Economics (7th Edition) (What's New in Economics)
7th Edition
ISBN: 9780134738321
Author: R. Glenn Hubbard, Anthony Patrick O'Brien
Publisher: PEARSON
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Question
Chapter 1.A, Problem 3PA
To determine
Calculation of percentage changes in sales.
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Students have asked these similar questions
Consider that the quantity of Milk A sold will increase
by 50%, the sales revenue of Milk A will decrease by
25%, and the price is determined by sales revenue
divided by quantity sold. Which of the following best
describes the expected change in Milk A's price in
April, compared to March?
January
February
March
Milk A
Quantity Sold Sales Revenue Quantity Sold
500
800
400
$3,000
$4,400
$2,400
Milk B
1200
1500
950
Select the single best answer:
A. increase by 25%
B. decrease by 50%
C. decrease by 25%
D. decrease by 15%
E. no change
Sales Revenue
$5,000
$6,000
$4,400
Quantity Sold
Milk C
600
550
700
Sales Revenue
$3,400
$3,300
$5,000
Can you provide an explanation of the graph.
Part C
3. The manager of a certain gasoline station wants to forecast the demand for the unleaded gasoline next month so that the
proper number of gallons can be ordered from the distributor. The manager has accumulated the following data demand for
unleaded gasoline from sales during the past eight months.
Month
Gasoline Demanded (gallons)
Mar
900
Given that the forecast for March is 920.
Apr
755
May
650
Jun
550
Jul
625
Aug
730
Sept
820
Oct
1 100
a. Compute the exponential smoothed forecast for the demand from April to November. Use a = 0.25.
b. Compute the exponential smoothed forecast for the demand from April to November. Use a = 0.45.
c. Plot the actual demand and the forecasts determined in part a and b on the same graph and compare them.
d. Make a comparative analysis out of your answers in the plotted data. (3-5 sentences)
Chapter 1 Solutions
Economics (7th Edition) (What's New in Economics)
Ch. 1.A - Prob. 1PACh. 1.A - Prob. 2PACh. 1.A - Prob. 3PACh. 1.A - Prob. 4PACh. 1.A - Prob. 5PACh. 1.A - What is the area of the triangle shown in the...Ch. 1.A - Prob. 7PACh. 1 - Prob. 1TCCh. 1 - Prob. 2TCCh. 1 - Prob. 1.1.1RQ
Ch. 1 - Prob. 1.1.2RQCh. 1 - Prob. 1.1.3PACh. 1 - Prob. 1.1.4PACh. 1 - Prob. 1.1.5PACh. 1 - Prob. 1.1.6PACh. 1 - Prob. 1.1.7PACh. 1 - Prob. 1.1.8PACh. 1 - Prob. 1.1.9PACh. 1 - Prob. 1.1.10PACh. 1 - Prob. 1.1.11PACh. 1 - Prob. 1.2.1RQCh. 1 - Prob. 1.2.2RQCh. 1 - Prob. 1.2.3RQCh. 1 - Prob. 1.2.4RQCh. 1 - Prob. 1.2.5PACh. 1 - Prob. 1.2.6PACh. 1 - Prob. 1.2.7PACh. 1 - Prob. 1.2.8PACh. 1 - Prob. 1.2.9PACh. 1 - Prob. 1.2.10PACh. 1 - Prob. 1.2.11PACh. 1 - Prob. 1.2.12PACh. 1 - Prob. 1.2.13PACh. 1 - Prob. 1.3.1RQCh. 1 - Prob. 1.3.2RQCh. 1 - Prob. 1.3.3RQCh. 1 - Prob. 1.3.4PACh. 1 - Prob. 1.3.5PACh. 1 - Prob. 1.3.6PACh. 1 - Prob. 1.3.7PACh. 1 - Prob. 1.3.8PACh. 1 - Prob. 1.3.9PACh. 1 - Prob. 1.3.10PACh. 1 - Prob. 1.3.11PACh. 1 - Prob. 1.4.1RQCh. 1 - Prob. 1.4.2RQCh. 1 - Prob. 1.4.3PACh. 1 - Prob. 1.4.4PACh. 1 - Prob. 1.1CTECh. 1 - Prob. 1.2CTE
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