An Automobile Dealership Sells 3 Different Types of Automobiles

question 51

Short Answer

An automobile dealership sells 3 different types of automobiles. Unit prices for the years 2005 and 2010 are shown below. Compute an unweighted aggregate price index for the automobiles.

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Definitions:

Discriminate

To make a distinction in favor or against someone based on the group, class, or category rather than according to actual merit; often refers to unfair treatment based on personal characteristics.

Out-of-state Students

Students who attend a college or university in a different state from where they reside.

Tenth Amendment

An amendment to the U.S. Constitution that reserves powers not granted to the federal government nor prohibited from the states, to the states themselves, or to the people.

Constitution

The fundamental law or document that establishes the governing framework, principles, and powers of a political entity or nation.