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 75,190 2.01 2.23 Lobster 83,180 3.52 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 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 75,190 2.01 2.23 Lobster 83,180 3.52 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 decreased by (???) % over the 9-year period according to the index.
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter3: Linear And Nonlinear Functions
Section: Chapter Questions
Problem 5SGR
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Question
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 | 75,190 | 2.01 | 2.23 |
| Lobster | 83,180 | 3.52 | 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 decreased by (???) % over the 9-year period according to the index.
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