Discuss the below:
Q: Following are the quantities and prices for the years 2000 and 2003 for Kinzua Valley Geriatrics. Use 2000 as the base period.
2000 2003
Item Price Quantity Price Quantity
Syringes (dozen) $ 6.9 1,700 $ 6.63 1,500
Thermometers 8.3 8 9.55 14
Advil (bottle) 4.5 300 4.9 350
Patient record forms (box) 7.2 900 6.9 1,200
Computer paper (box) 11 25 13.6 85
a. Determine the simple price indexes.
b. Determine the simple aggregate price indexes for the two years.
c. Determine Laspeyres' price index.
d. Determine the Paasche price index.
e. Determine Fisher's ideal index.