Suppose seafood price and quantity data for the years 2000 and 2009 follow. Use 2000 as...
Suppose seafood price and quantity data for the years 2000 and 2009 follow. Use 2000 as the base period.
| Seafood | 2000 Qty. (lb) |
2000 Price ($/lb) |
2009 Price ($/lb) |
|---|---|---|---|
| Halibut | 75,290 | 2.01 | 2.23 |
| Lobster | 83,180 | 3.52 | 3.09 |
| Tuna | 50,779 | 1.87 | 1.97 |
(a)
Compute the index number (price relative) for each type of seafood. (Round your answers to one decimal place.)
| Seafood | Price Relative |
|---|---|
| Halibut | |
| Lobster | |
| Tuna |
(b)
Compute a weighted aggregate price index for the seafood catch. (Round your answer to one decimal place.)
I2009 =
Comment on the change in seafood prices over the nine-year period. (Enter your percentage as a positive value. Round your answer to one decimal place.)
Seafood prices have ---Select--- increased decreased by % over the 9-year period according to the index.
Homework Answers
The prices of seafood has decreased by 2.63% from 2000 to 2009
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Suppose seafood price and quantity data for the years 2000 and
2009 follow. Use 2000 as...
Suppose seafood price and quantity data for the years 2000 and 2009 follow. Use 2000 as the base period Seafood2000 75,290 83,280 50,779 2000 2009 Qty. (Ib) Price ($/lb) Price ($/Ib) 2.23 3.09 1.97 H...
Suppose seafood price and quantity data for the years 2000 and 2009 follow. Use 2000 as the base period Seafood2000 75,290 83,280 50,779 2000 2009 Qty. (Ib) Price ($/lb) Price ($/Ib) 2.23 3.09 1.97 Halibut Lobster Tuna 2.01 3.72 1.87 (a) Compute a price relative for each type of seafood. (Round your answers to one decimal place.) Seafood Price Relative Halibut 110 Lobster83 Tuna 105.3 (b) Compute a weighted aggregate price index for the seafood catch. (Round your answer to...
Boran Stockbrokers, Inc., selects four stocks for the purpose of developing its own index of stock...
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Suppose seafood price and quantity data for the years 2000 and 2009 follow. Use 2000 as the base period Seafood2000 75,290 83,280 50,779 2000 2009 Qty. (Ib) Price ($/lb) Price ($/Ib) 2.23 3.09 1.97 Halibut Lobster Tuna 2.01 3.72 1.87 (a) Compute a price relative for each type of seafood. (Round your answers to one decimal place.) Seafood Price Relative Halibut 110 Lobster83 Tuna 105.3 (b) Compute a weighted aggregate price index for the seafood catch. (Round your answer to...
Boran Stockbrokers, Inc., selects four stocks for the purpose of developing its own index of stock market behavior. Prices per share for a year 1 base period, January year 3, and March year 3 follow. Base-year quantities are set on the basis of historical volumes for the four stocks. Price per Share ($) Stock Industry Year 1 Quantity Year 1 Base January Year 3 March Year 3 A Oil 100 31.50 24.75 22.50 B Computer 150 65.00 49.00 47.50 с...
The following table reports prices and usage quantities for two items in 2009 and 2011. (Round your answers to the nearest integer.) Quantity Unit Price ($) Item 2009 2011 20092011 A 1,500 1,600 8.507.25 4 2 650.00 1,500.00 (a) Compute price relatives for each item in 2011 using 2009 as the base period Item Price Relative (b) Compute an unweighted aggregate price index for the two items in 2011 using 2009 as the base period 2011 (c) Compute a weighted...
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