Production and price of metals. The level of price and production of metals in the United States is one measure of the strength of an industrial economy. The table at the bottom of the page lists the annual prices (in cents per pound) and production (in thousands of metric tons) for three metals—copper, aluminum, and lead— from 2014 to 2018.

a. Compute the simple composite price and quantity indexes for the 5-year period, using 2014 as the base period.

b. Compute the Laspeyres price index for the 5-year period, using 2014 as the base period.

c. Plot the simple composite and Laspeyres indexes on the same graph. Comment on the differences.

d. Compute the Paasche price index for the 5-year period, using 2014 as the base period.

e. Plot the Paasche and Laspeyres indexes on the same graph. Comment on the differences.

f. Compare the Paasche and Laspeyres index values for 2016 and 2018. Which index is more appropriate for describing the change in this 2-year period? Explain.