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Chapter 6: Problem 8

a. In \(2008,\) new car and truck sales totaled approximately \(13,250,000\) in the United States. The breakdown among the leading automobile manufacturers was General Motors \(22.3 \%\) Ford \(15.2 \%\) Chrysler \(11 \%\) Approximately how many new cars did each U.S. company sell that year? b. Toyota sold \(2,217,660\) vehicles in \(2008 .\) What was its market share?

Short Answer

Expert verified
In 2008, General Motors sold 2,957,750 cars, Ford sold 2,014,000 cars, Chrysler sold 1,457,500 cars, and Toyota had a market share of 16.73%.

Step by step solution

01

Calculate number of cars sold by each company

We're given the total sales of \(13,250,000\) in the United States. To find the number of cars sold by each U.S. company, we will use the formula: \( \mathrm{Number\:of\:cars\:sold} = \mathrm{Percentage\: of\:sales} \times \mathrm{Total\:car\:sales} \) For General Motors: \( \mathrm{Number\:of\:cars\:sold} = 0.223 \times 13,250,000 \) For Ford: \( \mathrm{Number\:of\:cars\:sold} = 0.152 \times 13,250,000 \) For Chrysler: \( \mathrm{Number\:of\:cars\:sold} = 0.11 \times 13,250,000 \)
02

Calculate the number of cars sold by each company

Now, we will calculate the number of cars sold by each company: For General Motors: \( \mathrm{Number\:of\:cars\:sold} = 0.223 \times 13,250,000 = 2,957,750 \) For Ford: \( \mathrm{Number\:of\:cars\:sold} = 0.152 \times 13,250,000 = 2,014,000 \) For Chrysler: \( \mathrm{Number\:of\:cars\:sold} = 0.11 \times 13,250,000 = 1,457,500 \)
03

Calculate Toyota's market share

We're given the number of vehicles sold by Toyota in 2008, which is \(2,217,660\). To find Toyota's market share, we will use the formula: \( \mathrm{Market\:share} = (\frac{\mathrm{Number\:of\:vehicles\:sold}}{\mathrm{Total\:car\:sales}}) \times 100 \) \( \mathrm{Market\:share\:of\:Toyota} = (\frac{2,217,660}{13,250,000}) \times 100 \)
04

Calculate Toyota's market share

Now, we will calculate the market share of Toyota: \( \mathrm{Market\:share\:of\: Toyota} = (\frac{2,217,660}{13,250,000}) \times 100 = 16.73 \% \) So, in 2008, General Motors sold 2,957,750 cars, Ford sold 2,014,000 cars, Chrysler sold 1,457,500 cars, and Toyota had a market share of \(16.73 \%\).

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