Suppose seafood price and quantity data for the years 2000 and 2009 follow. Use 2000 as...

Suppose seafood price and quantity data for the years 2000 and 2009 follow. Use 2000 as the base period.

Seafood	2000 Qty. (lb)	2000 Price ($/lb)	2009 Price ($/lb)
Halibut	75,290	2.01	2.43
Lobster	83,180	3.72	3.09
Tuna	50,779	1.87	1.97

(a)

Compute a price relative for each type of seafood. (Round your answers to one decimal place.)

Seafood	Price Relative
Halibut
Lobster
Tuna

(b)

Compute a weighted aggregate price index for the seafood catch. (Round your answer to one decimal place.)

I₂₀₀₉ =

Comment on the change in seafood prices over the nine-year period. (Enter your percentage as a positive value. Round your answer to one decimal place.)

Seafood prices have ---Select--- increased decreased by % over the 9-year period according to the index.

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Expert Solution

orchestra answered 1 year ago

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