...Ch. 20.7 - Data on quantities of three items sold in Year 1...Ch. 20.7 - Prob. 15ECh. 20.7 - Prob. 16ECh. 20 - Many factors influence the retail price of...Ch. 20 - Nickerson Manufacturing Company has the following...Ch. 20 - Prob. 19ECh. 20 - Prob. 20ECh. 20 - Prob. 21ECh. 20 - Prob. 22ECh. 20 - Seafood price and quantity data are reported by...Ch. 20 - Prob. 24ECh. 20 - Prob. 25ECh. 20 - Prob. 26E
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.Similar questions
- Below is a table containing data on product demand for the most recent three months along with the forecasts that had been made for those three previous months. Calculate the MAPE. Month Demand Forecast 1 308 310 388 390 344 342 2.arrow_forwardIt is your responsibility, as the new head of the automotive section of Nichols Department Store, to ensure that reorder quantities for the various items have been correctly established. You decide to test one item and choose Michelin tires, XW size 185 × 14 BSW. A perpetual inventory system has been used, so you examine this as well as other records and come up with the following data: Cost per tire Holding cost Demand $35 each 20 percent of tire cost per year 1,000 per year $20 per order Ordering cost Standard deviation of daily demand Delivery lead time 3 tires 4 days Because customers generally do not wait for tires but go elsewhere, you decide on a service probability of 98 percent. Assume the demand occurs 365 days per year. a. Determine the order quantity. (Round your answer to the nearest whole number.) Order quantity tires b. Determine the reorder point. (Use Excel's NORMSINV() function to find the z value. Do not round intermediate calculations. Round z value to 2 decimal…arrow_forwardThe Fast Track Ski Shoppe sells ski goggles during the four months of the ski season.Average demand follows: a. Calculate the deseasonalized sales and the seasonal index for each of the fourmonths.b. If next year’s demand is forecast at 1200 pairs of goggles, what will be the forecast sales for each month?arrow_forward
- Molly O'Malley is the new manager of the materials storeroom for Tudor Manufacturing. Mollly has been asked to estimate future monthly purchase costs for part #696, used in two of Tudor's products. Molly has purchase cost and quantity data for the past 9 months as follows: Month Cost of Purchase Quantity Purchased January $12,410 2,650 parts February 12,770 2,850 March 17,403 4,116 April 15,838 3,761 May 13,249 2,901 June 14,022 3,376 July 15,237 3,644 August 10,087 2,287 September 14,900 3,592 Estimated monthly purchases for this part based on expected demand of the two products for the rest of the year are as follows: Month Purchase Quantity Expected October 3,350 parts November 3,770 December 3,050 The computer in Molly's office is down, and Molly has been asked to immediately provide an equation to estimate the future purchase cost for part #696. Molly grabs a calculator and uses the high-low method to estimate a cost equation. What…arrow_forwardAn environmental engineer wants to evaluate three different methods for disposing of nonhazardous chemical waste: land application, fluidized-bed incineration, and private disposal contract. Use the estimates below to help her determine which has the least cost at /= 15.00% per year on the basis of an annual worth evaluation. First Cost AOC per Year Salvage Value Life Land $-145000 $-86000 $23000 4 years Incineration $-760000 $-70000 $260000 6 years Contract O $-132000 O 2 yearsarrow_forwardGeorge Galoz & Freres, located in Grenchen, Switzerland, makes luxury custom watches in small lots. One of the company's products, a platinum diving watch, goes through an etching process. The company has recorded etching costs as follows over the last six weeks: Week 1 Units (7 2 30 Total Etching Cost 5 18 17. 25 20 24 16 $ 120 For planning purposes, management would like to know the variable etching cost per unit and the total fixed etching cost per week. 3. If the company processes five units next week, what would be the expected total etching cost? (Round your intermediate calculations and final answer to 2 decimal places) Expoctea lotal aiching cost Answer is complete but not entirely correct. 20 50arrow_forward
