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Consider the Following Price (In Dollars)and Quantity Data for Two

Question 30

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Consider the following price (in dollars)and quantity data for two items during 2010 and 2011. Consider the following price (in dollars)and quantity data for two items during 2010 and 2011. If the value of the Laspeyres price index for 2011,using 2010 as the base year,is 89.46,find the price of item 1 in 2011. If the value of the Laspeyres price index for 2011,using 2010 as the base year,is 89.46,find the price of item 1 in 2011.

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Let pit and qit represent the price and quan...

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