Use the following price information for selected items for 2010 and 2018. Production figures for those two periods are also


Use the following price information for selected items for 2010 and 2018. Production figures for those two periods are also given.
Price Quantity
Item 2010 20182010 2018
Aluminum (cents per pound) $0.67 $0.71 878 1,213
Natural gas (1,000 cu. ft.) 4.22 2.84 7,938 3,495
Petroleum (barrel) 71.06 58.00 69,147 61,683
Platinum (troy ounce) 1,743.45 1,292.38 543 529
Required:
Compute Laspeyres price index for 2010 using 2018 as the base period.


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