Question

In: Statistics and Probability

Fruit prices and the amounts consumed for 2000 and 2017 are below. Use 2000 as the...

Fruit prices and the amounts consumed for 2000 and 2017 are below. Use 2000 as the base.

2000 2017
Fruit Price Quantity Price Quantity
Bananas (pound) $ 0.24 100 $ 0.35 112
Grapefruit (each) 0.27 50 0.48 51
Apples (pound) 0.32 85 0.37 85
Strawberries (basket) 1.03 8 2.68 11
Oranges (bag) 0.91 6 1.59 10

Determine the simple price indexes. (Round your answers to 2 decimal places.)

Fruit Simple index
Bananas
Grapefruit
Apples
Strawberries
Oranges

B. Determine the simple aggregate price index for the two years. (Round your answer to 2 decimal places.)

Simple aggregate price index:

C. Determine the Laspeyres price index. (Round your answer to 2 decimal places.)

Laspeyres price index:

D. Determine the Paasche price index. (Round your answer to 2 decimal places.)

Paasche Price index:

E. Determine Fisher's ideal index. (Round your answer to 2 decimal places.)

Fishers's ideal index:

Solutions

Expert Solution

2000

 2017
Fruit Price (p0) Quantity(q0) Price ((p1) Quantity (q1) p0qq0 p1q0 p0q1 p1q1 p1/p0  *100
Bananas (pound) 0.24 100 0.35 112 24 35 26.88 39.2 145.833333
Grapefruit (each) 0.27 50 0.48 51 13.5 24 13.77 24.48 177.777778
Apples (pound) 0.32 85 0.37 85 27.2 31.45 27.2 31.45 115.625
Strawberries (basket) 1.03 8 2.68 11 8.24 21.44 11.33 29.48 260.194175
Oranges (bag) 0.91 6 1.59 10 5.46 9.54 9.1 15.9 174.725275
sum= 2.77 249 5.47 269 78.4 121.43 88.28 140.51 874.15556
A.
Fruit Simple index
Bananas 145.83
Grapefruit 177.78
Apples 115.63
Strawberries 260.19
Oranges 174.73
B
Simple aggregate price index:
Simple aggregate price index: 197.472924
Simple aggregate price index= 197.47
C.
Laspeyres price index:
Laspeyres price index: 154.885204
Laspeyres price index= 154.89
D.
Paasche Price index=
Paasche Price index= 159.164024
Paasche Price index= 159.16
E.
Fishers's ideal index:
Fishers's ideal index= 157.010485
Fishers's ideal index= 157.01
A.
Fruit Simple index
Bananas 145.83
Grapefruit 177.78
Apples 115.63
Strawberries 260.19
Oranges 174.73
B
Simple aggregate price index:
Simple aggregate price index: 197.472924
Simple aggregate price index= 197.47
C.
Laspeyres price index:
Laspeyres price index: 154.885204
Laspeyres price index= 154.89
D.
Paasche Price index=
Paasche Price index= 159.164024
Paasche Price index= 159.16
E.
Fishers's ideal index:
Fishers's ideal index= 157.010485
Fishers's ideal index= 157.01

orchestra answered 3 years ago
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