An index of clothing prices for 2008 based on 1998 is to be constructed. The clothing items considered are shoes and dresses. The information for prices and quantities for both years is given below. Use 1998 as the base period and 100 as the base value. Determine the Fisher's ideal index for 2008.
A) 111.8
B) 112.9
C) 113.3
D) 112.5
E) 113.0

Question

An index of clothing prices for 2008 based on 1998 is to be constructed. The clothing items considered are shoes and dresses. The information for prices and quantities for both years is given below. Use 1998 as the base period and 100 as the base value.  Determine the Fisher's ideal index for 2008.
A) 111.8 
B) 112.9 
C) 113.3 
D) 112.5 
E) 113.0

Quizplus · Accepted Answer

The Answer of An index of clothing prices for 2008 based on 1998 is to be constructed. The clothing items considered are shoes and dresses. The information for prices and quantities for both years is given below. Use 1998 as the base period and 100 as the base value.  Determine the Fisher's ideal index for 2008.
A) 111.8 
B) 112.9 
C) 113.3 
D) 112.5 
E) 113.0

An Index of Clothing Prices for 2008 Based on 1998