3. The following data shows prices of three types of fruits over ten years. Year Mango Orange Blackberry 1 50 100 150 2 55 115 155 60 100 125 4 55 110 130 63 120 120 65 110 125 7 70 105 140 8. 75 120 170 6. 60 130 160 10 65 135 175 Take year 1 as the base year. In that year the production of Mango, Orange, and Blackberry was 50, and 15 thousand kilograms respectively. a) Find the un-weighted index of prices. b) Find the Laspeyres index for fruit prices. c) What is the change in price from year 6 to year 7 if you use un-weighted index. d) What is the change in price from year 6 to year 7 if you use Laspeyres index.

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3. The following data shows prices of three types of fruits over ten years.
Year
Mango
Orange
Blackberry
50
100
150
55
115
155
60
100
125
4
55
110
130
63
120
120
65
110
125
7
70
105
140
8
75
120
170
60
130
160
10
65
135
175
Take year 1 as the base year. In that year the production of Mango, Orange, and Blackberry was 50, 25,
and 15 thousand kilograms respectively.
a) Find the un-weighted index of prices.
b) Find the Laspeyres index for fruit prices.
c) What is the change in price from year 6 to year 7 if you use un-weighted index.
d) What is the change in price from year 6 to year 7 if you use Laspeyres index.
e) Is answer to c is different from answer to d. Explain your answer
Transcribed Image Text:3. The following data shows prices of three types of fruits over ten years. Year Mango Orange Blackberry 50 100 150 55 115 155 60 100 125 4 55 110 130 63 120 120 65 110 125 7 70 105 140 8 75 120 170 60 130 160 10 65 135 175 Take year 1 as the base year. In that year the production of Mango, Orange, and Blackberry was 50, 25, and 15 thousand kilograms respectively. a) Find the un-weighted index of prices. b) Find the Laspeyres index for fruit prices. c) What is the change in price from year 6 to year 7 if you use un-weighted index. d) What is the change in price from year 6 to year 7 if you use Laspeyres index. e) Is answer to c is different from answer to d. Explain your answer
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