Question 1
1 out of 2 points
According to the National Chicken Council
, the mean retail price per pound of
chicken in 2010 was $1.84.
In 2018, the retail price for chicken was
$3.29 per pound.What is the simple index
for the price per pound of chicken, using
the 2010 price as the base period (Round
your answer to 2 decimal place.)
Selected Answer:
1.79
Correct Answer:
178.80
Question 2
6 out of 6 points
The prices and the numbers of various items pro
small machine and stamping plant are reported
2010 as the base.
2010
2018
Price (in
Item
$)
Quantity
Price (
$)
Washer
0.07
17,000
0.10
Cotter pin
0.04
125,000
0.03
Stove bolt
0.15
40,000
0.15
Hex nut
0.08
62,000
0.10
a. Determine the Laspeyres price index. [a] (Rou
answer to 2 decimal places.)
b. Determine the Paasche price index. [b](Round
answer to 2 decimal places.)
Speci!ed Answer for: a
102.92
Speci!ed Answer for: b
103.31
Correct Answers for: a
Evaluation Method
Correct Answer Case Sen
Exact Match
102.92
Correct Answers for: b
Evaluation Method
Correct Answer Case Sen
Exact Match
103.32
Question 3
4.5 out of 6 points
Pennsylvania Re!ning Company is studying the rela
between the pump price of gasoline and the numb
gallons sold. For a sample of 20 stations last Tuesd
correlation was 0.44.
The following hypotheses are given.
H0: ρ ≤ 0
H1: ρ > 0
a. Find the critical value at 0.010 signi!cance level.
your answer to 3 decimal places.)
b. Compute the value of the test statistic. [b](Roun
answer to 3 decimal places.)
c. What is the decision? [c] (Choose 1 or 2.)
1. Reject null hypothesis
2. Do not reject null hypothesis
d. What is the conclusion [d] (Choose 1 or 2.)
1. There is enough evidence to conclude there is a
correlation between gallons sold and the pump pri
2. There is not enough evidence to conclude there
positive correlation between gallons sold and the p
Speci!ed Answer for: a
2.552
Speci!ed Answer for: b
2.495
Speci!ed Answer for: c
2
Speci!ed Answer for: d
2
Correct Answers for: a
Evaluation Method Correct Answer Case Se
Exact Match
2.552
Correct Answers for: b
Evaluation Method Correct Answer Case Se
Exact Match
2.079
Correct Answers for: c
Evaluation Method Correct Answer Case Se
Exact Match
2
Correct Answers for: d
Evaluation Method Correct Answer Case Se
Exact Match
Question 4
2
6 out of 6 points
Mr. James McWhinney, president of Daniel-James Financial
Services, believes there is a relationship between the number
of client contacts and the dollar amount of sales. To
document this assertion, Mr. McWhinney gathered the
following sample information. The x column indicates the
number of client contacts last month and the y column shows
the value of sales ($ thousands) last month for each client
sampled.
Number of Contacts, x
Sales ($ thousands), y
14
24
12
14
20
28
16
30
46
80
23
30
48
90
a. Find the value of correlation coe"ecient (r) :[1] (Round to 3
decimal places)
b. What is the regression equation :
= [2] + [3] x (Round to 2
decimal places)
c. Determine the estimated sales if 40 contacts are made. [4]
(Round to 2 decimal places)
Speci!ed Answer for: 1
0.986
Speci!ed Answer for: 2
-7.538
Speci!ed Answer for: 3
1.948
Speci!ed Answer for: 4
70.382
Correct Answers for: 1
Evaluation Method Correct Answer Case Sensitivity
Exact Match
0.986
Correct Answers for: 2
Evaluation Method Correct Answer Case Sensitivity
Exact Match
-7.54
Correct Answers for: 3
Evaluation Method Correct Answer Case Sensitivity
Exact Match
1.95
Correct Answers for: 4
Evaluation Method Correct Answer Case Sensitivity
Exact Match
70.46