MM255 Business Math and Statistical Measures

Unit 2: Instructor Graded Assignment

Equations

In this and future Instructor Graded Assignments, you will be asked to use the answers you
found in the Unit 1 Assignment.
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Note: For these questions, you need to cite a reliable source for information, which means you
cannot use sites like Wikipedia, Ask.com®, and Yahoo® answers. If you do use those sites, the
instructor may award 0 points for your response.

The Assignment problems must have the work shown at all times. The steps for solving the
problems must be explained. Failure to do so could result in your submission being given a 0. If
you have any questions about how much work to show, please contact your instructor.

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Assignments must be submitted as a Microsoft Word® document and uploaded to the Dropbox
for Unit 2. Type all answers directly in this Assignment below the question it applies to.

All Assignments are due by Tuesday at 11:59 PM ET of the assigned Unit.

Finding the National Average Price for Gas

These first few questions will require you to use the internet to search for the national average
price for gas. Remember to use a scholarly site for information.

 List the website(s) you visited here: For this example project we will assume the national
average for a gallon of gas in the US is $0.95. This figure is for example purposes only
and is not the real value you are to use.

1. (2 points): What was the average price of a gallon of gas 1 year from when your business
math class started? $0.95

2. (5 points): You have $50 on hand and need to buy gas. How many gallons of gas can you
buy (using the value you reported in Question 1.) Since gas is $0.95 in this example, we solve it
by solving the following equation:
0.95x = 50. Solve for x to get 52.63 gallons

3. (5 points): If gas prices were to drop 10% from the current price, how much would a gallon of
gas cost now? Since we assumed $0.95 a gallon, we will drop this by 10%. A 10% drop in $0.95
is $0.855 a gallon for the new cost.

4. (5 points): Using the average for 1 year ago, and the average for 6 months ago, calculate the
percent increase or decrease in the price of a gallon of gas over that 6 month time span.

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