STAT TECH IN BUSINESS & ECON LL\AC
18th Edition
ISBN: 9781264720545
Author: Lind
Publisher: MCG
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Chapter 17, Problem 2SR
a.
To determine
Develop a simple price index using 2000 as the base period.
b.
To determine
Develop a simple aggregate price index using 2000 as the base period.
c.
To determine
Find the Laspeyres’ price index using 2000 as the base period.
d.
To determine
Find the Paasche’s index using 2000 as the base period.
e.
To determine
Find the Fisher’s ideal index.
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Students have asked these similar questions
2015
2020
ITEM
PRICE
QUANTITY
PRICE
QUANTITY
Cup of coffee
8.50
50
10.50
60
Toasted cheese sandwich
13.00
35
14.00
25
English muffin
9.00
120
9.50
138
The preliminary analysis of the data produced the following table:
po
qo
p1
q1
poqo
poq1
p1qo
p1q1
8.50
50
10.50
60
425
510
525
630
13.00
35
14.00
25
455
325
490
350
9.00
120
9.50
138
1080
X
1140
1311
Σ
W
Y
2155
Using the table of analysis shown above, answer the following questions (use 2015 as the base year):
Use the following price information for selected items for 2010 and 2018. Production figures for those two periods are also given.
Price
Quantity
Item
2018
2018
2010
2018
Aluminum (cents per pound)
0.63
0.67
1,005
1,362
Natural gas (1,000 cu. ft.)
4.18
2.80
4,755
5,834
Petroleum (barrel)
71.02
57.96
71,619
74,074
Platinum (troy ounce)
1,743.41
1,292.34
647
537
Determine a value index for 2018 using 2010 as the base period. (Round your answer to 2 decimal places.)
Use the following price information for selected items for 2010 and 2018. Production figures for those two periods are also given.
Price
Quantity
Item
2010
2018
2010
2018
Aluminum (cents per pound)
$
0.82
$
0.86
1,000
1,200
Natural gas $ per million BLA
4.37
2.99
5,000
4,000
Petroleum (barrel)
71.21
58.15
60,000
60,000
Platinum (troy ounce)
1,743.60
1,292.53
500
600
Chapter 17 Solutions
STAT TECH IN BUSINESS & ECON LL\AC
Ch. 17 - Prob. 1.1SRCh. 17 - Prob. 1.2SRCh. 17 - Prob. 1ECh. 17 - Prob. 2ECh. 17 - Prob. 3ECh. 17 - Prob. 4ECh. 17 - Prob. 2SRCh. 17 - Prob. 5ECh. 17 - Prob. 6ECh. 17 - Prob. 7E
Ch. 17 - Prob. 8ECh. 17 - Prob. 3SRCh. 17 - Prob. 9ECh. 17 - Prob. 10ECh. 17 - Prob. 4SRCh. 17 - Prob. 11ECh. 17 - Prob. 5SRCh. 17 - Prob. 6SRCh. 17 - Prob. 7SRCh. 17 - Prob. 13ECh. 17 - Prob. 14ECh. 17 - Prob. 15ECh. 17 - Prob. 16ECh. 17 - Prob. 17CECh. 17 - Prob. 18CECh. 17 - Prob. 19CECh. 17 - Prob. 20CECh. 17 - Prob. 21CECh. 17 - Prob. 22CECh. 17 - Prob. 23CECh. 17 - Prob. 24CECh. 17 - Prob. 25CECh. 17 - Prob. 26CECh. 17 - Prob. 27CECh. 17 - Prob. 28CECh. 17 - Prob. 29CECh. 17 - Prob. 30CECh. 17 - Prob. 31CECh. 17 - Prob. 32CECh. 17 - Prob. 33CECh. 17 - Prob. 34CECh. 17 - Prob. 35CECh. 17 - Prob. 36CECh. 17 - Prob. 37CECh. 17 - Prob. 38CECh. 17 - Prob. 39CECh. 17 - Prob. 40CECh. 17 - Prob. 41CECh. 17 - Prob. 42CECh. 17 - Prob. 43CECh. 17 - Prob. 44CECh. 17 - Prob. 45CECh. 17 - Prob. 46CECh. 17 - Prob. 47CECh. 17 - Prob. 48CECh. 17 - Prob. 49CECh. 17 - Prob. 50CECh. 17 - Prob. 51CECh. 17 - Prob. 52CECh. 17 - Prob. 53CECh. 17 - Prob. 54CECh. 17 - Prob. 55CE
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