Question: Answer the following question. Q.4. [Marks: 6] The prices for the six food items are represented below in the table. Also included is the number

Answer the following question.

Q.4. [Marks: 6] The prices for the six food items are represented below in the table. Also included is the number of units of each consumed by a typical family in 1995 and 2005. Commodity 2016(Base year) 2017 (Current year) Price (Rs) Quantity(Kg) Price (Rs) Quantity(Kg) Food 40 12 65 14 Fuel 72 14 78 20 Clothing 36 10 36 15 Wheat 20 6 42 4 Others 46 8 52 6 Determine a weighted price index using the Marshal Edgeworth & Fisher ideal index formula using 2016 as the base year. Interpret the result

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