Fruit prices and the amounts consumed for 2010 and 2018 are shown. Use 2010 as the base. Fruit Bananas (pound) Grapefruit (each) Apples (pound) Strawberries (basket) Oranges (bag) Price $0.25 0.29 0.34 1.00 0.90 Fruit Bananas Grapefruit Apples Strawberries Oranges 2010 Quantity 100 50 85 8 6 Price $0.35 0.46 0.69 2.60 1.11 2018 Quantity 123 59 85 11 7 Click here for the Excel Data File a. Determine the simple price indexes. (Round your answers to 2 decimal places.) Simple index
Fruit prices and the amounts consumed for 2010 and 2018 are shown. Use 2010 as the base. Fruit Bananas (pound) Grapefruit (each) Apples (pound) Strawberries (basket) Oranges (bag) Price $0.25 0.29 0.34 1.00 0.90 Fruit Bananas Grapefruit Apples Strawberries Oranges 2010 Quantity 100 50 85 8 6 Price $0.35 0.46 0.69 2.60 1.11 2018 Quantity 123 59 85 11 7 Click here for the Excel Data File a. Determine the simple price indexes. (Round your answers to 2 decimal places.) Simple index
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter22: Inflation
Section: Chapter Questions
Problem 5SCQ: How to Measure Changes in the Cost of Living introduced a number of different price indices. Which...
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![b. Determine the simple aggregate price index for the two years. (Round your answer to 2 decimal places.)
Simple aggregate price index
c. Determine the Laspeyres price index. (Round your answer to 2 decimal places.)
Laspeyres price index
d. Determine the Paasche price index. (Round your answer to 2 decimal places.)
Paasche price index
e. Determine Fisher's ideal index. (Round your answer to 2 decimal places.)
Fisher's ideal index](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7d3ae8d7-5658-4ed4-9668-4ee58a946812%2F73733bdb-f6e5-498d-b771-126dbf00bd41%2Fgu5wecn_processed.png&w=3840&q=75)
Transcribed Image Text:b. Determine the simple aggregate price index for the two years. (Round your answer to 2 decimal places.)
Simple aggregate price index
c. Determine the Laspeyres price index. (Round your answer to 2 decimal places.)
Laspeyres price index
d. Determine the Paasche price index. (Round your answer to 2 decimal places.)
Paasche price index
e. Determine Fisher's ideal index. (Round your answer to 2 decimal places.)
Fisher's ideal index
![Fruit prices and the amounts consumed for 2010 and 2018 are shown. Use 2010 as the base.
Fruit
Bananas (pound)
Grapefruit (each)
Apples (pound)
Strawberries (basket)
Oranges (bag)
Click here for the Excel Data File
Price
$0.25
0.29
0.34
1.00
0.90
Fruit
Bananas
Grapefruit
Apples
Strawberries
Oranges
Simple index
2010
Simple aggregate price index
Quantity
100
50
85
8
6
Price
$0.35
0.46
0.69
2.60
1.11
a. Determine the simple price indexes. (Round your answers to 2 decimal places.)
2018
Quantity
123
59
85
11
7
b. Determine the simple aggregate price index for the two years. (Round your answer to 2 decimal places.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7d3ae8d7-5658-4ed4-9668-4ee58a946812%2F73733bdb-f6e5-498d-b771-126dbf00bd41%2Fd03587r_processed.png&w=3840&q=75)
Transcribed Image Text:Fruit prices and the amounts consumed for 2010 and 2018 are shown. Use 2010 as the base.
Fruit
Bananas (pound)
Grapefruit (each)
Apples (pound)
Strawberries (basket)
Oranges (bag)
Click here for the Excel Data File
Price
$0.25
0.29
0.34
1.00
0.90
Fruit
Bananas
Grapefruit
Apples
Strawberries
Oranges
Simple index
2010
Simple aggregate price index
Quantity
100
50
85
8
6
Price
$0.35
0.46
0.69
2.60
1.11
a. Determine the simple price indexes. (Round your answers to 2 decimal places.)
2018
Quantity
123
59
85
11
7
b. Determine the simple aggregate price index for the two years. (Round your answer to 2 decimal places.)
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![Fruit prices and the amounts consumed for 2010 and 2018 are shown. Use 2010 as the base.
Fruit
Bananas (pound)
Grapefruit (each)
Apples (pound)
Strawberries (basket)
Oranges (bag)
Price
$0.25
0.29
0.34
1.00
0.90
2010
Quantity
100
50
85
8
6
Price
$0.35
0.46
0.69
2.60
1.11
2018
Quantity
123
59
85
11
7](https://content.bartleby.com/qna-images/question/7d3ae8d7-5658-4ed4-9668-4ee58a946812/6e4bc500-bbba-4892-b93c-c69d8b3b2363/h66vl8_thumbnail.png)
Transcribed Image Text:Fruit prices and the amounts consumed for 2010 and 2018 are shown. Use 2010 as the base.
Fruit
Bananas (pound)
Grapefruit (each)
Apples (pound)
Strawberries (basket)
Oranges (bag)
Price
$0.25
0.29
0.34
1.00
0.90
2010
Quantity
100
50
85
8
6
Price
$0.35
0.46
0.69
2.60
1.11
2018
Quantity
123
59
85
11
7
![d. Determine the Paasche price index. (Round your answer to 2 decimal places.)
Paasche price index
e. Determine Fisher's ideal index. (Round your answer to 2 decimal places.)
Fisher's ideal index](https://content.bartleby.com/qna-images/question/7d3ae8d7-5658-4ed4-9668-4ee58a946812/6e4bc500-bbba-4892-b93c-c69d8b3b2363/0v8lbrp_thumbnail.png)
Transcribed Image Text:d. Determine the Paasche price index. (Round your answer to 2 decimal places.)
Paasche price index
e. Determine Fisher's ideal index. (Round your answer to 2 decimal places.)
Fisher's ideal index
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