Suppose seafood price and quantity data for the years 2000 and 2009 follow. Use 2000 as the base period. 2000 Seafood Qty. (lb) 2000 Price ($/lb) 2009 Price ($/lb) Halibut 75,190 2.01 2.43 Lobster 83,180 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 (b) Compute a weighted aggregate price index for the seafood catch. (Round your answer to one decimal place.) 2009 = 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 by % over the 9-year period according to the index.

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Suppose seafood price and quantity data for the years 2000 and 2009 follow. Use 2000 as the base period.
2000
2009
Seafood
2000
Qty. (lb)
Price ($/lb)
Price ($/lb)
Halibut
75,190
2.01
2.43
Lobster
83,180
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
L
(b)
decimal place.)
pute a weighted aggregate price index for the seafood catch. (Round your answer to
2009 =
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 by
% over the 9-year period according to the index.
Transcribed Image Text:Suppose seafood price and quantity data for the years 2000 and 2009 follow. Use 2000 as the base period. 2000 2009 Seafood 2000 Qty. (lb) Price ($/lb) Price ($/lb) Halibut 75,190 2.01 2.43 Lobster 83,180 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 L (b) decimal place.) pute a weighted aggregate price index for the seafood catch. (Round your answer to 2009 = 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 by % over the 9-year period according to the index.
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