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Suppose seafood price and quantity data for the years 2000 and 2009 follow. Use 2000 as the base period. Seafood 2000 Qty. (lb) 2000 Price

Suppose seafood price and quantity data for the years 2000 and 2009 follow. Use 2000 as the base period.

Seafood 2000 Qty. (lb) 2000 Price ($/lb) 2009 Price ($/lb)
Halibut 75290 1.81 2.33
Lobster 83280 3.72 3.09
Tuna 50779 1.87 1.97

(a) Compute the index number (price relative) for each type of seafood. (Round your answers to one decimal place.)

Seafood Price Relative
Halibut __________
Lobster __________
Tuna __________

(b) Compute a weighted aggregate price index for the seafood catch. (Round your answer to one decimal place.) I2009 = __________

Comment on the change in seafood prices over the nine-year period. (Enter your percentage as a positive value. Round your answer to one decimal place.)

Seafood prices have [increased / decreased] by ___________% over the 9-year period according to the index.

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