A famous Chinese restaurant would like to find out the change in demand on its dim-sum. After checking its purchase records in 2020 and 2021, the restaurant collected the data as follows: 2020 2021 Items Price ($) Quantity Price ($) Quantity Shrimp Dumpling Spring Roll 10 60 12 69 7 51 6. 62 Chicken Feet 8 73 9. 77 (a) Using 2020 as the base year, calculate the Laspeyres Price Index of 2021. (b) Using 2020 as the base year, calculate the Paasche Price Index of 2021. (c) Using the result in part (a) and (b), calculate the Fisher Price Index of 2021.

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A famous Chinese restaurant would like to find out the change in demand on its dim-sum.
After checking its purchase records in 2020 and 2021, the restaurant collected the data as
follows:
2020
2021
Items
Price ($)
Quantity
Price ($)
Quantity
Shrimp Dumpling
10
60
12
69
Spring Roll
7
51
62
Chicken Feet
8
73
9
77
(a)
Using 2020 as the base year, calculate the Laspeyres Price Index of
2021.
(b)
Using 2020 as the base year, calculate the Paasche Price Index of
2021.
(c)
Using the result in part (a) and (b), calculate the Fisher Price Index
of 2021.
Transcribed Image Text:A famous Chinese restaurant would like to find out the change in demand on its dim-sum. After checking its purchase records in 2020 and 2021, the restaurant collected the data as follows: 2020 2021 Items Price ($) Quantity Price ($) Quantity Shrimp Dumpling 10 60 12 69 Spring Roll 7 51 62 Chicken Feet 8 73 9 77 (a) Using 2020 as the base year, calculate the Laspeyres Price Index of 2021. (b) Using 2020 as the base year, calculate the Paasche Price Index of 2021. (c) Using the result in part (a) and (b), calculate the Fisher Price Index of 2021.
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