Question

In: Statistics and Probability

A certain beverage company provides a complete line of beer, wine, and soft drink products for...

A certain beverage company provides a complete line of beer, wine, and soft drink products for distribution through retail outlets in central Iowa. Unit price data for 2011 and 2014 and quantities sold in cases for 2011 follow. Use 2011 as the base period.

Unit Price ($)
Item 2011 Quantity
(cases)		 2011 2014
Beer 35,000 18.50 20.15
Wine 5,000 100.00 116.00
Soft drink 70,000 8.00 8.80

Compute the price relatives for this company's products. (Round your answers to two decimal places.)

Item Price Relative
Beer
Wine
Soft drink

Use a weighted average of price relatives to show that this method provides the same index as the weighted aggregate method. (Round your answers to the nearest integer.)

weighted average of price relatives index

weighted aggregate price index

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Expert Solution

orchestra answered 1 year ago
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