Consider the following price and quantity data for three products from 2008 to 2010. Year 2008...

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Consider the following price and quantity data for three products from 2008 to 2010. Year 2008 Product 1 $13.70 990 $15.20 97 b. Compare the relative price movements of the three products. (Input all values as positive values. Round your answers to 2

math Statistics-And-Probability

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Answer 1

Answer #1

a)

Simple price index
Year	P1	P2	P3
2008	100	100	100
2009	110.95	100.88	98.32
2010	80.29	97.35	142.86

b)

	2009
P1	increase by	10.95	%
P2	increase by	0.88	%
P3	decrease by	1.68	%

	2010
P1	decrease by	19.71	%
P2	decrease by	2.65	%
P3	increase by	42.86	%

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Answer 2

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