The following data describe the catch an average price for three Alaskan crab species from 1980 to 1988. ________________________________________________________________________ Catch (Millions of kilograms) Average Price ($/kg) King snow Dungeness King Snow Dungeness 1980 85.5 60.1 5.9 1.00 0.49 0.54 1981 88.6 49.4 15.1 1.39 0.50 0.69 1982 39.7 82.9 15.9 2.69 1.17 0.74 1983 26.9 54.5 11.8 2.78 0.89 1.02 1984 17.2 34.6 9.9 2.34 0.71 1.38 1985 15.3 51.5 9.7 2.63 0.60 1.27 1986 27.2 83.5 5.9 3.37 0.76 1.05 1987 15.5 75.0 10.5 1.50 1.50 0.75 1988 10.2 80.0 12.5 2.00 2.00 1.50 ________________________________________________________________________ Using 1987 as the base year, construct A Paasche price index for each year. A Laspeyres price index for each year. Compare the results of the Paasche versus the Laspeyres Index for the year 1985.
- The following data describe the catch an average price for three Alaskan crab species from 1980 to 1988.
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Catch (Millions of kilograms) Average Price ($/kg)
King snow Dungeness King Snow Dungeness
1980 85.5 60.1 5.9 1.00 0.49 0.54
1981 88.6 49.4 15.1 1.39 0.50 0.69
1982 39.7 82.9 15.9 2.69 1.17 0.74
1983 26.9 54.5 11.8 2.78 0.89 1.02
1984 17.2 34.6 9.9 2.34 0.71 1.38
1985 15.3 51.5 9.7 2.63 0.60 1.27
1986 27.2 83.5 5.9 3.37 0.76 1.05
1987 15.5 75.0 10.5 1.50 1.50 0.75
1988 10.2 80.0 12.5 2.00 2.00 1.50
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Using 1987 as the base year, construct
- A Paasche price index for each year.
- A Laspeyres price index for each year.
- Compare the results of the Paasche versus the Laspeyres Index for the year 1985.
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