Explanation Calculation: The data shows that the quantities of three items sold in 1997 and 2011 along with the sales prices of the items in 1997. The weighed aggregated quantity index for 2011 is, I t = ∑ Q i t P i 0 ∑ Q i 0 P i 0 ( 100 ) I 2011 = 300 ( 18 ) + 400 ( 4

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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Chapter 20.7, Problem 14E

To determine

Find the weighed aggregated quantity index for 2011.

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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. 4E Ch. 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. 8E Ch. 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. 13E Ch. 20.7 - Prob. 14E Ch. 20.7 - Prob. 15E Ch. 20.7 - An automobile dealer reports the 1994 and 2011...Ch. 20 - Many factors influence the retail price of...Ch. 20 - Prob. 18SE Ch. 20 - Prob. 19SE Ch. 20 - Boran Stockbrokers, Inc., selects four stocks for...Ch. 20 - Compute the price relatives for the four stocks...Ch. 20 - Prob. 22SE Ch. 20 - Seafood price and quantity data are reported by...Ch. 20 - Prob. 24SE Ch. 20 - The closing price of Apple stock, adjusted for...Ch. 20 - Prob. 26SE

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Urban Travel Times Population of cities and driving times are related, as shown in the accompanying table, which shows the 1960 population N, in thousands, for several cities, together with the average time T, in minutes, sent by residents driving to work. City Population N Driving time T Los Angeles 6489 16.8 Pittsburgh 1804 12.6 Washington 1808 14.3 Hutchinson 38 6.1 Nashville 347 10.8 Tallahassee 48 7.3 An analysis of these data, along with data from 17 other cities in the United States and Canada, led to a power model of average driving time as a function of population. a Construct a power model of driving time in minutes as a function of population measured in thousands b Is average driving time in Pittsburgh more or less than would be expected from its population? c If you wish to move to a smaller city to reduce your average driving time to work by 25, how much smaller should the city be?

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Find the weighed aggregated quantity index for 2011.

Solution Summary: The author calculates the weighed aggregated quantity index for 2011, which is 110. The data shows the quantities of three items sold in 1997 and 2011 along with the sales prices of the items.

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Find the weighed aggregated quantity index for 2011.

Chapter 20 Solutions