(a) Compute a price relative for each type of seafood. (Round your answers to one decimal place.). Seafood Price Relatives Halibut Lobster Tuna (b) Compute a weighted aggregate price index for the regional seafood chain. (Round your answer to one decimal place.). I = Comment on the change in seafood expense over the 16-year period. (Round your answer to one decimal place.) In aggregate, seafood expenses have increased % over the 16-year period.

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.6: Summarizing Categorical Data
Problem 23PPS
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The operations of seafood restaurant chains such as Red Lobster are sensitive to changes in the price of seafood. Quantity data for a regional seafood chain coupled with p
following table.
Halibut
Lobster
Tuna
Tuna
Halibut
Quantity (lb.)
Lobster
75,200
83,190
Seafood Price Relatives
50,799
Price ($/pound)
2000
2.06
3.66
1.92
2016
(a) Compute a price relative for each type of seafood. (Round your answers to one decimal place.)
5.20
4.25
1.21
(b) Compute a weighted aggregate price index for the regional seafood chain. (Round your answer to one decimal place.)
I =
Comment on the change in seafood expense over the 16-year period. (Round your answer to one decimal place.)
In aggregate, seafood expenses have increased
% over the 16-year period.
Transcribed Image Text:The operations of seafood restaurant chains such as Red Lobster are sensitive to changes in the price of seafood. Quantity data for a regional seafood chain coupled with p following table. Halibut Lobster Tuna Tuna Halibut Quantity (lb.) Lobster 75,200 83,190 Seafood Price Relatives 50,799 Price ($/pound) 2000 2.06 3.66 1.92 2016 (a) Compute a price relative for each type of seafood. (Round your answers to one decimal place.) 5.20 4.25 1.21 (b) Compute a weighted aggregate price index for the regional seafood chain. (Round your answer to one decimal place.) I = Comment on the change in seafood expense over the 16-year period. (Round your answer to one decimal place.) In aggregate, seafood expenses have increased % over the 16-year period.
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