A local business sold 3 items listed below. What is the average price of an item sold considering quantity?
240 notepads at $3.50 each
610 folders at $0.25 each
180 calculators at $9.00 each
another weighted average problem.
Have some work to show?
2.54
To calculate the average price of an item sold considering quantity, follow these steps:
Step 1: Calculate the total cost for each item.
- For notepads: 240 notepads * $3.50 per notepad = $840
- For folders: 610 folders * $0.25 per folder = $152.50
- For calculators: 180 calculators * $9.00 per calculator = $1620
Step 2: Calculate the total quantity sold.
- For notepads: 240 notepads
- For folders: 610 folders
- For calculators: 180 calculators
Step 3: Calculate the total cost of all items.
- Total cost = $840 + $152.50 + $1620 = $2612.50
Step 4: Calculate the average price per item.
- Average price = Total cost / Total quantity sold
- Average price = $2612.50 / (240 + 610 + 180)
- Average price = $2612.50 / 1030
- Average price ≈ $2.54
Therefore, the average price of an item sold considering quantity is approximately $2.54.
To find the average price of an item sold considering quantity, we need to calculate the total price for each item and then take the average.
For the first item, we have 240 notepads sold at $3.50 each. To calculate the total price for the notepads, we multiply the quantity (240) by the price ($3.50): 240 * $3.50 = $840.
For the second item, we have 610 folders sold at $0.25 each. To calculate the total price for the folders, we multiply the quantity (610) by the price ($0.25): 610 * $0.25 = $152.50.
For the third item, we have 180 calculators sold at $9.00 each. To calculate the total price for the calculators, we multiply the quantity (180) by the price ($9.00): 180 * $9.00 = $1620.
Now, to find the average price, we need to sum up the total prices for each item and divide it by the total quantity sold. In this case, the total price for all items would be $840 + $152.50 + $1620 = $2612.50.
The total quantity sold is 240 + 610 + 180 = 1030.
To find the average price, we divide the total price ($2612.50) by the total quantity sold (1030): $2612.50 / 1030 = $2.54 (rounded to two decimal places).
Therefore, the average price of an item sold considering quantity is $2.54.