Question: Shown here are retail price figures and quantity estimates for five different food commodities over 3 years. Use these data and a base year of

Shown here are retail price figures and quantity estimates for five different food commodities over 3 years. Use these data and a base year of 2007 to compute unweighted aggregate price indexes for this market basket of food. Using a base year of 2007, calculate Laspeyres price indexes and Paasche price indexes for 2008 and2009.

2007 2008 2009 Item Margarine Shortening 0.94 Price Quantity Price Quantity Price Quantity 1.26 21 1.32 23 1.3922 (lb.) 5 0.97 1.12 4 (lb.) Milk (1/2 gal.) 1.43 706 68 1.62 65 Cola (2 liters 1.05 1203 1.25 11 Potato chips 27 2.86 29 2.9928 (12 oz.)

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2007 2008 2009 Item Price Quantity Price Quantity Price Quantity Margarine lb 126 21 132 23 139 22 S... View full answer

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