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Figure 3 depicts the pie chart indicating the percentage distribution of per unit steel price over the period of eight years from 2005 to 2012. The average per unit price of steel from 2005 to 2012 = Rs. 11. (Absolute per unit steel prices can be rounded off to nearest
integer value).
Figure 4 depicts the revenue & profit of a steel manufacturing company respectively. There is no fixed cost component and all units of steel produced is sold in the same year. Answer the questions given below:
What is the approximate ayernge number of unit of teel being sold during 2005 to 2012.
First, we need to find the prices of units of steel from 2005 to 2012. 88 is the sum of prices, and 11 is the average across 8 years.
In 2005, it is equal to 11.36/100 * 88 = 10.
Similarly, calculating for other years, we get:
The prices of steel for 2005 - 12 are 10, 14, 12, 12, 8, 10, 14, 8, respectively in each year, and the revenues are 1000, 1600, 1200, 1400, 800, 800, 1200, 1100.
=> The number of pieces produced each year is 1000/10, 1600/14, 1200/12, 1400/12, 800/8, 800/10, 1200/14, 1100/8
=> The average of all the above 8 quantities = 104.27, which is approx 104.
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