Fruit prices and the amounts consumed for 2010 and 2018 are shown. Use 2010 as the base. Fruit Bananas (pound) Grapefruit (each) Apples (pound) Strawberries (basket) Oranges (bag) Fruit Bananas Grapefruit Apples Strawberries Oranges Price $0.24 0.28 0.34 1.03 0.91 Simple index Simple aggregate price index 2010 Laspeyres price index Quantity Price 100 $0.34 0.50 0.68 2.42 1.01 50 85 %media:2excel.ext% Click here for the Excel Data File a. Determine the simple price indexes. (Round your answers to 2 decimal places.) 8 6 2018 Quantity 116 51 85 10 11 b. Determine the simple aggregate price index for the two years. (Round your answer to 2 decimal places.) c. Determine the Laspeyres price index. (Round your answer to 2 decimal places.)

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d. Determine the Paasche price index. (Round your answer to 2 decimal places.)
Paasche price index
e. Determine Fisher's ideal index. (Round your answer to 2 decimal places.)
Fisher's ideal index
Transcribed Image Text:d. Determine the Paasche price index. (Round your answer to 2 decimal places.) Paasche price index e. Determine Fisher's ideal index. (Round your answer to 2 decimal places.) Fisher's ideal index
Fruit prices and the amounts consumed for 2010 and 2018 are shown. Use 2010 as the base.
Fruit
Bananas (pound)
Grapefruit (each)
Apples (pound)
Strawberries (basket)
Oranges (bag)
Fruit
Bananas
Grapefruit
Apples
Strawberries
Oranges
%media:2excel.ext% Click here for the Excel Data File
2010
Price Quantity Price
$0.24
100
$0.34
0.28
0.50
0.34
0.68
1.03
2.42
0.91
1.01
Simple index
Simple aggregate price index
50
85
8
6
Laspeyres price index
2018
a. Determine the simple price indexes. (Round your answers to 2 decimal places.)
Quantity
116
51
85
10
11
b. Determine the simple aggregate price index for the two years. (Round your answer to 2 decimal places.)
c. Determine the Laspeyres price index. (Round your answer to 2 decimal places.)
Transcribed Image Text:Fruit prices and the amounts consumed for 2010 and 2018 are shown. Use 2010 as the base. Fruit Bananas (pound) Grapefruit (each) Apples (pound) Strawberries (basket) Oranges (bag) Fruit Bananas Grapefruit Apples Strawberries Oranges %media:2excel.ext% Click here for the Excel Data File 2010 Price Quantity Price $0.24 100 $0.34 0.28 0.50 0.34 0.68 1.03 2.42 0.91 1.01 Simple index Simple aggregate price index 50 85 8 6 Laspeyres price index 2018 a. Determine the simple price indexes. (Round your answers to 2 decimal places.) Quantity 116 51 85 10 11 b. Determine the simple aggregate price index for the two years. (Round your answer to 2 decimal places.) c. Determine the Laspeyres price index. (Round your answer to 2 decimal places.)
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