Question: For the following data, calculate the Lapeyres price index and the Paasche price index for the year 1997, taking 1993 as the base year.
|
Item
|
1993
|
1997
|
|
price
|
quantity
|
price
|
quantity
|
|
1 lb. of bananas
|
$0.39
|
150
|
$0.49
|
200
|
|
1 loaf of bread
|
$0.99
|
52
|
$1.29
|
52
|
|
1 gal. of 2% milk
|
$1.29
|
104
|
$1.69
|
52
|
|
1 dozen eggs
|
$0.69
|
30
|
$0.89
|
24
|