CENGAGENOW FOR ANDERSON/SWEENEY/WILLIAM
13th Edition
ISBN: 9781337094399
Author: Cochran
Publisher: IACCENGAGE
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Textbook Question
Chapter 20.2, Problem 2E
An item with a price relative of 132 cost $10.75 in 2011. Its base year was 1994.
- a. What was the percentage increase or decrease in cost of the item over the 17-year period?
- b. What did the item cost in 1994?
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A well-known company predominantly makes flat pack furniture for students. Variability with the automated machinery means the wood components are cut with a standard deviation in length of 0.45 mm. After they are cut the components are measured. If their length is more than 1.2 mm from the required length, the components are rejected.
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