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Construct index number of prices from th...

Construct index number of prices from the following data by (i) Laspeyre's Method, (ii) Paasche's Method, and (iii) Fisher Method.

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Since we are given the total expenditure and the price, we can obtain the quantity figure by dividing the total expenditure by price for each commodity.

(i) Laspeyre's Method: `P_(01) = (Sigmap_(1)q_(0))/(Sigmap_(0)q_(0))xx100`
`= (327)/(298) xx 100`
= 109.73
(ii) Paasche's Method: `P_(01) = (Sigmap_(1)q_(1))/(Sigmap_(0)q_(1))xx100`
`= (300)/(278) xx 100`
= 107.91
(iii) Fisher's Method: `P_(01) = sqrt((Sigmap_(1)q_(0))/(Sigmap_(0)q_(0 ))xx(Sigmap_(1)q_(1))/(Sigmap_(0)q_(1)))xx100`
`= sqrt((327)/(298)xx(300)/(278))xx100`
` = sqrt((98,100)/(82,844))xx 100`
`= sqrt(1.18415)xx100`
` = 1.0882 xx 100`
` = 108.82`
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