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.
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.
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
Related questions
Question
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
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Recommended textbooks for you
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman