The following are the prices of commodities in 2016 and 2017. Calculate aprice index based on price relatives, using the geometric mean :CommodityYearABCEF4560205085120201655703075901302017

Use the below formula to find the relative price: Price relative = P1P0×100

Answered: The following are the prices of…

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 following are the prices of commodities in 2016 and 2017. Calculate price index based on price relatives, using the geometric mean : Commodity Year A B D E F 2016 45 60 20 50 85 120 55 70 30 75 90 130 2017