6th Edition

ISBN: 8220103632027

Author: Pirnot

Publisher: Pearson Education (US)

Concept explainers

A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear re…

Binomial Distribution

Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.

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Textbook Question

Chapter 8.2, Problem 49E

The Consumer Price Index (CPI) is a measure of inflation obtained by comparing current prices with base prices in 1982–84. We can find the inflation rate for a given time period by calculating the percent of change in the CPI over that time period. For example, the CPI in 2005 was 195.3 and in 2009 it was 214.5, so the inflation rate was 214.5 − 195.3 195.3 ≈ 0.098 = 9.8 % . Use the given graph to do Exercises 47–50. Your answers may vary slightly due to rounding.

Chapter 8.2, Problem 49E, The Consumer Price Index CPI is a measure of inflation obtained by comparing current prices with

Effect of inflation on the cost of cars.

a. Calculate the inflation rate from 1990 to 2010.

b. If a car cost $17,000 in 2010, use the inflation rate from part (a) to estimate what the car would have cost in 1990.

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Chapter 8.2, Problem 48E

Chapter 8.2, Problem 50E

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Chapter 8 Solutions

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Solution Summary: The author calculates the inflation rate for a given time period by calculating the percent of change in CPI.

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