b) Below is the information on food items for the year 2000 and 2006 2000 2006 Items Price ($) Quantity Price ($) Quantity Margarine (Pound) 0.81 18 0.89 27 Shortening (Pound) 0.84 0.94 Milk 1.44 70 1.43 65 (1/2 gallon) Potato Chips 2.91 27 3.07 33 Compute a simple price index for each of the four items. Use 2000 as the base period. i) ii) Compute a simple aggregative price index. Use 2000 as the base period. ii) Compute Laspeyres' price index for 2006 using 2000 as the base period. iv) Compute Paasche's price index for 2006 using 2000 as the base period. v) Determine Fisher's ideal index using (iii) and (iv)
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
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