Data for selected fruits purchased at wholesale prices for 2005 and 2009 are shown next. 
What is the Laspeyres price index?
Definitions:
Downward-Sloping
A term often used in economics to describe a curve or line that represents a decrease in one variable as another increases, typical in demand curves.
Long Run
A period in which all factors of production and costs are variable, allowing for adjustment to changes.
Fixed
In economics, pertains to costs that do not change with the level of output or production, such as rent, salaries, and insurance.
Variable
A quantity that can take on more than one value.
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