ITEM 2020-unit price (p0) 2020 quantity(q0) 2021-unit price(p1) 2021 quantity (q1) p0q0 p1q1 MINERAL SPIRITS 17.7 30 20.7 45 531 531 10mm spanner 37 60 49 50 2220 2450 25mm brush 42 30 48 40 1260 1920 Total 4011 5301.50 Using 2020 as the base year, compute the Paasche price index for all of the items for 2021. Interpret your answer

ITEM 2020-unit price (p0) 2020 quantity(q0) 2021-unit price(p1) 2021 quantity (q1) p0q0 p1q1 MINERAL SPIRITS 17.7 30 20.7 45 531 531 10mm spanner 37 60 49 50 2220 2450 25mm brush 42 30 48 40 1260 1920 Total 4011 5301.50 Using 2020 as the base year, compute the Paasche price index for all of the items for 2021. Interpret your answer

Algebra & Trigonometry with Analytic Geometry

13th Edition

ISBN:9781133382119

Author:Swokowski

Publisher:Swokowski

Chapter10: Sequences, Series, And Probability

Section10.2: Arithmetic Sequences

Problem 68E

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Question

ITEM	2020-unit price (p0)	2020 quantity(q0)	2021-unit price(p1)	2021 quantity (q1)	p₀q₀	p₁q₁
MINERAL SPIRITS	17.7	30	20.7	45	531	531
10mm spanner	37	60	49	50	2220	2450
25mm brush	42	30	48	40	1260	1920
Total					4011	5301.50