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Laspeyres chain index is used in order to determine the price change of a basket of goods containing 5 different goods. The following formula was

Laspeyres chain index is used in order to determine the price change of a basket of goods containing 5 different goods.

The following formula was used and the result was multiplied by 100 to determine an index number which is presented in the table below:image text in transcribed

2010 95
2011 144
2012 153
2013 107
2014 109

The index number shows the price change from 1st of January 2010 to 1st of January 2011.

A) Use Laspeyres' Chain Index to determine an index for the basket of goods for the price development from 1st of January 2010 to 1st of January 2015.

B) Determine the average price change during the 5-year.

IL i-(i+1) pigi p;g: IL i-(i+1) pigi p;g

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