In: Statistics and Probability
Fruit prices and the amounts consumed for 2000 and 2014 are below. Use 2000 as the base. |
2000 | 2014 | ||||||||||||
Fruit | Price | Quantity | Price | Quantity | |||||||||
Bananas (pound) | $ | 0.23 | 100 | $ | 0.31 | 114 | |||||||
Grapefruit (each) | 0.27 | 50 | 0.34 | 58 | |||||||||
Apples (pound) | 0.35 | 85 | 0.36 | 85 | |||||||||
Strawberries (basket) | 1.04 | 8 | 1.41 | 12 | |||||||||
Oranges (bag) | 0.88 | 6 | 1.01 | 7 | |||||||||
a. | Determine the simple price indexes. (Round your answers to 2 decimal places.) |
Item | Simple index |
Bananas | |
Grapefruit | |
Apples | |
Strawberries | |
Oranges | |
b. | Determine the simple aggregate price indexes for the two years. (Round your answer to 2 decimal places.) |
Simple aggregate price index |
c. | Determine 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.) |
Fisher's ideal index |