Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Textbook prices have a seasonal structure on Ebay. At the end of a term, the supply of used books outstrips demand , and the price

Textbook prices have a seasonal structure on Ebay. At the end of a term, the supply of used books outstrips demand , and the price is lower. Near the start of a term, many students are looking for books, and the price is higher. Suppose we can classify sales for a particular chemistry textbook into these two time periocds and an "other" time period in the proportions shown below. We have also listed the average price the textbook sells for in each of these three time periods

start of term end of term other
sales proportion 0.45 0.31 0.24
average price $82.52 $49.12 $65.23

For example, about 45% of Ebay auctions for this chemistry textbooks occur at the start of the term and the books sell for an average of $82.52 during this time. Using the information above, compute the average price of the textbook over all seasons. ( Do not put a dollar sign in your answer).

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Elementary Number Theory

Authors: Underwood Dudley

1st Edition

0486134873, 9780486134871

More Books

Students also viewed these Mathematics questions

Question

What is the purpose of the financial statement audit?

Answered: 1 week ago

Question

=+48. Oil prices, again. Return to the oil price data of Exercise

Answered: 1 week ago

Question

Relax your shoulders

Answered: 1 week ago

Question

Keep your head straight on your shoulders

Answered: 1 week ago

Question

Be straight in the back without blowing out the chest

Answered: 1 week ago