Question

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 periods 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 textbook 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.)

Answer 1

Answer:

Average price all over season=Sum of product of sales proportion*Average price across all seasons.

                                          = 0.45*82.52+0.31*49.12+0.24*65.23

                                          =68.01

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