Suppose you want to create a price index for the price of a personal pizza across several

Question:

Suppose you want to create a price index for the price of a personal pizza across several Canadian university campuses, as of March 1, 2019. The data are as follows:

University

$6.50

Dalhousie

5.95

Laval

6.00

McGill

8.00

Queen’s

7.50

Waterloo

5.50

Manitoba

5.75

Saskatchewan

$6.50

Calgary

6.25

UBC

7.25

Victoria

7.00


a. Using Calgary as the “base university,” construct the Canadian university pizza price index.

b. At which university is pizza the most expensive, and by what percentage is the price higher than in Calgary?

c. At which university is pizza the least expensive, and by what percentage is the price lower than in Calgary?

d. Are the data listed above time-series or cross-sectional data? Explain why.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Microeconomics

ISBN: 9780134835839

16th Canadian Edition

Authors: Christopher T.S. Ragan

Question Posted: