The prices for several "staple" food items for the years 2000 and 2009. Compute the Laspeyres price index for this group of items using 2000-100. Item Bread (white, loaf) Milk (white, litre) Eggs (white, dozen) Flour (white, 11.36kg) Butter (salted, 500g) 89.6 186.2 182.5 152.8 2000 Cost ($) 0.87 0.93 1.65 5.15 1.76 Quantity 51 93 17 3 13 2009 Cost ($) Quantity 2.47 1.65 1.87 9.25 2.17 63 113 19 6 15

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The prices for several "staple" food items for the years 2000 and 2009. Compute the
Laspeyres price index for this group of items using 2000-100.
Item
Bread (white, loaf)
Milk (white, litre)
Eggs (white, dozen)
Flour (white, 11.36kg)
Butter (salted, 500g)
89.6
186.2
182.5
152.8
2000
Cost
($)
0.87
0.93
1.65
5.15
1.76
Quantity
51
93
17
3
13
2009
Cost
($) Quantity
2.47
1.65
1.87
9.25
2.17
63
113
19
6
15
Transcribed Image Text:The prices for several "staple" food items for the years 2000 and 2009. Compute the Laspeyres price index for this group of items using 2000-100. Item Bread (white, loaf) Milk (white, litre) Eggs (white, dozen) Flour (white, 11.36kg) Butter (salted, 500g) 89.6 186.2 182.5 152.8 2000 Cost ($) 0.87 0.93 1.65 5.15 1.76 Quantity 51 93 17 3 13 2009 Cost ($) Quantity 2.47 1.65 1.87 9.25 2.17 63 113 19 6 15
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