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Average price per unit and prices per statistical unit are needed by marketers who sell the same product in different packages, sizes, forms, or configurations at a variety of different prices. As in analyses of different channels, these product and price variations must be reflected accurately in overall average prices.
In economics, the market price is the economic price for which a good or service is offered in the marketplace. It is of interest mainly in the study of microeconomics. Market value and market price are equal only under conditions of market efficiency, equilibrium, and rational expectations. Market price is measured during a specific period of ...
In France it used to be defined as 100 livres (pounds), about 48.95 kg (108 lb), and has been redefined as 100 kg (mesures usuelles), thus called metric quintal with symbol qq. In Spain , the quintal is still defined as 100 libras , or about 46 kg (101 lb), but the metric quintal is also defined as 100 kg; [ 3 ] In Portugal a quintal is 128 ...
Denoting T is the total price paid, q is the quantity in units purchased, p is a constant price per unit, and k is the fixed cost, the affine price is then calculated by = +. [ 1 ] In mathematical language, the price is an affine function (sometimes also linear function ) of the quantity bought.
Comparison of real and nominal gas prices 1996 to 2016, illustrating the formula for conversion. Here the base year is 2016. The price index is applied to adjust the nominal value Q {\displaystyle Q} of a quantity, such as wages or total production, to obtain its real value.
Unit price information printed on supermarket shelf labels (price tickets) illustrates the quantity of product by a unit of measure (price per 100 g, price per 100 ml). Unit pricing was originally designed as a device to enable customers to make comparisons between grocery products of different sizes and brand, hence enabling informed purchase ...
A relative price is the price of a commodity such as a good or service in terms of another; i.e., the ratio of two prices. A relative price may be expressed in terms of a ratio between the prices of any two goods or the ratio between the price of one good and the price of a market basket of goods (a weighted average of the prices of all other goods available in the market).
For most purposes the equation is equally acceptable in money terms and in wage units, since the conversion factor W is itself exogenous, [8] and if a quantity is exogenous in one set of units, and the conversion factor to another set of units is also exogenous, then the quantity is equally exogenous in the second set of units.