Suppose you want to create a price index for the price of pizza across several Canadian university
Question:
UniversityPrice per Pizza
Dalhousie…………………$6.50
Laval………………………..5.95
McGill………………………6.00
Queen's………………….....8.00
Waterloo…………………...7.50
Manitoba…………………..5.50
Saskatchewan……………..5.75
Calgary…………………....6.25
UBC………………………7.25
Victoria……………………7.00
a. Using Calgary as the "base university," construct the Canadian university pizza price index.
b. At which university is pizza the most expensive, and by what percentage is the price higher than in Calgary?
c. At which university is pizza the least expensive, and by what percentage is the price lower than in Calgary?
d. Are the data listed above time-series or cross-sectional data? Explain why.
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Step by Step Answer:
a Using Calgary as the base university means that we choose 625 as the base price Thus we divide all ...View the full answer
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Related Book For 
Microeconomics
ISBN: 978-0321866349
14th canadian Edition
Authors: Christopher T.S. Ragan, Richard G Lipsey
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