Use Data In Table 1 to Calculate the Laspeyres Quantity Index. Show All Work. 2005 (base...
Use Data In Table 1 to Calculate the Laspeyres Quantity Index. Show All Work.
| 2005 (base year) Price ($) | 2005 (base year) Quantity | 2015 Price ($) | 2015 Quantity | |
| Bread (loaf) | 0.77 | 50 | 1.98 | 55 |
| Eggs (dozen) | 1.85 | 26 | 2.98 | 20 |
| Milk (gallon) | 0.88 | 102 | 1.98 | 130 |
Homework Answers
Ans:
| Year | Index number |
| 2005 | 100 |
| 2015 | 214.58 |
Explanation:
| P0 | Q0 | P1 | Q1 | P0*Q0 | P1*Q0 | |
| Bread (loaf) | 0.77 | 50 | 1.98 | 55 | 38.5 | 99 |
| Eggs (dozen) | 1.85 | 26 | 2.98 | 20 | 48.1 | 77.48 |
| Milk (gallon) | 0.88 | 102 | 1.98 | 130 | 89.76 | 201.96 |
| Total | 176.36 | 378.44 | ||||
P0 = Base year Price
P1 = Current year price
Q0 = Base year quantity
Q1 = Current year quantity
Laspeyre's Quanity Index = 
= (378.44 / 176.36 ) *100
= 2.1458 *100
= 214.58
Add Answer to:
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