STATISTICS F/BUSINESS+ECONOMICS-TEXT
13th Edition
ISBN: 9781305881884
Author: Anderson
Publisher: CENGAGE L
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Chapter 20, Problem 19E
To determine
Find the Paasche index for the shipping cost.
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The following table gives the prices of some food items in the base year and current year and the quantities sold in the base year and current year. Commodity 2000 2005 Price (K) Quantity Price (K) Quantity A B C 15 20 4 15 5 10 22 27 7 12 4 5 Compute the following price index numbers for 2005 from the above table: i. Laspeyre’s price index number
ii. Paasche’s price index number
Use 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
600
Determine Fisher's ideal index for 2018 using 2010 as the base period. (Round your answer to 2 decimal places.)
In a particularly small region in the Philippines, the consumer price index C depends on
Chapter 20 Solutions
STATISTICS F/BUSINESS+ECONOMICS-TEXT
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 - The revenue for Google for the years 2010-2014 is...Ch. 20.7 - Data on quantities of three items sold in Year 1...Ch. 20.7 - Prob. 15ECh. 20.7 - Prob. 16ECh. 20 - Many factors influence the retail price of...Ch. 20 - Nickerson Manufacturing Company has the following...Ch. 20 - Prob. 19ECh. 20 - Prob. 20ECh. 20 - Prob. 21ECh. 20 - Prob. 22ECh. 20 - Seafood price and quantity data are reported by...Ch. 20 - Prob. 24ECh. 20 - Prob. 25ECh. 20 - Prob. 26E
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- Construct index number of price from the following data byapplying: Marshall-Edgeworth’s methodand comment on the results. Commodity Price Quantty Price QuanttyA 2 8 4 6B 5 10 6 5C 4 14 5 10D 2 19 2 13arrow_forwardGiven the following data and seasonal index: Month Sales Year 1 Year 2 Jan 8 8 Feb 7 9 Mar 5 6 Apr 10 11 May 9 12 June 12 16 July 15 20 Aug 20 25 Sept 4 4 Oct 3 2 Nov 8 7 Dec 9 9 (a) Compute the seasonal index using only year 1 data. (b) Determine the deseasonalized demand values using year 2 data and year 1's seasonal indices.arrow_forwardA certain manufacturing company has the following data on quantities shipped and unit costs for each of its four products. Products Base-PeriodQuantities (Year 1) Mean Shipping Costper Unit ($) Year 1 Year 5 A 2,500 10.50 15.90 B 5,000 16.25 31.00 C 6,000 12.20 17.40 D 2,500 20.00 35.50 Use the price data to compute a Paasche index for the shipping cost if year 5 quantities are 4,000, 3,000, 7,500, and 3,000 for products A, B, C, and D, respectively. (Round your answer to the nearest integer.)arrow_forward
- The prices and the numbers of various items produced by a small machine and stamping plant are reported below. Use 2010 as the base. 2010 2018 Item Price Quantity Price Quantity Washer $ 0.07 17,000 $ 0.10 20,000 Cotter pin 0.04 125,000 0.03 130,000 Stove bolt 0.15 40,000 0.15 42,000 Hex nut 0.08 62,000 0.10 65,000 a. Determine the simple price indexes. (Round your answers to 2 decimal places.) b. Determine the simple aggregate price index for the two years. (Round your answer to 2 decimal places.) c. Determine the Laspeyres price index. (Round your answer to 2 decimal places.) d. Determine the Paasche price index. (Round your answer to 2 decimal places.) e. Determine Fisher's ideal index. (Round your answer to 2 decimal places.)arrow_forwardIOG Technologies offers semiconductor and system solutions for automotive industrial and multimarket sectors for applications in communication. The following data relates to the production of three products manufactured by them: Product Price (RM) Quantity 2000 2016 2000 2016 BD-1005 3.00 3.20 60 80 LCM-2134 2.00 2.50 100 90 DDK-456 3.50 4.00 500 700 Determine the Laspeyres Price Index (LPI) and Paasche Price Index (PPI) for 2016 using 2000 as the base period.arrow_forwardJensen Tire & Auto is in the process of deciding whether to purchase a maintenance contract for its new computer wheel alignment and balancing machine. Managers feel that maintenance expense should be related to usage, and they collected the following information on weekly usage (hours) and annual maintenance expense (in hundreds of dollars). Weekly Usage(hours) AnnualMaintenance Expense 19 24 16 29 26 37 34 44 38 54 23 38 30 40 37 46 46 59 44 47 -select your answer choices- b. p-value less than 0.01 between 0.01 and 0.025 between 0.025 and 0.05 between 0.05 and 0.10 greater than 0.10 Conclusion Do not conclude that there is a significant relationship between expense and weekly usage Conclude that there is a significant relationship between expense and weekly usage d. No, the expected maintenance expense is less than $3000 Yes, the expected maintenance expense is greater than $3000arrow_forward
- The table below contains the total cost ($) for four tickets to a basketball game purchased on the secondary market, two beers, two soft drinks, two hot dogs, and one parking space at each arena during a recent season. 215.02 224.58 224.43 215.97 203.04 287.43 261.25 214.76 395.96 317.13 301.05 370.49 310.61 319.41 319.33 420.73 420.32 481.66 484.87 430.76 411.28 543.08 566.08 535.56 532.38 619.08 727.78 766.28 791.92 897.06 a. Organize these costs as an ordered array. b. Construct a frequency distribution and a percentage distribution for these costs. c. Around what values, if any, are at least 75% of the costs of attending the game concentrated? Explain. At least 75% of the costs of attending a game are concentrated around the class groupings "$200 but less than $400" and "$500 but less than $700." B. At least 75% of…arrow_forwardFollowing are the quantities and prices for the years 2010 and 2018 for Kinzua Valley Geriatrics. Use 2010 as the base period. 2010 2018 Item Price Quantity Price Quantity Syringes (dozen) 6.22 1,220 6.64 1,065 Thermometers 8.54 12 15.64 10 Advil (bottle) 3.05 370 6.39 341 Patient record forms (box) 7.13 1,194 11.36 1,505 Copier paper (box) 12.27 33 14.56 58 d. Determine the Paasche price index. (Round your answer to 2 decimal places.) e. Determine Fisher's ideal index. (Round your answer to 2 decimal places.)arrow_forwardThe 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…arrow_forward
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