Quantitative Reasoning
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1. (2 points)
What is a "price index"? How is it constructed? What is its purpose?
Give the "nominal cost" and "price index" compute the "real cost" for each year. Interpret the "real cost" trend. What is happening?
Year Nominal
cost Price
Index Real
cost
1990 211 100
1991 231 115
1992 221 125
1993 200 110
1994 190 119
1995 210 124
What would the CPI have to be in 1995 to make the real cost in 1995 to be the same as the real cost in 1990?
2. (2 points)
"Order of operations"? What is the sequence of arithmetic operations that must be follow when there are mixed calculations?
What is the proper way to compute the answer to this sequence:
2 + 3*5 - 2 + 6*7
Give one improper way to compute the answer. Indicate why what you did in not proper.
3. (2 points)
Construct an equation to show the "percent increase in sales." Use the equation to compute the increase in sales from 2005 to 2006 if
Sales in 2006 = 45,000
Sales in 2005 = 37,950
What is the "Percent Of" number?
4. (2 points)
Selling price for a product is $20. Variable cost per unit is $10 and total fixed costs are $1,000.
What is the breakeven point in units?
How many units must be produced to generate a profit of $2,000?
5. ( 2 points)
Define and describe the "four levels of measurement) of data. Give an example of each and the rationale for so classifying the data.
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Solution Summary
The solution shows calculations of price index ,nominal cost , real cost and CPI.
Solution Preview
1. (2 points)
What is a "price index"? How is it constructed? What is its purpose?
Give the "nominal cost" and "price index" compute the "real cost" for each year. Interpret the "real cost" trend. What is happening?
Year Nominal
cost Price
Index Real
cost
1990 211 100
1991 231 115
1992 221 125
1993 200 110
1994 190 119 ...
Purchase this Solution
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