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The following information was recorded for a range of DIY items.
a. Construct a simple price index for item Y using Year 0 as the base year.
b. Determine the simple aggregate price index using Year 0 as the base year.
c. Determine the price relatives index using Year 0 as the base year.
d. Calculate the Laspeyres price index using Year 0 as the base year.
e. Calculate the Paasche price index using Year 0 as the base year.
f. Calculate the Laspeyres quantity index using Year 0 as the base year. Note: here we wish to keep prices fixed, and thus the appropriate formula is:
g. Calculate the Paasche quantity index using Year 0 as the base year. Note: here we are using the current year prices as the fixed weights, and thus the appropriate formula is:
h. Why do the Laspeyres and Paasche indices give such different answers for Year 2 in Parts (d) to (g)?
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Find the probability that the mean weight of those loads is less than 44.24 tons. Assume that the variable si normally distributed.
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