The following are prices and consumption quantities for three commodities in 2009 and 2019: 2009 2019...

 

Transcribed Image Text:

The following are prices and consumption quantities for three commodities in 2009 and 2019: 2009 2019 Commodity Price Price $2 $32 $5 Quantity Quantity 15 17 4 3 20 15 Based on the above information, the Laspeyres aggregate price index indicates that the cost of purchasing the three commodities in 2019 was % more than that in 2009. Round your final answer to two decimal places. A B с $5 $28 $7 The following are prices and consumption quantities for three commodities in 2009 and 2019: 2009 2019 Commodity Price Price $2 $32 $5 Quantity Quantity 15 17 4 3 20 15 Based on the above information, the Laspeyres aggregate price index indicates that the cost of purchasing the three commodities in 2019 was % more than that in 2009. Round your final answer to two decimal places. A B с $5 $28 $7

Answer rating: 100% (QA)

SOLUTION The Laspeyres price index is calculated as the cost of purchasing a fixed basket of goods in the current year 2019 at the baseyear 2009 prices divided by the cost of purchasing the same baske... View the full answer