Question

Seafood price and quantity data are reported by the U.S. Census Bureau. Data for the years 2000 and 2009 follow.

	2000 Qty. (000 lb.)	2000 Price ($/pound)	2000 Price ($/pound)
Halibut	75,190	1.91	2.33
Lobster	83,180	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 Relatives
Halibut
Lobster
Tuna

b. Compute a weighted aggregate price index for U.S. domestic seafood catch. Round your answer to one decimal place.

Comment on the change in seafood prices over the 9-year period.

The input in the box below will not be graded, but may be reviewed and considered by your instructor.

Answer 1