STATISTICS F/BUSINESS+ECONOMICS-TEXT
STATISTICS F/BUSINESS+ECONOMICS-TEXT
13th Edition
ISBN: 9781305881884
Author: Anderson
Publisher: CENGAGE L
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Chapter 20.3, Problem 7E

The Mitchell Chemical Company produces a special industrial chemical that is a blend of three chemical ingredients. The beginning-year cost per pound, the ending-year cost per pound, and the blend proportions follow.

Chapter 20.3, Problem 7E, The Mitchell Chemical Company produces a special industrial chemical that is a blend of three

  1. a. Compute the price relatives for the three ingredients.
  2. b. Compute a weighted average of the price relatives to develop a one-year cost index for raw materials used in the product. What is your interpretation of this index value?
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