ECO402 Assignment No.1 Fall 2020

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Item

Unit

Year

Normal price

CPI

Real price

Milk

Liter

Jun-2018

85.00

283.97

283.97/283.97*85.00=85.00

Jun-2019

90.00

296.50

283.97/296.50*90.00=86.19

Jun-2020

97.50

322.10

283.97/322.10*97.50=89.96

Eggs

Dozen

Jun-2018

83.13

182.83

182.83/182.83*83.13=83.13

Jun-2019

79.38

172.61

182.83/172.61*79.38=84.08

Jun-2020

115.63

229.01

182.83/229.01*115.63=92.31

Tea

Packet

Jun-2018

205.26

304.69

304.69/304.69*205.26=205.26

Jun-2019

221.05

322.11

304.69/322.11*221.05=209.10

Jun-2020

242.10

350.92

304.69/350.92*242.10=210.21

 

B: if the base year bundle has 10 liter milk, 3 Dozen eggs, 2 packets of tea then find the laspayers index by assuming June 2018 as the base year June 2020 as the current year. 

If

Milk                 = 10 liter

Eggs                = 3 Dozen

Tea                  = 2 packet

 

Multiply the bundle with nominal price June-2018:

Milk                  10*85=850

Eggs                3*83.13=249.39

Tea                  2*205.26=410.52

Total cost        =850+249.39+410.52

                        =1509.91

Multiply the bundle with current nominal price of June-2020:

Milk                 10*97.50=975.00

Eggs                3*115.63=346.89

Tea                  2*242.10=484.20

Total cost        =975+346.89+484.20

                        =1806.09

The Laspayres index will be:

By divide current price with base price

            =1806.09/1509.91

=1.196Answer

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