## Math Problem Statement

compute index numbers for the following set of data for taking 1997 as the base year laspeyes and paasche year 1997 rice (price 20, quantity 80) wheat (price 12 quantity 90) maize price 5 quantity 150) year 2007 price 25 quantity 100 price 18 quantity 120 price 10 quantity 180 following that order

## Solution

## Ask a new question for Free

### By Image

Drop file here or Click Here to upload

## Math Problem Analysis

### Mathematical Concepts

Index Numbers

Price Index

Laspeyres Index

Paasche Index

Data Analysis

### Formulas

Laspeyres Price Index: LPI = (Σ(P1 × Q0) / Σ(P0 × Q0)) × 100

Paasche Price Index: PPI = (Σ(P1 × Q1) / Σ(P0 × Q1)) × 100

### Theorems

Index Number Theory

### Suitable Grade Level

Grades 11-12, College-level Economics

## Related Recommendation

Laspeyres' and Paasche's Price Indices for Nigerian Breweries PLC Sales (2004-2005)

Calculating Price and Quantity Indices and Aggregate Price Index for Beans and Garri from 2001 to 2003

Calculate Food Cost Using Price Indices: 2023 vs. 2020

Calculate 2021 Inflation Rate Using Lespeyres Index

Calculate Price Indices and Composite Index for 2023