The economy of country Y produces 5 commodities; rice, salted fish, sugar, salt, and oil. The following table shows the outputs and prices for year 2000, 2001 and 2002. Instructionscalculate Laspeyres consumer price index for 2001 and 2002 using 2000 as base year 200020012002CommodityPriceQuantityPriceQuantityPriceQuantityRp 300Rp 400Rp 600Rp 75Rp 200Rp 325Rp 440Rp 650Rp 80Rp 200Rp 350Rp 450Rp 700Rp 90Rp 225Rice303235Salted Fish253035Sugar405055Salt202525Oil81012

Laspeyres consumer price index = ∑(Observation year prices * base year quantity) / ∑ (base year…

Answered: The economy of country Y produces 5…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The economy of country Y produces 5 commodities; rice, salted fish, sugar, salt, and oil. The following table shows the outputs and prices for year 2000, 2001 and 2002.

Instructions

calculate Laspeyres consumer price index for 2001 and 2002 using 2000 as base year

2000
2001
2002
Commodity
Price
Quantity
Price
Quantity
Price
Quantity
Rp 300
Rp 400
Rp 600
Rp 75
Rp 200
Rp 325
Rp 440
Rp 650
Rp 80
Rp 200
Rp 350
Rp 450
Rp 700
Rp 90
Rp 225
Rice
30
32
35
Salted Fish
25
30
35
Sugar
40
50
55
Salt
20
25
25
Oil
8
10
12

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