Suppose seafood price and quantity data for the years 2000 and 2009 follow. Use 2000 as the base period. 2000 2000 2009 Price ($/lb) Seafood Qty. (Ib) Price ($/lb) Halibut 75,090 2.01 2.33 Lobster 83,080 3.72 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 v by |% over the 9-year period according to the index.

Suppose seafood price and quantity data for the years 2000 and 2009 follow. Use 2000 as the base period. 2000 2000 2009 Price ($/lb) Seafood Qty. (Ib) Price ($/lb) Halibut 75,090 2.01 2.33 Lobster 83,080 3.72 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 v by |% over the 9-year period according to the index.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Suppose seafood price and quantity data for the years 2000 and 2009 follow. Use 2000 as the base period.
2000
Qty. (Ib)
2000
2009
Price ($/lb)
Seafood
Price ($/lb)
Halibut
75,090
2.01
2.33
Lobster
83,080
3.72
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 v by
| % over the 9-year period according to the index.

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