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A large manufacturer purchases an identical component from three independent suppliers that differ in unit price and quantity supplied. The relevant data for 2016 and 2018 are given here. Unit Price ($) 2016 2018 5.95 6.50 A B Supplier Quantity (2016) C с A B C с 150 100 120 (a) Compute the price relatives for each of the component suppliers separately. (Round your answers to the nearest integer.) Item Price Relative 5.60 5.95 5.50 6.20 Compare the price increases by the suppliers over the two-year period. ---Select--- prices increased, with the greatest price relative being from supplier ---Select--- and the smallest price relative being from supplier [---Select--- (b) Compute an unweighted aggregate price index for the component part in 2018. (Round your answer to the nearest integer.) 2018 = (c) Compute a 2018 weighted aggregate price index for the component part. (Round your answer to the nearest integer.) /2018 = What is the interpretation of this index for the manufacturing firm? (Round your answer to the nearest integer.)

A large manufacturer purchases an identical component from three independent suppliers that differ in unit price and quantity supplied. The relevant data for 2016 and 2018 are given here. Unit Price ($) 2016 2018 5.95 6.50 A B Supplier Quantity (2016) C с A B C с 150 100 120 (a) Compute the price relatives for each of the component suppliers separately. (Round your answers to the nearest integer.) Item Price Relative 5.60 5.95 5.50 6.20 Compare the price increases by the suppliers over the two-year period. ---Select--- prices increased, with the greatest price relative being from supplier ---Select--- and the smallest price relative being from supplier [---Select--- (b) Compute an unweighted aggregate price index for the component part in 2018. (Round your answer to the nearest integer.) 2018 = (c) Compute a 2018 weighted aggregate price index for the component part. (Round your answer to the nearest integer.) /2018 = What is the interpretation of this index for the manufacturing firm? (Round your answer to the nearest integer.)

College Algebra (MindTap Course List)
College Algebra (MindTap Course List)
12th Edition
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:R. David Gustafson, Jeff Hughes
Chapter2: Functions And Graphs
Section2.3: Linear Functions And Slope
Problem 106E
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A large manufacturer purchases an identical component from three independent suppliers that differ in unit price and quantity supplied. The relevant data for 2016 and 2018 are given here. Unit Price ($) A Supplier Quantity (2016) B A с B Item Price Relative с 150 100 120 2016 2018 (a) Compute the price relatives for each of the component suppliers separately. (Round your answers to the nearest integer.) 5.95 6.50 5.60 5.95 5.50 6.20 Compare the price increases by the suppliers over the two-year period. --Select--- prices increased, with the greatest price relative being from supplier ---Select--- and the smallest price relative being from supplier ---Select--- (b) Compute an unweighted aggregate price index for the component part in 2018. (Round your answer to the nearest integer.) 2018 = (c) Compute a 2018 weighted aggregate price index for the component part. (Round your answer to the nearest integer.) /2018 = What is the interpretation of this index for the manufacturing firm? (Round your answer to the nearest integer.) There was a % increase in the price of the component part over the two-year period.
Transcribed Image Text:A large manufacturer purchases an identical component from three independent suppliers that differ in unit price and quantity supplied. The relevant data for 2016 and 2018 are given here. Unit Price ($) A Supplier Quantity (2016) B A с B Item Price Relative с 150 100 120 2016 2018 (a) Compute the price relatives for each of the component suppliers separately. (Round your answers to the nearest integer.) 5.95 6.50 5.60 5.95 5.50 6.20 Compare the price increases by the suppliers over the two-year period. --Select--- prices increased, with the greatest price relative being from supplier ---Select--- and the smallest price relative being from supplier ---Select--- (b) Compute an unweighted aggregate price index for the component part in 2018. (Round your answer to the nearest integer.) 2018 = (c) Compute a 2018 weighted aggregate price index for the component part. (Round your answer to the nearest integer.) /2018 = What is the interpretation of this index for the manufacturing firm? (Round your answer to the nearest integer.) There was a % increase in the price of the component part over the two-year period.
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