Question

In: Statistics and Probability

Fruit prices and the amounts consumed for 2000 and 2014 are below. Use 2000 as the...

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

Expert Solution

orchestra answered 3 years ago

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