Statistics for Business & Economics (with XLSTAT Education Edition Printed Access Card) (MindTap Course List)
13th Edition
ISBN: 9781305585317
Author: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm, James J. Cochran
Publisher: Cengage Learning
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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?
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p1. Construct simple aggregative price index from the following data :
Commodities
Prices in 2015 $
Prices in 2016 $
1
15.00
18.00
11
5.00
8.00
111
2.25
4.00
IV
6.00
7.00
The 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.
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
Chapter 20 Solutions
Statistics for Business & Economics (with XLSTAT Education Edition Printed Access Card) (MindTap Course List)
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
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