3. a. What is the difference between time series and cross section data? 3.b. What are the components of a time series? Explain with example. 3.c. The following table gives hourly wages for three types of workers. Compute the Laspeyre's pr index for hourly wages. In 2021-1, 450 Raj-Mistry, 500 brick layer, and 600 jogali were employed in construction sector. Interpret your result. Quarter Raj-Mistry Brick layer Jogali 2021-1 150 125 50

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3. a. What is the difference between time series and cross section data?
3.b. What are the components of a time series? Explain with example.
3.c. The following table gives hourly wages for three types of workers. Compute the Laspeyre's price
index for hourly wages. In 2021-1, 450 Raj-Mistry, 500 brick layer, and 600 jogali were employed in the
construction sector.
Interpret your result.
Quarter
Raj-Mistry
Brick layer
Jogali
2021-1
150
125
50
2021-|
175
130
60
2021-I||
180
140
65
2021 -IV
170
135
65
2022 -I
160
130
60
2022-|
165
140
68
Transcribed Image Text:3. a. What is the difference between time series and cross section data? 3.b. What are the components of a time series? Explain with example. 3.c. The following table gives hourly wages for three types of workers. Compute the Laspeyre's price index for hourly wages. In 2021-1, 450 Raj-Mistry, 500 brick layer, and 600 jogali were employed in the construction sector. Interpret your result. Quarter Raj-Mistry Brick layer Jogali 2021-1 150 125 50 2021-| 175 130 60 2021-I|| 180 140 65 2021 -IV 170 135 65 2022 -I 160 130 60 2022-| 165 140 68
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