Question: a. What is the difference between time series and cross section data? b. What are the components of a time series? Explain with example. c.

a. What is the difference between time series and cross section data? b. What are the components of a time series? Explain with example. c. The following table gives hourly wages for three types of workers. Compute the Laspeyre's price index for hourly wages. In 2021-1, 400 Raj-Mistry, 450 brick layer, and 600 jogali were employed in the construction sector. Interpret your result. Quarter Raj-Mistry Brick layer Jogali 2021-1 145 135 75 2021-11 150 130 60 2021-Ill 170 145 75 2021 -IV 170 135 65 2022-1 165 130 60 2022-11 165 145 78

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