Use the following price information for selected items for 2015 and 2022. Production figures for those two periods are also given. Price Quantity Item 2015 2022 2015 2022 Aluminum (cents per pound) $\ 0.98 $\ 0.94 1,080 1,360 Natural gas $ per million BLA 4.45 3.07 5,080 4,080 Petroleum (barrel) 71.29 58.23 62,000 62,000 Platinum (troy ounce) 1,703.60 1,300.53 540 720 Click here for the Excel Data File Compute a simple aggregate price index. Use 2015 as the base period. Note: Round your answer to 1 decimal place. Simple aggregate price index
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Total cost = (Aluminum price * quantity) + (Natural gas price * quantity) + (Petroleum price * quantity) + (Platinum price * quantity) Show more…
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The following table reports prices and usage quantities for two items in 2016 and 2018. (Round your answers to the nearest integer.) Quantity | Unit Price ($) Item | 2016 | 2018 | 2016 | 2018 A | 1,500 | 1,600 | 7.50 | 7.15 B | 4 | 2 | 630.00 | 1,500.00 (a) Compute price relatives for each item in 2018 using 2016 as the base period. Item | Price Relative A B (b) Compute an unweighted aggregate price index for the two items in 2018 using 2016 as the base period. I2018 = (c) Compute a weighted aggregate price index for the two items using the Laspeyres method using 2016 as the base period. I2018 = (d) Compute a weighted aggregate price index for the two items using the Paasche method using 2016 as the base period. I2018 =
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