From the following data compute, the price index for 1998 on the basis of 1995 prices : Units of the price Items Price in 1995 Price in 1998 quotation Rice Dal Vegetable Meat Fish Milk Cloth kg. kg. kg. kg. kg. litre 15 20 8 40 50 30 40 4 7 metre 25 30
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- Find the mean hourly cost when the cell phone described above is used for 240 minutes.Determine the following a) simple average of the price Indexes: b) simple aggregate Index: c) Lespeyres Price Index: d) Paasche Price Index:The following table gives the prices of some food items in the base year and current year and the quantities sold in the base year and current year. Commodity 2000 2005 Price (K) Quantity Price (K) Quantity A B C 15 20 4 15 5 10 22 27 7 12 4 5 Compute the following price index numbers for 2005 from the above table: i. Laspeyre’s price index number ii. Paasche’s price index number