Question
a) Susan Smith is asking you a question about the percentage increase in fruit prices from 2017 to 2018 at her favourite fruit market in
a) Susan Smith is asking you a question about the percentage increase in fruit prices from 2017 to 2018 at her favourite fruit market in Parramatta. From the owner, she obtains the prices purchased per week (in kg) and quantities of the three most popular fruits: apples, oranges and lemons. These figures are tabulated below.
| Price per Kg ($) | Quantity (Kg) | ||
| 2017 | 2018 | 2017 | 2018 |
Apples | 4.25 | 4.50 | 35 | 40 |
Oranges | 3.00 | 3.50 | 20 | 18 |
Lemons | 5.75 | 6.00 | 15 | 19 |
Using 2017 as the base year:
i) Calculate the Laspreyes price.
ii) Use the Laspreyes price index to answer Susans question..
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