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Answer to Question #57547 in Economics for Bob
Question #57547
The table below gives the index prices of four items A, B, C, and D sold at a store in 2000 and 2014.
Item: 2000 Price: 2014 Price: 2000 Quantity: 2014 Quantity:
A 40 45 1000 800
B 55 74 1900 5000
C 95 105 600 3000
D 250 320 50 200
What is the Laspeyres index for these items?
What is the Paasche index for these items?
According to Laspeyres index, prices in 2014 increased on average by how much over 2000?
According to Paasche index, prices in 2014 increased on average by how much over 2000?
Item: 2000 Price: 2014 Price: 2000 Quantity: 2014 Quantity:
A 40 45 1000 800
B 55 74 1900 5000
C 95 105 600 3000
D 250 320 50 200
What is the Laspeyres index for these items?
What is the Paasche index for these items?
According to Laspeyres index, prices in 2014 increased on average by how much over 2000?
According to Paasche index, prices in 2014 increased on average by how much over 2000?
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