EBK STATISTICS FOR BUSINESS & ECONOMICS
13th Edition
ISBN: 8220101456380
Author: Anderson
Publisher: CENGAGE L
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 20.2, Problem 3E
A large manufacturer purchases an identical component from three independent suppliers that differ in unit price and quantity supplied. The relevant data for 2012 and 2014 are given here.
- a. Compute the price relatives for each of the component suppliers separately. Compare the price increases by the suppliers over the two-year period.
- b. Compute an unweighted aggregate price index for the component part in 2014.
- c. Compute a 2014 weighted aggregate price index for the component part. What is the interpretation of this index for the manufacturing firm?
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
Write a Regression summary explaining significance of mode, explaining regression coefficients, significance of the independent variables, R and R square.
Premiums earned
Net income
Dividends
Underwriting Gain/ Loss
30.2
1.6
0.6
0.1
47.2
0.6
0.7
-3.6
92.8
8.4
1.8
-1.5
95.4
7.6
2
-4
100.4
6.3
2.2
-8.1
104.9
6.3
2.4
-10.8
113.2
2.2
2.3
-18.2
130.3
3.0
2.4
-21.4
161.9
13.5
2.3
-12.8
182.5
14.9
2.9
-5.9
193.3
11.7
2.9
-7.6
1- Let A = {A1, A2, ...), in which A, A, = 0, when i j.
a) Is A a π-system? If not, which element(s) should be added to A to become a π-system?
b) Prove that σ(A) consists of the finite or countable unions of elements of A; i.c., A E σ(A) if and
only if there exists finite or countable sequence {n} such that A = U₁An (Hint: Let F be such
class; prove that F is a σ-filed containing A.)
c) Let p ≥ 0 be a sequence of non-negative real numbers with Σip₁ = 1. Using p₁'s, how do you
construct a probability measure on σ(A)? (Hint: use extension theorem.)
2- Construct an example for which P(lim sup A,) = 1 and P(lim inf An) = 0.
In a town with 5000 adults, a sample of 50 is selected using SRSWOR and asked their opinion of a proposed municipal project; 30 are found to favor it and 20 oppose it. If, in fact, the adults of the town were equally divided on the proposal, what would be the probability of observing what has been observed? Approximate using the Binomial distribution. Compare this with the exact probability which is 0.0418.
Chapter 20 Solutions
EBK STATISTICS FOR BUSINESS & ECONOMICS
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
- Good explanation it sure experts solve itarrow_forwardBest explains it not need guidelines okkarrow_forwardActiv Determine compass error using amplitude (Sun). Minimum number of times that activity should be performed: 3 (1 each phase) Sample calculation (Amplitude- Sun): On 07th May 2006 at Sunset, a vessel in position 10°00'N 010°00'W observed the Sun bearing 288° by compass. Find the compass error. LMT Sunset: LIT: (+) 00d 07d 18h 00h 13m 40m UTC Sunset: 07d 18h 53m (added- since longitude is westerly) Declination (07d 18h): N 016° 55.5' d (0.7): (+) 00.6' Declination Sun: N 016° 56.1' Sin Amplitude = Sin Declination/Cos Latitude = Sin 016°56.1'/ Cos 10°00' = 0.295780189 Amplitude=W17.2N (The prefix of amplitude is named easterly if body is rising, and westerly if body is setting. The suffix is named same as declination) True Bearing=287.2° Compass Bearing= 288.0° Compass Error = 0.8° Westarrow_forward
- Only sure experts solve it correct complete solutions okkarrow_forward13. In 2000, two organizations conducted surveys to ascertain the public's opinion on banning gay men from serving in leadership roles in the Boy Scouts.• A Pew poll asked respondents whether they agreed with "the recent decision by the Supreme Court" that "the Boy Scouts of America have a constitutional right to block gay men from becoming troop leaders."A Los Angeles Times poll asked respondents whether they agreed with the following statement: "A Boy Scout leader should be removed from his duties as a troop leader if he is found out to be gay, even if he is considered by the Scout organization to be a model Boy Scout leader."One of these polls found 36% agreement; the other found 56% agreement. Which of the following statements is true?A) The Pew poll found 36% agreement, and the Los Angeles Times poll found 56% agreement.B) The Pew poll includes a leading question, while the Los Angeles Times poll uses neutral wording.C) The Los Angeles Times Poll includes a leading question, while…arrow_forwardAnswer questions 2arrow_forward
- (c) Give an example where PLANBAC)= PCAPCBIPCC), but the sets are not pairwise independentarrow_forwardScrie trei multiplii comuni pentru numerele 12 și 1..arrow_forwardIntroduce yourself and describe a time when you used data in a personal or professional decision. This could be anything from analyzing sales data on the job to making an informed purchasing decision about a home or car. Describe to Susan how to take a sample of the student population that would not represent the population well. Describe to Susan how to take a sample of the student population that would represent the population well. Finally, describe the relationship of a sample to a population and classify your two samples as random, systematic, cluster, stratified, or convenience.arrow_forward
- 1.2.17. (!) Let G,, be the graph whose vertices are the permutations of (1,..., n}, with two permutations a₁, ..., a,, and b₁, ..., b, adjacent if they differ by interchanging a pair of adjacent entries (G3 shown below). Prove that G,, is connected. 132 123 213 312 321 231arrow_forwardYou are planning an experiment to determine the effect of the brand of gasoline and the weight of a car on gas mileage measured in miles per gallon. You will use a single test car, adding weights so that its total weight is 3000, 3500, or 4000 pounds. The car will drive on a test track at each weight using each of Amoco, Marathon, and Speedway gasoline. Which is the best way to organize the study? Start with 3000 pounds and Amoco and run the car on the test track. Then do 3500 and 4000 pounds. Change to Marathon and go through the three weights in order. Then change to Speedway and do the three weights in order once more. Start with 3000 pounds and Amoco and run the car on the test track. Then change to Marathon and then to Speedway without changing the weight. Then add weights to get 3500 pounds and go through the three gasolines in the same order.Then change to 4000 pounds and do the three gasolines in order again. Choose a gasoline at random, and run the car with this gasoline at…arrow_forwardAP1.2 A child is 40 inches tall, which places her at the 90th percentile of all children of similar age. The heights for children of this age form an approximately Normal distribution with a mean of 38 inches. Based on this information, what is the standard deviation of the heights of all children of this age? 0.20 inches (c) 0.65 inches (e) 1.56 inches 0.31 inches (d) 1.21 inchesarrow_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
Use of ALGEBRA in REAL LIFE; Author: Fast and Easy Maths !;https://www.youtube.com/watch?v=9_PbWFpvkDc;License: Standard YouTube License, CC-BY
Compound Interest Formula Explained, Investment, Monthly & Continuously, Word Problems, Algebra; Author: The Organic Chemistry Tutor;https://www.youtube.com/watch?v=P182Abv3fOk;License: Standard YouTube License, CC-BY
Applications of Algebra (Digit, Age, Work, Clock, Mixture and Rate Problems); Author: EngineerProf PH;https://www.youtube.com/watch?v=Y8aJ_wYCS2g;License: Standard YouTube License, CC-BY