Question
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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