Question: Seafood price and quantity data are reported by the U.S. Census Bureau. Data for the years 2000 and 2009 follow. a. Compute a price relative

Seafood price and quantity data are reported by the U.S. Census Bureau. Data for the years 2000 and 2009 follow.

a. Compute a price relative for each type of seafood.
b. Compute a weighted aggregate price index for the U.S. domestic seafood catch. Comment on the change in seafood prices over the nine-year period.

2000 2000 Halibut Lobster Tuna Qty. (000 Ibs.) 75,190 83.180 50,779 Price (S/pound) 1.91 3.62 1.87 2009 Price (S/pound) 2.33 3.09 1.97

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