Statistics for Economics and Business Tutorial Lecturer: Dewi Ratna Sjari Tutor: Venty | venty.as@gmail.

com Date: Sept, 25 2013

1. Fruit prices and the amounts consumed for 2005 and 2010 are below. Use 2000 as the base. Fruits 2005 2010 Price ($) Quantity Price ($) Quantity Bananas 0.23 100 0.35 120 Grapefruit 0.29 50 0.27 55 Apples 0.35 85 0.35 85 Strawberries 1.02 8 1.40 10 Oranges 0.89 6 0.99 8 a. Determine Laspeyres price index. b. Determine the Paasche price index c. Determine Fishers ideal index. 2. The average hourly earnings of production workers for September of selected years are given below. a. Using 2000 as the base period and 100 as the base value, determine the indexes for the other years. b. Use the average of 2000, 2005 and 2008 as the base and determine indexes for the other years. Year 2000 2005 2008 2010 2011 Average Hourly Earnings $11.47 $13.73 $15.19 $15.88 $16.40