Suppose seafood price and quantity data for the years 2000 and 2009 follow. Use 2000 as the base period.Seafood2000Qty. (lb)2000Price ($/lb)2009Price ($/lb)Halibut75,2902.012.33Lobster83,0803.623.09Tuna50,7791.871.97(a)Compute a price relative for each type of seafood. (Round your answers to one decimal place.)SeafoodPrice RelativeHalibut?Lobster?Tuna?(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 Up/down by ? % over the 9-year period according to the index.

Price relativity describes the relationship between a good or service's price in one era and that…

Answered: Suppose seafood price and quantity data…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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	75,290	2.01	2.33
Lobster	83,080	3.62	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	?
Lobster	?
Tuna	?

(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 Up/down by ? % over the 9-year period according to the index.

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