The accompanying table shows a portion of the median sales price of new houses sold in the United States along with the corresponding consumer price index (CPI). Year Price CPI 2010 220,100 218.06 224.94 2011 226,300 1 2019 318,600 255.66 Click here for the Excel Data File a. Use the CPI to compute real sales price of new houses. Which year(s) did real the sales price decline from the previous year? (You may select any number of years.) Year Price Decline? 2011 2012 2013 2014 2015 2016 2017 2018 2019 b. Compute the percentage increase in the sales price of new houses from 2010 to 2019. (Round your answer to 2 decimal places.) Percentage change in nominal values % c. Compute the percentage increase in the real sales price of new houses from 2010 to 2019. (Round your answer to 2 decimal places.) Percentage change in real values %

A price relative was computed for houses. The base period is 2005. The price relative in 2010 was 130. The interpretation of the price relative is that a. there has been a 130% increase in the price of houses from 2005 to 2010. b. there has been a 30% increase in the price of houses from 2005 to 2010. c. the price of houses in 2010 was $130 higher than the price in 2005. d. It is impossible to interpret the index.

Many factors influence the retail price of gasoline. Suppose the following table shows the average retail price for a gallon of regular grade gasoline for each year from 2011 through 2014. (Round your answers to one decimal place.) Year Average Price ($) 2011 3.526 2012 3.608 2013 3.505 2014 3.368 (a) Use 2011 as the base year and develop a price index for the retail price of a gallon of regular grade gasoline over this four-year period. 2011 price index 2012 price index 2013 price index 2014 price index (b) Use 2012 as the base year and develop a price index for the retail price of a gallon of regular grade gasoline over this four-year period. 2011 price index 2012 price index 2013 price index 2014 price index

Suppose you needed $16,000 to maintain a particular standard of living in 1979. How much would you have needed in 1997 to maintain the same standard Average Annual Consumer Price Index (CPI) (1982-1984=100) CPI of living? Assume that all prices have risen at the same rate as the CPI. Year Year CPI Year CPI 103.9 152.4 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1973 44.4 1995 How much would you have needed? 107.6 1996 1997 1974 49.3 1975 1976 1977 156.9 160.5 163.0 53.8 109.6 56.9 113.6 1998 (Round to the nearest dollar.) 60.6 118.3 1999 166.6 1978 1979 1980 1981 1982 1983 172.2 177.1 2000 2001 2002 2003 2004 2005 65.2 124.0 72.6 130.7 82.4 90.9 96.5 99.6 136.2 140.3 144.5 148.2 179.9 184.0 188.9 195.3 On-Screen Keyboard Esc %23 1 2. * 3 4 8 Hom Tab q u i Del End e y

A market researcher at a major clothing company that has traditionally relied on catalog​ mail-order sales decides to investigate whether the amount of online sales has changed. She compares the mean monthly online sales of the past several months with a historical figure for mean monthly sales for online purchases. She gets a​ P-value of 0.07. Explain in this context what the 7​% represents.

Describe the differences between a nominal and an ordinal scale.

I'm running out of questions. Can I pay for 30 more extra?

Fill in the blanks in the following table. Round your answers to 2 decimal places.

Many factors influence the retail price of gasoline. Suppose the following table shows the average retail price for a gallon of regular grade gasoline for each year from 2011 through 2014. (Round your answers to one decimal place.) Year Average Price ($) 2011 3.511 2012 3.623 2013 3.500 2014 3.363 (a) Use 2011 as the base year and develop a price index for the retail price of a gallon of regular grade gasoline over this four-year period. 2011 price index 2012 price index 2013 price index 2014 price index (b) Use 2012 as the base year and develop a price index for the retail price of a gallon of regular grade gasoline over this four-year period. 2011 price index 2012 price index 2013 price index 2014 price index

2. Which of the following statements is false? Explain your answer. A. A price index can be used to compare changes in prices over time. B. A graph of the average monthly price of gas is an example of an index. C. Price index values are often calculated relative to a base value at a certain point in time or in a certain place. D. Index values can be greater than 100.