Question

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	2.23
Lobster	83,180	3.52	3.09
Tuna	50,779	1.87	1.97

(a)

Compute the index number (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.

Answer 1

SoluMoni Given data , 2009 pice Sea food QuanAly 2000 Pice 2000 Helibut 2.23 751 290 &.01 Lobster 3.09 83, 180 3.52 Tuna 5017 19 1.97 1•87 Pice relatives a) price relative P, Sea food Po 40 (Plpo * 100) Hali but 75,290 2.01 l10.9 2.23 Lobster 83, 180 3.09 87.7 8.52 Tung 50779 1.97 105.3 1187 base year quantities are given , haspeyre's index Since b) s appropñate Пишьеr Po%o Pi Po 20 sea food 151 332.9 167896.7 २२३ 75,290 2.01 Halibut 292793.6 88,180 9.52 3.09 257026-2 Lobster ৭५१56- न9 l.97 l00034. 63 1-87 50,779 Tuna 539083.23 584957.53 Total 524959-53 Laspeyre's prce index number = %3D 539083.23 = 0.9737 *|00 = 97.37

The prices of seafood has decreased by 2.63% from 2000 to 2009

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