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 75,090 1.91 2.33 Lobster 83,080 3.72 3.09 Tuna 50,779 1.87 1.97 (a) Compute a price relative for each type of seafood. (Round your answers to one decimal place.) Seafood Price Relative Halibut 122.0 Lobster _________ Tuna 105.3 (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 decreased by ______ % over the 9-year period according to the index.
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 75,090 1.91 2.33
Lobster 83,080 3.72 3.09
Tuna 50,779 1.87 1.97
(a)
Compute a price relative for each type of seafood. (Round your answers to one decimal place.)
Seafood Price Relative
Halibut
122.0
Lobster
_________
Tuna
105.3
(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 decreased by ______ % over the 9-year period according to the index.
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