- The method that is used to calculate employees pay according to different levels of production is: a. Differential pay b. Straight commission c. Variable commission d. Straight piece ratearrow_forwardThe cost of goods sold for Veltron International last year amounted to $561,000, and the average inventory at cost was $374,000. The published inventory turnover at cost is 6.6. Calculate the inventory turnover at cost, and if it is less than the published rate, calculate the target average inventory at cost (in $). (If the actual turnover is greater than the published rate, enter "above" for target average inventory.) Inventory turnover at cost: Target average inventory at cost:arrow_forward7. Calculate the weighted price index from the following data : Quantity required Price during 2014 Rs. Units Materials required 2017 Rs. 5.0 9.5 Cement 100 lb. 500 lb. 8.0 00ar 2,000 c.ft 50 cwt. Timber c.ft. 14.2 34.0 42.0 24.0 Steel sheets cwt. Bricks per '000 20,000 12.0arrow_forward
- The estimated demand and supply curve for apples is displayed below. If the current price is $100/ton, is there currently a surplus or shortage in the market for apples? By how much? *arrow_forwardThe following tables consists of Prices and Consumption for three types of energy products in Australia from 2011 to 2021 Year 2011 2021 Year 2011 2021 Solar 7 4 Prices ($) Solar 15 17 Natural Gas 26 34 Consumption (Qty) Natural Gas 4 6 Wind 9 6 Wind 12 18 i. Using 2021 as the current year, calculate the Paasche aggregate price index. Show your calculations. ii. Interpret the Paasche price index.arrow_forwardFrom the following data relating to the annual wages and the price indic determine by deflation : (i) The purchasing power of money (ii) Real wages and (iii) Real wage index. Year: 1992 1993 1994 1995 1996 1997 1998 Wages (Rs.): Price indices: 180 220 340 360 365 370 375 100 170 300 320 330 340 350 Also, ascertain the amount of wages and the percentage increase neededa 1998 to provide a buying power equal to that enjoyed in 1992.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
MATLAB: An Introduction with ApplicationsStatisticsISBN:9781119256830Author:Amos GilatPublisher:John Wiley & Sons Inc
Probability and Statistics for Engineering and th...StatisticsISBN:9781305251809Author:Jay L. DevorePublisher:Cengage Learning
Statistics for The Behavioral Sciences (MindTap C...StatisticsISBN:9781305504912Author:Frederick J Gravetter, Larry B. WallnauPublisher:Cengage Learning
Elementary Statistics: Picturing the World (7th E...StatisticsISBN:9780134683416Author:Ron Larson, Betsy FarberPublisher:PEARSON
The Basic Practice of StatisticsStatisticsISBN:9781319042578Author:David S. Moore, William I. Notz, Michael A. FlignerPublisher:W. H. Freeman
Introduction to the Practice of StatisticsStatisticsISBN:9781319013387Author:David S. Moore, George P. McCabe, Bruce A. CraigPublisher:W. H. Freeman
MATLAB: An Introduction with Applications
Statistics
ISBN:9781119256830
Author:Amos Gilat
Publisher:John Wiley & Sons Inc
Probability and Statistics for Engineering and th...
Statistics
ISBN:9781305251809
Author:Jay L. Devore
Publisher:Cengage Learning
Statistics for The Behavioral Sciences (MindTap C...
Statistics
ISBN:9781305504912
Author:Frederick J Gravetter, Larry B. Wallnau
Publisher:Cengage Learning
Elementary Statistics: Picturing the World (7th E...
Statistics
ISBN:9780134683416
Author:Ron Larson, Betsy Farber
Publisher:PEARSON
The Basic Practice of Statistics
Statistics
ISBN:9781319042578
Author:David S. Moore, William I. Notz, Michael A. Fligner
Publisher:W. H. Freeman
Introduction to the Practice of Statistics
Statistics
ISBN:9781319013387
Author:David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:W. H. Freeman
Time Series Analysis Theory & Uni-variate Forecasting Techniques; Author: Analytics University;https://www.youtube.com/watch?v=_X5q9FYLGxM;License: Standard YouTube License, CC-BY
Operations management 101: Time-series, forecasting introduction; Author: Brandoz Foltz;https://www.youtube.com/watch?v=EaqZP36ool8;License: Standard YouTube License, CC-BY