Remember That the Laspeyres Price Index Uses the Old Quantities

question 56

Multiple Choice

Remember that the Laspeyres price index uses the old quantities for the weights.In 1991, good x cost $2 and good y cost $1.The current price of good x is $6 and the current price of good y is $2.In 1971 the consumption bundle was (x, y) = (3, 6) .The current consumption bundle is (x, y) = (6, 4) .The Laspeyres index of current prices relative to 1991 prices is closest to which of the following numbers?

• A)2.50
• B)3.67
• C)2.75
• D)0.27
• E)1.27

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