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Below is data from the Lazy R Ranch on its production and price of meats and...

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Basic Math

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.

Answer & Explanation Solved by verified expert
3.7 Ratings (380 Votes)
a Price Relatives The definition of Price Relatives is Hence the Price Relative for Beef will be 379349100 10859Similarly the Price Relative for Lamb will be 400389100    See Answer
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