In: Statistics and Probability
Question 3 [14] Consider the following prices and quantities:
Price (per kg) |
Quantities produced |
|||||
|
||||||
2010 |
2012 |
2015 |
2010 |
2012 |
2015 |
|
Beans |
3.95 |
3.89 |
4.13 |
675 |
717 |
436 |
Onions |
61.50 |
62.20 |
59.70 |
117 |
115 |
115 |
Carrots |
34.80 |
35.40 |
38.90 |
77 |
74 |
82 |
1. Compute and interpret the Paasche’s Quantity Index number for the year 2012 with 2010 as the base year. (7)
2. Compute and interpret the Laspeyres Price Index number for the year 2015 with 2012 as the base year