Answer:
The CPI for the given year is 123.
Explanation:
Consumer price index (CPI)
In the base year, the typical family bought 4 loaves of bread at $2 per loaf and 2 bottles of wine for $ 9 per bottle.
Cost at base year =$[(4×2)+(2×9)]
=$26
In a given year, bread cost $3 per loaf and wine cost $10 per bottle.
Cost at given year =$[(4×3)+(2×10)]
=$32
The CPI for the given year is
≈123
Answer:
a) 0.1728
b) 0.09183
c) 0.7354
d) $ 222.25
Explanation:
Given
mean = = $367
Standard deviation = =$88
Cost of automobile repair is normally distributed.
a) We have to find P( x > 450 )
P( x > 450 ) = 1 - P( x <= 450 )
Using excel function, P( x <= x ) = NORMDIST (x, ,
, 1 )
P( x > 450 ) = 1 - NORMDIST( 450 , 367, 88, 1 )
= 1 - 0.8272 = 0.1728
P( x > 450 ) = 0.1728
b) P( x < 250 ) = NORMDIST( 250 , 367, 88, 1 ) = 0.09183
P( x < 250 ) = 0.09183
c) P( 250 < x < 450 ) = P( x <450 ) - P( x < 250 )
P( x <450 ) = NORMDIST( 450 , 367, 88, 1 ) = 0.8272
P( x < 250 ) = NORMDIST( 250 , 367, 88, 1 ) = 0.09183
P( 250 < x < 450 ) = 0.8272 - 0.09183 = 0.7354
P( 250 < x < 450 ) = 0.7354
d) We have P( X < a ) = 0.05
We have to find a.
Using Excel, = NORMINV ( Probability, ,
)
a = NORMINV ( 0.05 , 367, 88 ) = 222.2529
Cost = $ 222.25
Answer:
90 suits per week must be produced and sold to achieve the maximum profit of $2,850.
Explanation:
The profit function is given by the revenue function minus the cost function:
The number of suits, x, for which the derivate of the profit funtion is zero, is the production volume that maximizes profit:
The profit generated by producing 90 suits is:
Therefore, 90 suits per week must be produced and sold to achieve the maximum profit of $2,850.