Suppose seafood price and quantity data for the years 2000 and 2009 follow. Use 2000 as the base period. Seafood 2000 Qty. (lb) 2000 Price ($/lb) 2009 Price ($/lb) Halibut 75,290 2.01 2.33 Lobster 83,080 3.62 3.09 Tuna 50,779 1.87 1.97 (a) Compute a price relative for each type of seafood. (Round your answers to one decimal place.) Seafood Price Relative Halibut ? Lobster ? Tuna ? (b) Compute a weighted aggregate price

Suppose seafood price and quantity data for the years 2000 and 2009 follow. Use 2000 as the base period. Seafood 2000 Qty. (lb) 2000 Price ($/lb) 2009 Price ($/lb) Halibut 75,290 2.01 2.33 Lobster 83,080 3.62 3.09 Tuna 50,779 1.87 1.97 (a) Compute a price relative for each type of seafood. (Round your answers to one decimal place.) Seafood Price Relative Halibut ? Lobster ? Tuna ? (b) Compute a weighted aggregate price

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter3: Linear And Nonlinear Functions

Section: Chapter Questions

Problem 5SGR

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Question

Suppose seafood price and quantity data for the years 2000 and 2009 follow. Use 2000 as the base period.

Seafood	2000 Qty. (lb)	2000 Price ($/lb)	2009 Price ($/lb)
Halibut	75,290	2.01	2.33
Lobster	83,080	3.62	3.09
Tuna	50,779	1.87	1.97

(a)

Compute a price relative for each type of seafood. (Round your answers to one decimal place.)

Seafood	Price Relative
Halibut	?
Lobster	?
Tuna	?

(b)

Compute a weighted aggregate price index for the seafood catch. (Round your answer to one decimal place.)

I₂₀₀₉ = ??

Comment on the change in seafood prices over the nine-year period. (Enter your percentage as a positive value. Round your answer to one decimal place.)

Seafood prices have (increased/decreased) by ??% over the 9-year period according to the index.

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