Question: Shown here are retail price figures and quantity estimates for five different food commodities over 3 years. Use these data and a base year of

Shown here are retail price figures and quantity estimates for five different food commodities over 3 years. Use these data and a base year of 2011 to compute Un-weighted aggregate price indexes for this market basket of food. Using a base year of 2011, calculate Laspeyres price indexes and Paasche price indexes for 2012 and2013.

2011 2012 2013 Item Price Quantity Price Quantity Price Quantity Margarine 1.26 21 1.32 23 1.39 22 (lb.) Shortening 0.94 5 0.97 1.12 4 (lb.) Milk (1/2 gal.) 1.43 70 1.56 68 62 65 Cola (2 lite 1.05 12 .02 13 1.25 11 Potato chips 2.81 27 2.86 29 2.99 28 (12 oz.)

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