Weighted aggregate price index question

Assignment Help Basic Statistics

Reference no: EM1392737

Fresh fruit prices and quantity data for years 1988 to 2001 follow (Statistical Abstract of United States, 2002). Quantity data reflect per capita consumption in pounds and prices are per pound.

Fruit 1988 per Capita Consumption (pounds) 1988 Price ($/pound) 2001 Price ($/pound)

Bananas 24.3 0.41 0.51

Apples 19.9 0.71 0.87

Oranges 13.9 0.56 0.71

Pears 3.2 0.64 0.98

a. Compute a price relative to each product

b. Compute a weighted aggregate price index for fruit products. Comment on the change in fruit prices over the 13-year period

Reference no: EM1392737

Questions Cloud

Genotype phenotype relationship of codominance : The very simple genotype-phenotype relationship of dominance, codominance and recessiveness has been complicated by issues of penetrance and epistatsis.

Central tendency and dispersion in statistics : Why do you think it is significant to describe both the measure of central tendency and the measure of dispersion when talking about a data set?

What is the speed of the block : A 240g block on a 60cm-long string swings in a circle on a horizontal, frictionless table at 70rpm.

Three social problems-logistical regression : First, write down three social problems (e.g., drug abuse, gang membership, bullying, domestic violence, child abuse, etc) that we might attempt to predict using logistical regression.

Weighted aggregate price index question : Fresh fruit prices and quantity data for years 1988 to 2001 follow (Statistical Abstract of United States, 2002). Quantity data reflect per capita consumption in pounds and prices are per pound.

Find out the magnitude of the tension in the wire : A 1070-N uniform beam is attached to a vertical wall at one end and is supported by a cable at the other end. A 1960-N crate hangs from the far end of the beam.

Radical stage of the french revolution : Who were the principal personalities at the Congress of Vienna and why did they have to meet? What were the most significant problems they confronted and how did they attempt to resolve them?

What is the smallest probable displacement of shopper : What is the smallest probable displacement of shopper.

Explain how information literacy is a set of skills : explain how information literacy is a set of skills that builds or relies upon an expansion of communication and critical thinking skills

User Account

All Pages