Use the data in the table to calculate the Paasche quantity index. Show all work please....
Use the data in the table to calculate the Paasche quantity index. Show all work please.
| 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
Solution -
We know that the formula,
Paasche quantity index = Sum P1Q1 / Sum P0Q1
P1Q1 = 1.98 * 55 + 2.98* 20 + 1.98 * 130
= 108.9 + 59.6 + 257.4
= 425.9
P0Q1 = 0.77 * 55 + 1.85*20 + 0.88 * 130
= 42.35 + 37 + 114.4
= 193.75
Paasche quantity index = 425.9 /193.75 * 100
= 2.20 * 100
= 220
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Use the data in the table to calculate the Paasche
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