Answers
a) Price Relative (calculated as 2009 price / 2000 price multiplied by 100):
Halibut: (2.23 / 2.01 )*100 = 110.9
Lobster: (309 / 372) * 100 = 83.1
Tuna: (1.97 / 1.87) * 100 = 105.3
b) The weightage/proportion of qty of each type of seafood is shown in column 3 below:
| Seafood | 2000 Qty (lb) | Wtd Qty | 2000 Price ($/lb) | 2009 Price ($/lb) |
| Halibut | 75290 | 0.360 | 2.01 | 2.23 |
| Lobster | 83280 | 0.398 | 3.72 | 3.09 |
| Tuna | 50779 | 0.243 | 1.87 | 1.97 |
Now, Wtd average price index,
I2009 = Sum(Wtd Qty * 2009 Price) = 2.509
Similarly, I2000 = Sum(Wtd Qty * 2000 Price) = 2.656
Hence, change in seafood prices from 2000 to 2009 = ( I2009 - I2000 ) / I2000 = -0.0554
Hence, seafood prices have decreased by 5.54% over the 9-year period according to the index.
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