To find: The index for each of the countries by using country U as the base period and to find what percent of metal China produces more than that produced by country U.
Answer to Problem 1.1SR
The table that shows the simple index of all countries is given below:
Country | Amount (millions of tons) | Index |
China | 831.7 | |
Japan | 104.7 | 129.2592593 |
US | 81 | 100 |
India | 101.5 | 125.308642 |
Russia | 71.5 | 88.27160494 |
China produces approximately
Explanation of Solution
Given information:
Country | Amount (millions of tons) |
China | 831.7 |
Japan | 104.7 |
US | 81 |
India | 101.5 |
Russia | 71.5 |
Formula used:
The simple index for the period
with the base period 0 is calculated as:
Where
Calculation:
The base is country U and the amount for country U is 81 million tons, that is,
The table that shows the simple index of all periods is given below:
Country | Amount (millions of tons) | Index |
China | 831.7 | |
Japan | 104.7 | 129.2592593 |
US | 81 | 100 |
India | 101.5 | 125.308642 |
Russia | 71.5 | 88.27160494 |
The index for country C is 1026.790123. Hence, country C produces approximately
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Chapter 17 Solutions
Statistical Techniques in Business and Economics
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