From the following data compute the consumer price Index for the year 1998 w.r.t. the price level of 1997. Items Weight Percentage of increase in prices over the price of 1997 Food Rent Clothing Fuel Misc. 7.5 2.5 3 1 50 60 40 30 20
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- For the following exercises, consider this scenario: The median home values in subdivisions Pima Central and East Valley (adjusted for inflation) are shown in Table 1. Assume that the house values are changing linearly. If these trends were to continue, what would be the median home value in Pima Central in 2015?Based on the following data, develop a weighted index for the price of a gallon of gasoline in 2017, when 1996 is the reference year having an index value of 99.2. The weight placed on regular unleaded gasoline is three times that of either premium or unleaded plus, because roughly three times as much regular unleaded is sold compared with premium or unleaded plus.The following data lists eight different investment amounts (X) and the amount of interest they earned (Y):
- John Kittle, an independent insurance agent, uses a five-year moving average to forecast the number of claims made in a single year for one of the large insurance companies he sells for. He has just discovered that a clerk in his employ incorrectly entered the number of claims made four years ago as 1,400 when it should have been 1,200.a. What adjustment should Mr. Kittle make in next year’s forecast to take into account the corrected value of the number of claims four years ago?b. Suppose that Mr. Kittle used simple exponential smoothing with a = .2instead of moving averages to determine his forecast. What adjustment is now required in next year’s forecast? (Note that you do not need to know the value of the forecast for next year in order to solve this problem.)In a particularly small region in the Philippines, the consumer price index C depends onAccording to a high-profile realtor, houses in the sleepy town of Sun Beach have shown higher appreciation over the past three years than have houses in the bustling town of North Arden. To test the realtor's claim, an economist has found eight recently sold homes in Sun Beach and eight recently sold homes in North Arden that were owned for exactly three years. The following table gives the appreciation (expressed as a percentage increase) for each of the sixteen houses. Appreciation rates in percent Sun Beach 10.2, 9.7, 12, 10.4, 7.9, 10.9, 9.6, 13.3 North Arden 7.5, 12.8, 5.9, 8.5, 8.1, 9.3, 6.3, 13.4 Assume that the two populations of appreciation rates are normally distributed and that the population variances are equal. Can we conclude, at the 0.05 level of significance, that houses in Sun Beach have higher appreciation over the past three years than houses in North Arden? Perform a one-tailed test. The null hypothesis: H0:…
