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The question is poorly worded. Do you mean:
- the wholesale cost of tobacco leaves?
- the wholesale cost of prepared tobacco?
- the retail cost of tobacco?
- the cost of tobacco (and related diseases) to society?
Also, the answer will depend on where in the world you are thinking of. Although tobacco is a globally traded commodity, local taxes and excise on tobacco and tobacco products vary considerably (which is one reason that smuggling is lucrative).
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Mentally estimate the total cost of 1.85 0.98 3.49 9.78 and 6.18 rounding off to the nearest half-dollar your estimate of the total cost of these items is?
The estimate is $22.50.
You wish to mentally estimate the total cost of items that have the following prices 1.85 98 3.49 9.78 and 6.18 Rounding off the items to the nearest half dollar your estimate of the tota?
To mentally estimate the total cost of these items, we would substitute the following numbers 2, 1, 3.5, 10, and 6. By rounding to the half-dollar, the estimate would be 22.5. This assumes that the 98 is a 98-cent item. If it were a 98-dollar item, the estimate would be 119.5.
Where do you need or use estimation in everyday life?
You estimate how much you will pay for groceries for a week when you make a budget. You estimate how much a car will cost if you decide to pay for it monthly. If you have a bank account you estimate how much money you spend so you don't go over the limit.
Why do you estimate?
We estimate figures when we want a rough idea of a quantity rather than an exact figure. An estimate gives us an idea of what we can expect, without having to go into exact detail. Estimating is useful when planning the cost of home renovations, vacations, establishing the value of a collection, etc.
Why Cost-plus pricing is inherently circular?
Cost plus pricing is "circular" for manufacturing firms. They estimate demand to determine fixed manufacturing costs per unit, so that they can mark up cost to obtain a price. However the price affects the quantity demanded, the higher the price the lower the demand. The fewer the units purchased the cost per unit will go up, increased the cost plus price, lowering the demand further.
