The prices and the numbers of various items produced by a small machine and stamping plant are reported below. Use 2010 as the base

Algebra: Structure And Method, Book 1
(REV)00th Edition
ISBN:9780395977224
Author:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Publisher:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Chapter7: Applying Fractions
Section7.6: Percents Problems
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The prices and the numbers of various items produced by a small machine and stamping plant are reported below. Use 2010 as the base.
 

  2010   2018
Item Price Quantity   Price Quantity
Washer $ 0.07   17,000     $ 0.10   20,000  
Cotter pin   0.04   125,000       0.03   130,000  
Stove bolt   0.15   40,000       0.15   42,000  
Hex nut   0.08   62,000       0.10   65,000  
 
 

a. Determine the simple price indexes. (Round your answers to 2 decimal places.)


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.)

d. Determine the Paasche price index. (Round your answer to 2 decimal places.)

e. Determine Fisher's ideal index. (Round your answer to 2 decimal places.)

 
Item
Simple index
Washer
Cotter pin
Stove bolt
Hex nut
Transcribed Image Text:Item Simple index Washer Cotter pin Stove bolt Hex nut
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