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	1.91	2.23
Lobster	83,280	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  ---Select--- increased decreased by  % over the 9-year period according to the index.

Answer 1