EBK STATISTICS FOR BUSINESS & ECONOMICS
12th Edition
ISBN: 8220100460463
Author: Anderson
Publisher: CENGAGE L
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Textbook Question
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.
- a. Compute the price relatives for the three ingredients.
- 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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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…
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
2. A real estate expert wanted to find the relationship between the sale price of houses
and various characteristics of the houses. He collected data on five variables,
recorded in the table, for 12 houses that were sold recently. The five variables are:
Sale price of a house in thousands of dollars.
Size of the lot in acres.
Price:
Lot Size:
Living Area: Living area in square feet.
Age:
Type of house: town house (T) or Villa (V)
Age of a house in years.
Price
Lot Size
Living
Area
Age
Туре
of
house
255
1.4
2500
8
T
178
0.9
2250
12
T
T.
T.
T.
263
1.8
2900
5
0.7
2.6
127
1800
24
305
3200
10
164
1.2
2400
18
245
2.1
2700
T
V
146
1.1
2050
28
287
2.8
2850
13
V
189
1.6
2600
9
211
1.7
2300
8
V
123
0.5
1700
11
V
a) Find the regression equation for the town house
b) Find the regression equation for the Villa
c) What is the price of a town house with a lot size of 1.3, living area
of 1800, and is 7 years old?
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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 - Prob. 13ECh. 20.7 - Prob. 14ECh. 20.7 - Prob. 15ECh. 20.7 - An automobile dealer reports the 1994 and 2011...Ch. 20 - Many factors influence the retail price of...Ch. 20 - Prob. 18SECh. 20 - Prob. 19SECh. 20 - Boran Stockbrokers, Inc., selects four stocks for...Ch. 20 - Compute the price relatives for the four stocks...Ch. 20 - Prob. 22SECh. 20 - Seafood price and quantity data are reported by...Ch. 20 - Prob. 24SECh. 20 - The closing price of Apple stock, adjusted for...Ch. 20 - Prob. 26SE
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- 1.Income on Housing = 28% 2.Food = 15% 3.Clothing = 11% 4.Transportation = 15% 5.Education = 11% 6.Recreation = 7% 7.Miscellaneous = 7% Total Expenditures(%) = 94% 6% is his savings which is $200 per month Let x his monthly earningsarrow_forwardUse the following price information for selected items for 2010 and 2018. Production figures for those two periods are also given. Price Quantity Item 2010 2018 2010 2018 Aluminum (cents per pound) $ 0.82 $ 0.86 1,000 1,200 Natural gas $ per million BLA 4.37 2.99 5,000 4,000 Petroleum (barrel) 71.21 58.15 60,000 60,000 Platinum (troy ounce) 1,743.60 1,292.53 500 600arrow_forward
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