could anyone explain for me the weighted average and its formula based on this question
A survey of employers found that during 1993 employment costs rose 3.5 percent, where employment costs consist of salary costs and fringe-benefits costs. If salary costs rose 3 percent and fringe-benefit costs rose 5.5 percent during 1993, then fringe-benefit costs represented what percent of employment costs at the beginning of 1993?
a. 16.5%
b. 20%
c. 35%
d. 55%
e. 65%
Note that one element increased 3% and another one 5.5% and weighted average increase is closer to smaller increment so clearly that has higher weight. Weightage of fringe benefits is
(3.5 - 3.0)/ (5.5 - 3.0)*100 = %20
I know another formula:
proportion of one element = absolute value (proportion of another element - proportion of mixture)
we can find both proportion of two element of mixture then find its ratio.... but about above formula, plz a bit clarification
A survey of employers found that during 1993 employment costs rose 3.5 percent, where employment costs consist of salary costs and fringe-benefits costs. If salary costs rose 3 percent and fringe-benefit costs rose 5.5 percent during 1993, then fringe-benefit costs represented what percent of employment costs at the beginning of 1993?
a. 16.5%
b. 20%
c. 35%
d. 55%
e. 65%
Note that one element increased 3% and another one 5.5% and weighted average increase is closer to smaller increment so clearly that has higher weight. Weightage of fringe benefits is
(3.5 - 3.0)/ (5.5 - 3.0)*100 = %20
I know another formula:
proportion of one element = absolute value (proportion of another element - proportion of mixture)
we can find both proportion of two element of mixture then find its ratio.... but about above formula, plz a bit clarification
