STATISTICS F/BUSINESS+ECONOMICS-TEXT
13th Edition
ISBN: 9781305881884
Author: Anderson
Publisher: CENGAGE L
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Textbook Question
Chapter 20.2, Problem 1E
The following table reports prices and usage quantities for two items in 2009 and 2011.
- a. Compute price relatives for each item in 2011 using 2009 as the base period.
- b. Compute an unweighted aggregate price index for the two items in 2011 using 2009 as the base period.
- c. Compute a weighted aggregate price index for the two items using the Laspeyres method.
- d. Compute a weighted aggregate price index for the two items using the Paasche method.
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Construct the following Weighted Aggregative Price index for 2021 on the basis of 2017 data;
Laspeyer’s Index
Paasche’s Index
Fisher’s Ideal Index
Dorbish and Bowley’s Index
Commodity
Prices
Quantities
2017
2021
2017
2021
A
150
330
8000
11000
B
55
105
700
650
C
4420
9000
30
35
D
700
1334
475
365
E
320
320
436
780
The following table presents prices, in thousands of dollars, of single-family homes for
20 of the largest metropolitan areas in the United States for the first quarter of
2012 and the first quarter of 2013.
.
Metro Area
2012
2013
Boston, MA
311.5
332.2
Chicago, IL
157.2
159.4
Cincinnati, OH
112.5
121.0
Cleveland, OH
84.9
101.0
Dallas, TX
148.2
160.4
Denver, CO
226.4
261.2
Houston, TX
152.1
163.7
Los Angeles, CA
122.1
155.1
Miami, FL
182.0
219.9
Minneapolis, MN
147.3
170.6
Metro Area
2012
2013
New York, NY
363.8
368.2
Philadelphia, PA
193.5
197.7
Phoenix, AZ
129.9
169.0
Portland, OR
208.6
246.5
Riverside, CA
174.3
216.7
St. Louis, MO
103.7
111.0
San Diego, CA
359.5
412.3
San Francisco, CA
448.0…
Dave Fletcher, the general manager of North Carolina
Engineering Corporation (NCEC), thinks that his firm’s engineer-ing services contracted to highway construction firms are directly
related to the volume of highway construction business contractedwith companies in his geographic area. He wonders if this is reallyso, and if it is, can this information help him plan his operationsbetter by forecasting the quantity of his engineering servicesrequired by construction firms in each quarter of the year? Thefollowing table presents the sales of his services and total amountsof contracts for highway construction over the past eight quarters:
a) Using this data, develop a regression equation for predictingthe level of demand of NCEC’s services.
b) Determine the coefficient of correlation and the standard errorof the estimate.
Chapter 20 Solutions
STATISTICS F/BUSINESS+ECONOMICS-TEXT
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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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