Question
Question 3 [3 points] Agnessa Sells handmade jewelry at a flea market on weekends. Last month she sold 10 rings at 26 each, 17 necklaces at 84 each, 13 bracelets at 57 each, and 20 earrings at 95 each. What was the weighted average price per item sold? For full marks your answer(s) should be rounded to the nearest cent. Weighted average price =0.00
Solution
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YancyElite · Tutor for 8 years
Answer
<p> $72.15</p>
Explain
<p> To find the weighted average price per item sold by Agnessa, we need to consider the number of each type of item sold and their respective prices. The formula for the weighted average is:<br /><br />\[<br />\text{Weighted Average} = \frac{\text{Sum of (Number of items × Price of each item)}}{\text{Total number of items}}<br />\]<br /><br />For Agnessa's sales, the calculation would be:<br /><br />1. Rings: \(10 \times 26 = 260\)<br />2. Necklaces: \(17 \times 84 = 1428\)<br />3. Bracelets: \(13 \times 57 = 741\)<br />4. Earrings: \(20 \times 95 = 1900\)<br /><br />Sum of (Number of items × Price of each item) = \(260 + 1428 + 741 + 1900 = 4329\)<br /><br />Total number of items = \(10 + 17 + 13 + 20 = 60\)<br /><br />\[<br />\text{Weighted Average} = \frac{4329}{60} \approx 72.15<br />\]<br /><br />Therefore, the weighted average price per item sold is approximately$72.15, rounded to the nearest cent.</p>
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