Statistics for Business & Economics, Revised (MindTap Course List)
12th Edition
ISBN: 9781285846323
Author: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm, James J. Cochran
Publisher: South-Western College Pub
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Textbook Question
Chapter 20.3, Problem 9E
Compute the price relatives for the R&B Beverages products in exercise 4. Use a weighted average of price relatives to show that this method provides the same index as the weighted aggregate method.
4. R&B Beverages, Inc., provides a complete line of beer, wine, and soft drink products for distribution through retail outlets in central Iowa. Unit price data for 2011 and 2014 and quantities sold in cases for 2011 follow.
Compute a weighted aggregate index for the R&B Beverage sales in 2014, with 2011 as the base period.
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The Vice-President for Academic Affairs of SLU wished to understand the distribution of students in the academic programs in the institution for the first semester of school year 2020-2021. The numbers of students by school are the following:
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2,069
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2,565
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3,672
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According to the 2017 Corporate Travel Index compiled by Business Travel News, the average daily cost for business travel in the United States rose to $321 per day (Executive Travel website). The file Travel contains sample data for an analogous study on the estimated daily living costs for an executive traveling to various international cities. The estimates include a single room at a four-star hotel, beverages, breakfast, taxi fares, and incidental costs.
City
Daily LivingCost ($)
City 1
242.87
City 2
260.93
City 3
194.19
City 4
260.76
City 5
355.36
City 6
346.32
City 7
165.37
City 8
250.08
City 9
326.76
City 10
283.56
City
Daily LivingCost ($)
City 11
213.00
City 12
284.08
City 13
139.16
City 14
436.72
City 15
240.87
City 16
310.41
City 17
223.73
City 18
181.25
City 19
238.10
City 20
250.61
(a)Compute the sample mean (in dollars). (Round your answer to the nearest cent.) $______
(b)Compute the sample standard deviation…
1. Dick Hoover, owner of Modern Office Equipment, is concerned about freight costs and clerical costs incurred on small orders. In an effort to reduce expenditures in this area, he has decided to introduce a discount policy rewarding orders over $40 in the hope that this will cause customers to consolidate a number of small orders into large orders. The following data show the amount per transaction for a sample of 28 customers:10,15,20,25,15,17,41,50,5,9,12,14,35,18,19,17,28,29,11,11,43,54,7,8,16,13,37,18a. Compute the sample meanb. Compute the standard deviationc. Compute the sample varianced. If the policy is successful, will the mean of the distribution increase, decrease, or remain unaffected?e. If the policy is successful, will the standard deviation of the distribution increase, decrease, or remain unaffected?
Chapter 20 Solutions
Statistics for Business & Economics, Revised (MindTap Course List)
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 - Prob. 13ECh. 20.7 - Prob. 14ECh. 20.7 - Prob. 15ECh. 20.7 - An automobile dealer reports the 1994 and 2011...Ch. 20 - Many factors influence the retail price of...Ch. 20 - Prob. 18SECh. 20 - Prob. 19SECh. 20 - Boran Stockbrokers, Inc., selects four stocks for...Ch. 20 - Compute the price relatives for the four stocks...Ch. 20 - Prob. 22SECh. 20 - Seafood price and quantity data are reported by...Ch. 20 - Prob. 24SECh. 20 - The closing price of Apple stock, adjusted for...Ch. 20 - Prob. 26SE
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