Below is data from theLazy R Ranch on its production and price of meats and poultry. Forthe years 2014 1nd 2015.
Quantities2014 Priceper lb2014 Price per lb 2015
Beef 235,000 3.49 3.79
Lamb 125,000 3.89 4.00
Chicken 1,000,500 2.49 2.89
a. Compute the pricerelatives for each type of meat and poultry.
b. Computed a weightedaggregate price index for the Murray Company. Comment on the changein prices.
