Using the data from questions 26 and 27, compute Fisher’s ideal price index.

Question 26

On the Island of Crusoe, there are only two goods: coconuts and fish. Suppose you have the following information on the prices and quantities of fish and coconuts.

Question 27

Using the data from question 26, compute the Laspeyres price index.

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Year 1987 1988 1989 1990 Fish Q 100 110 99 121 P $3.00 2.90 3.12 3.45 Coconuts Q 75 80 79 88 P $1.00 1.02 1.05 1.15