Statistics for Business & Economics (with XLSTAT Education Edition Printed Access Card) (MindTap Course List)
13th Edition
ISBN: 9781305585317
Author: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm, James J. Cochran
Publisher: Cengage Learning
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Chapter 20.2, Problem 1E
The following table reports prices and usage quantities for two items in 2009 and 2011.
- a. Compute price relatives for each item in 2011 using 2009 as the base period.
- b. Compute an unweighted aggregate price index for the two items in 2011 using 2009 as the base period.
- c. Compute a weighted aggregate price index for the two items using the Laspeyres method.
- d. Compute a weighted aggregate price index for the two items using the Paasche method.
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Use the following price information for selected foods for 2000 and 2013 given in the following table in the image.
a. Compute a simple price index for each of the four items. Use 2000 as the base period.
b. Compute a simple aggregate price index. Use 2000 as the base period.
c.Compute Laspeyres’ price index for 2013 using 2000 as the base period.
2. Discuss the Price Index most commonly used in your country. How is it calculated?
This question has 2 parts.
Chapter 20 Solutions
Statistics for Business & Economics (with XLSTAT Education Edition Printed Access Card) (MindTap Course List)
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Ch. 20.5 - The average hourly wage rate for construction...Ch. 20.5 - Shipments of product from manufacturer to the...Ch. 20.5 - The revenue for Google for the years 2010-2014 is...Ch. 20.7 - Data on quantities of three items sold in Year 1...Ch. 20.7 - Prob. 15ECh. 20.7 - Prob. 16ECh. 20 - Many factors influence the retail price of...Ch. 20 - Nickerson Manufacturing Company has the following...Ch. 20 - Prob. 19ECh. 20 - Prob. 20ECh. 20 - Prob. 21ECh. 20 - Prob. 22ECh. 20 - Seafood price and quantity data are reported by...Ch. 20 - Prob. 24ECh. 20 - Prob. 25ECh. 20 - Prob. 26E
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