Paasche price index
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1. Calculate Paasche price indexes for 2001 and 2002 using the following data and 1997 as the base year.
2001 2002
Item 1997 Price Price Quantity Price Quantity
1 $22.50 $27.80 13 $28.11 12
2 10.90 13.10 5 13.25 8
3 1.85 2.25 41 2.35 44.
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The solution shows detailed calculations of Paasche price indexes for 2001 and 2002.
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