STAT TECH IN BUSINESS & ECON AC
18th Edition
ISBN: 9781264731657
Author: Lind
Publisher: MCG
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Question
Chapter 17, Problem 43CE
To determine
To find: The Fisher’s ideal index.
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Students have asked these similar questions
Q. 8. Construct a price index number from the following figures
related to the prices and quantities of certain commodities in 1990 taking
1987 as base.
Соmmodity:
I
II
III
IV
V
32
46
49
57
60
Price in ( $ ) 1987
Price in ( $ ) 1990
Quantity consumed:
47
57
62
70
82
18
12
5
3
am. 105.
The following tables consists of Prices and Consumption for three types of energy
products in Australia from 2011 to 2021
Year
2011
2021
Year
2011
2021
Solar
7
4
Prices ($)
Solar
15
17
Natural Gas
26
34
Consumption (Qty)
Natural Gas
4
6
Wind
9
6
Wind
12
18
i. Using 2021 as the current year, calculate the Paasche aggregate price
index. Show your calculations.
ii. Interpret the Paasche price index.
Chapter 17 Solutions
STAT TECH IN BUSINESS & ECON 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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Similar questions
- Calculate the Dorbish and Bowley's price index number for the following data base year. 1aking 2014 as 2014 Prices (per kg) Quantitics 2015 Items (purchased) Prices (per kg) Quantities 80 3 (purchased) Oil 100 35 2 Pulses Sugar Rice Cereals 4 25 45 2 3 50 30 30 3 54 35 35 40 3arrow_forwardThe following are the index numbers of wholesale prices of a commodity based on 2011: Year Index Numbers Year Index Numbers 2011 2012 2013 2014 100 108 2015 2016 2017 210 225 240 120 150 Prepare new Index Numbers taking 2013 as base.arrow_forward(b) Estimate the standard errors of the slope and intercept. Round your answer to three decimal places (e.g. 98.765) se B, Round your answer to two decimal places (e.g. 98.76) se(bo ) = I (c) Test the hypothesis Ho: B1 = 10 versus H1:ß1 + 10using a = 0.01. v Họ and conclude the slope 10 at a = 0.01. (d) Test the hypothesis Ho: Bo = 0 versus H1: Bo # 0 using a = 0.01. Họ and conclude that the intercept v be included in the model.arrow_forward
- The following weights were used for the calculation of a certain cost of living index numbers: Food 20, clothing 8, rent 9, fuel and light 7, miscellaneous 6. If the average percentage increase in prices of commodities in the various groups over the base period were 42, 64, 57, 88 and 68 respectively, calculate the index for the period. Suppose Mr. X was earning $. 12,000 in the base period, what should be his salary in the current period so that his living standard will remain same as that of the base period?arrow_forwardShowing by using excel format, please solve the following:arrow_forwardJohn Kittle, an independent insurance agent, uses a five-year moving average to forecast the number of claims made in a single year for one of the large insurance companies he sells for. He has just discovered that a clerk in his employ incorrectly entered the number of claims made four years ago as 1,400 when it should have been 1,200.a. What adjustment should Mr. Kittle make in next year’s forecast to take into account the corrected value of the number of claims four years ago?b. Suppose that Mr. Kittle used simple exponential smoothing with a = .2instead of moving averages to determine his forecast. What adjustment is now required in next year’s forecast? (Note that you do not need to know the value of the forecast for next year in order to solve this problem.)arrow_forward
- (e) Test the hypothesis Ho : B1 = 10 versus H1 :ß, # 10 using a = 0.01. Ho and conclude the slope v 10 at a = 0.01. (d) Test the hypothesis Ho : Bo = 0 versus H1 : Bo + 0 using a = 0.01. Ho and conclude that the intercept be included in the model.arrow_forward. Prepare Index Numbers of prices for three years with average price as the Base from the data given below : Years Rate per Rupee Commodities А B 1990 4 kgs. 2 kgs 1 kgarrow_forwardCalculate price index number from the following data by : t Laspeyres Method, (i) Paasches Method, and (iil) Fisher's Method. Base Year Current Year Commodity Price Quantity Expenditure Quantity A 50 560 56 2 100 240 120 60 360 60 10 30 288 24 E 8 40 432 36arrow_forward
- The following table gives the cost of living index for 1998 with 1986 as base for different commodity groups: Food, Clothing, Fuel and Light, Rent and Miscellaneous as 440, 500, 350, 400 and 250 respectively with their weights in order in the ratio 15: 1:2:3:4. Obtain, the overall cost of living index number, suppose a person was earning $ 4,000 in 1986. What should be his salary in 1998 to maintain the standard of living as in 1986?arrow_forwardClassify each of the following by type of variables and level of measurement. explain it with detail. a. Number of jobs in the past 10 years: 1 b. Marital status: Marriedarrow_forward
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