The table below reports the quantities and prices for a fruit basket consumed by RMIT students for the years 2019 and 2020. Copy Paste the tableand fill in as necessary Fruit (per Kg) 2019 2020 Fill In Fill In Price ($) Quantity Price ($) Quantity Bananas 3.7 25 3.8 28 Apples 3.6 40 4.62 48 Pears 6.7 45 6.9 66 Peaches 7.6 35 8.6 36 Fill In (a) Calculate the simple price index of Apples for 2020 using 2019 as a base year. b) Calculate the Aggregate index for 2020 using 2019 as a base year. (c) Calculate the Laspeyers price index for 2020 using 2019 as a base year. Interpret your answer. d) What is the difference between Laspeyers and Paasche index?
The table below reports the quantities and prices for a fruit basket consumed by RMIT students for the years 2019 and 2020. Copy Paste the tableand fill in as necessary Fruit (per Kg) 2019 2020 Fill In Fill In Price ($) Quantity Price ($) Quantity Bananas 3.7 25 3.8 28 Apples 3.6 40 4.62 48 Pears 6.7 45 6.9 66 Peaches 7.6 35 8.6 36 Fill In (a) Calculate the simple price index of Apples for 2020 using 2019 as a base year. b) Calculate the Aggregate index for 2020 using 2019 as a base year. (c) Calculate the Laspeyers price index for 2020 using 2019 as a base year. Interpret your answer. d) What is the difference between Laspeyers and Paasche index?
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Transcribed Image Text:The table below reports the quantities and prices for a fruit basket consumed by RMIT students for the years 2019 and 2020. Copy Paste the
tableand fill in as necessary. S
Fruit (per Kg) 2019
2020
Fill In Fill In
Price ($) Quantity Price ($) Quantity
Bananas
3.7
25
3.8
28
Apples
3.6
40
4.62
48
Pears
6.7
45
6.9
66
Peaches
7.6
35
8.6
36
Fill In
(a) Calculate the simple price index of Apples for 2020 using 2019 as a base year.
b) Calculate the Aggregate index for 2020 using 2019 as a base year.
(c) Calculate the Laspeyers price index for 2020 using 2019 as a base year. Interpret your answer.
d) What is the difference between Laspeyers and Paasche index?
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