Question 4. Item prices and the amounts used for 1990 and 2020 are below. Use 1990 as the base.ItemPrice (1990 )Quantity (1990)Price (2020)Quantity (2020)Aluminum (cents per pound)0.3010000.802000Natural gas (1,000 cu. ft.)0.2050001.408000Petroleum (barrel)3.2020004.204000Determine Fisher’s ideal index for price. [1]

Index number measures the change in a variable or more variables in a given time period. The index…

Answered: Item prices and the amounts used for…

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter1: What Is Economics

Section1.1: The Basic Problem In Economics

Problem 2R

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Question 4. Item prices and the amounts used for 1990 and 2020 are below. Use 1990 as the base.

Item	Price (1990 )	Quantity (1990)	Price (2020)	Quantity (2020)
Aluminum (cents per pound)	0.30	1000	0.80	2000
Natural gas (1,000 cu. ft.)	0.20	5000	1.40	8000
Petroleum (barrel)	3.20	2000	4.20	4000

Determine Fisher’s ideal index for price. ^[1]

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