A group of researchers carried out a survey of household expenditure for anaverage family and the data are shown in Table 3.Table 3Commodity20162017Quantity105PriceQuantity100PriceRice (kg)Bread (loaf)Cocoa powder (kg)Milk (liter)Sugar (kg)7.308.603.02163.101810.26257.83336.10566.55782.85112.9515(i)Compute the Average Price Relative (APR) index for 2016 and 2017,using 2016 as the base year.(ii)Calculate Paasche Price Index for 2017 (year 2016 = 100). Interpret theanswer.(iii) Calculate Laspeyres Price Index for 2017 (year 2016 = 100). Interpretthe answer.(iv)Calculate the Fisher's Price index.

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Description: A group of researchers carried out a survey of household expenditure for anaverage family and the data are shown in Table 3.Table 3Commodity20162017Quantity105PriceQuantity100PriceRice (kg)Bread (loaf)Cocoa powder (kg)Milk (liter)Sugar (kg)7.308.603

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Statistics

A group of researchers carried out a survey of household expenditure for an average family and the data are shown in Table 3. Table 3 Commodity 2016 2017 Quantity 105 18 Price Quantity 100 Price Rice (kg) Bread (loaf) Сосоа рowder (kg) Milk (liter) Sugar (kg) 7.30 8.60 3.02 16 3.10 10.26 25 7.83 33 6.10 56 11 6.55 78 15 2.85 2.95 Compute the Average Price Relative (APR) index for 2016 and 2017, using 2016 as the base year. (i) (ii) Calculate Paasche Price Index for 2017 (year 2016 = 100). Interpret the answer. Calculate Laspeyres Price Index for 2017 (year 2016 = 100). Interpret the answer. (iii) (iv) Calculate the Fisher's Price index.

A group of researchers carried out a survey of household expenditure for an average family and the data are shown in Table 3. Table 3 Commodity 2016 2017 Quantity 105 18 Price Quantity 100 Price Rice (kg) Bread (loaf) Сосоа рowder (kg) Milk (liter) Sugar (kg) 7.30 8.60 3.02 16 3.10 10.26 25 7.83 33 6.10 56 11 6.55 78 15 2.85 2.95 Compute the Average Price Relative (APR) index for 2016 and 2017, using 2016 as the base year. (i) (ii) Calculate Paasche Price Index for 2017 (year 2016 = 100). Interpret the answer. Calculate Laspeyres Price Index for 2017 (year 2016 = 100). Interpret the answer. (iii) (iv) Calculate the Fisher's Price index.

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter10: Statistics

Section10.1: Measures Of Center

Problem 4GP

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