A large manufacturer purchases an identical component from three independent suppliers that differ in unit price and quantity supplied. The relevant data for 2016 and 2022 are given here Unit Price ($) Supplier Quantity (2016) 2016 2022 A 150 5.55 6.00 B 200 5.60 5.95 C 120 5.50 6.30 (a) Compute the price relatives for each of the component suppliers separately. (Round your answers to the nearest integer.) Item Price Relative A B C Compare the price increases by the suppliers over the six-year period. Select prices Increased, with the greatest price relative being from supplier Select and the smallest price relative being from supplier -Select- (b) Compute an unweighted aggregate price index for the component part in 2022. (Round your answer to the nearest integer.) 2022- (c) Compute a 2022 weighted aggregate price index for the component part. (Round your answer to the nearest integer.) I2022 What is the interpretation of this index for the manufacturing firm? (Give your answer as a percent. Round your answer to the nearest integer.) There was a % increase in the price of the component part over the six-year period. Type here to search W All X B N M 8 72°F 4/2

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.6: Summarizing Categorical Data
Problem 26PPS
icon
Related questions
Question
100%
A large manufacturer purchases an identical component from three independent suppliers that differ in unit price and quantity supplied. The relevant data for 2016 and 2022 are given here
Unit Price ($)
Supplier Quantity (2016) 2016
2022
A
150
5.55
6.00
B
200
5.60
5.95
C
120
5.50
6.30
(a) Compute the price relatives for each of the component suppliers separately. (Round your answers to the nearest integer.)
Item
Price Relative
A
B
C
Compare the price increases by the suppliers over the six-year period.
Select prices Increased, with the greatest price relative being from supplier Select and the smallest price relative being from supplier -Select-
(b) Compute an unweighted aggregate price index for the component part in 2022. (Round your answer to the nearest integer.)
2022-
(c) Compute a 2022 weighted aggregate price index for the component part. (Round your answer to the nearest integer.)
I2022
What is the interpretation of this index for the manufacturing firm? (Give your answer as a percent. Round your answer to the nearest integer.)
There was a
% increase in the price of the component part over the six-year period.
Type here to search
W
All
X
B
N
M
8
72°F
4/2
Transcribed Image Text:A large manufacturer purchases an identical component from three independent suppliers that differ in unit price and quantity supplied. The relevant data for 2016 and 2022 are given here Unit Price ($) Supplier Quantity (2016) 2016 2022 A 150 5.55 6.00 B 200 5.60 5.95 C 120 5.50 6.30 (a) Compute the price relatives for each of the component suppliers separately. (Round your answers to the nearest integer.) Item Price Relative A B C Compare the price increases by the suppliers over the six-year period. Select prices Increased, with the greatest price relative being from supplier Select and the smallest price relative being from supplier -Select- (b) Compute an unweighted aggregate price index for the component part in 2022. (Round your answer to the nearest integer.) 2022- (c) Compute a 2022 weighted aggregate price index for the component part. (Round your answer to the nearest integer.) I2022 What is the interpretation of this index for the manufacturing firm? (Give your answer as a percent. Round your answer to the nearest integer.) There was a % increase in the price of the component part over the six-year period. Type here to search W All X B N M 8 72°F 4/2
Expert Solution
steps

Step by step

Solved in 2 steps with 14 images

Blurred answer
Recommended textbooks for you
Glencoe Algebra 1, Student Edition, 9780079039897…
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
College Algebra (MindTap Course List)
College Algebra (MindTap Course List)
Algebra
ISBN:
9781305652231
Author:
R. David Gustafson, Jeff Hughes
Publisher:
Cengage Learning
Holt Mcdougal Larson Pre-algebra: Student Edition…
Holt Mcdougal Larson Pre-algebra: Student Edition…
Algebra
ISBN:
9780547587776
Author:
HOLT MCDOUGAL
Publisher:
HOLT MCDOUGAL
Algebra: Structure And Method, Book 1
Algebra: Structure And Method, Book 1
Algebra
ISBN:
9780395977224
Author:
Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Publisher:
McDougal Littell