Question

Below is data from the Lazy R Ranch on its production and price of meats and poultry. For the years 2014 1nd 2015. Quantities 2014 Price per lb 2014 Price per lb 2015 Beef 235,000 3.49 3.79 Lamb 125,000 3.89 4.00 Chicken 1,000,500 2.49 2.89 a. Compute the price relatives for each type of meat and poultry. b. Computed a weighted aggregate price index for the Murray Company. Comment on the change in prices.

Answer 1