Question
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QUESTION 1
By using the data in the table below, for 2017 with 2010 as base year:
2010 2017
Product p0 q0 p1 q1 p1q0 p0q0 p1q1 p0q1
I 95 90 75 100
II 80 70 65 80
III 40 80 45 50
Total A B C D E F
Find the unweighted price index for 2017 with 2010 as base.
QUESTION 1
By using the data in the table below, for 2017 with 2010 as base year:
2010 2017
Product p0 q0 p1 q1 p1q0 p0q0 p1q1 p0q1
I 95 90 75 100
II 80 70 65 80
III 40 80 45 50
Total A B C D E F
Find the unweighted price index for 2017 with 2010 as base.
Answers
GPT 3.5
To find the unweighted price index for 2017 with 2010 as the base, we can use the formula:
Price index = (Value of market basket in current year / Value of market basket in base year) x 100
First, we need to calculate the total values for each year:
2010:
Total price = (p0 * q0) + (p1 * q0) + (p0 * q1) = (95 * 90) + (75 * 100) + (95 * 100) = 8550 + 7500 + 9500 = 25550
2017:
Total price = (p0 * q1) + (p1 * q1) + (p0 * q1) = (95 * 90) + (75 * 80) + (95 * 50) = 8550 + 6000 + 4750 = 19300
Now, we can calculate the unweighted price index for 2017 with 2010 as the base:
Price index = (19300 / 25550) x 100 ≈ 75.54
Therefore, the unweighted price index for 2017 with 2010 as the base is approximately 75.54.
Price index = (Value of market basket in current year / Value of market basket in base year) x 100
First, we need to calculate the total values for each year:
2010:
Total price = (p0 * q0) + (p1 * q0) + (p0 * q1) = (95 * 90) + (75 * 100) + (95 * 100) = 8550 + 7500 + 9500 = 25550
2017:
Total price = (p0 * q1) + (p1 * q1) + (p0 * q1) = (95 * 90) + (75 * 80) + (95 * 50) = 8550 + 6000 + 4750 = 19300
Now, we can calculate the unweighted price index for 2017 with 2010 as the base:
Price index = (19300 / 25550) x 100 ≈ 75.54
Therefore, the unweighted price index for 2017 with 2010 as the base is approximately 75.54.