The prices of different house types in south-east England are given in the table below:

(a) If the numbers of each type of house in 1991 were 1898, 1600, 1601, 499 and 1702 respectively, calculate the Laspeyres price index for 1991–94, based on 1991 = 100.

(b) Calculate the Paasche price index, based on the following numbers of dwellings:

(c) Compare Paasche and Laspeyres price series.

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Year Terraced houses Semi-detached Detached Bungalows Flats 1991 59 844 77 791 142 630 89 100 47 676 1992 55 769 73 839 137 053 82 109 43 695 1993 55 571 71 208 129 414 82 734 42 746 1994 57 296 71 850 130 159 83 471 44 092