Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Once you enter those preferences in the Student Input tab in the spreadsheet, then your preference will be added with the information from prior classes
Once you enter those preferences in the "Student Input\" tab in the spreadsheet, then your preference will be added with the information from prior classes to collective determine the market basket quantities used to price candy. This result is sh own in the EXCEL spreadsheet tab \"Market Basket.\" Because of rounding and you may see in that "Market Basket\" tab that the total purchase does not average to 30 cents. However, this is not be a problem if {as this spreadsheet does} that the weights are \"normalized\" so that they represent 100% of the expenditure. Before, looking at oth er tabs, transferthe comparable data from the 'W'Iarket Basket" tab in the spreadsheet into the above in the table for "Amount of Candy," filling in the three green cells in thetable on this page below. Note thatthe spreadsheet calculations are based on one decimal from the spreadsheet and for this exercise also use one decimal. For example, from cell (23 {the average amount of Hershey Kisses which are purchased in the base period] in the spreadsheet, if the entry is 2.3 for Kisses, then put that data in the top-most green box in the table below. Basket from Base Period Price Amount of Cand H\" i\" by transferring these quantity _ weightsfrom spreadsheet. Lifesavers 5 cents The cost of the basket in the base period is {it of Kisses X 5 cents) + (# of Reeses X 5 cents} + (it of Lifesavers X 5 cents) Calculate from the numbers in the table Cost of the Basket in the Base Period =
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started