## 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,

I_{2009} = Sum(Wtd Qty * 2009 Price) = **2.509**

Similarly, I_{2000} = Sum(Wtd Qty * 2000 Price) = 2.656

Hence, change in seafood prices from 2000 to 2009 = ( I_{2009} - I_{2000} ) / I_{2000} = -0.0554

Hence, seafood prices have decreased by 5.54% over the 9-year period according to the index.

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