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ECO402 Assignment No 01 Solution & Discussion Due Date: 06-12-2018


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The Case:
Inflation is considered as a major issue in Pakistan. The Consumer Price
Index (CPI) is used as an indicator of inflation. In Pakistan, the current CPI
series cover 40 urban centers of Pakistan. The monthly price review shows
the prices of 53 items in 17 major cities of Pakistan. Out of these, rice, milk,
and tomatoes have been selected because each consumer purchases
these items in daily food consumption. The information about their nominal
prices and CPI from 2016 to 2018 is giver below:
Item Unit Year Nominal Price in Faisalabad CPI
Rice kg
Oct -2016 60.00 160.67
Oct -2017 85.00 182.85
Oct -2018 102.00 200.65
Milk kg
Oct -2016 80.00 266.40
Oct -2017 80.00 277.04
Oct -2018 85.00 286.97
Tomato kg
Oct -2016 55.63 197.51
Oct -2017 113.75 337.71
Oct -2018 73.13 240.62
Requirements:
Keeping in mind the above scenario, solve the following questions.
a. By assuming Oct-2016 as base year, find real price of rice, milk and
tomato in each year. After stepwise calculation, you are required to
complete the following table for answer.
Item Unit Year Nominal Price in
Faisalabad CPI Real Price
Rice kg
Oct -2016 60.00 160.67 ?
Oct -2017 85.00 182.85 ?
Oct -2018 102.00 200.65 ?
Milk kg
Oct -2016 80.00 266.40 ?
Oct -2017 80.00 277.04 ?
Oct -2018 85.00 286.97 ?
Tomato kg
Oct -2016 55.63 197.51 ?
Oct -2017 113.75 337.71 ?
Oct -2018 73.13 240.62 ?
b. If base year bundle have 5 kg rice, 10 kg milk and 3 kg tomato than
find Laspeyres index by assuming oct-2016 as base year and oct2018
as current year.
c. If current year bundle have 10 kg rice, 12 kg milk and 5 kg tomato
than find Paasche index by assuming oct-2016 as base year and oct2018
as current year.
Marks: (9+3+3)

Can you pls proceed further for its solution

item  unit  year  Nominal prices of Faisalabad cpi Real price
Rice kg Oct-16 60.00 160.76          60.00
Oct-17 85.00 182.85          74.73
Oct-18 102.00 200.65          81.72
milk kg Oct-16 80.00 266.4          80.00
Oct-17 80.00 277.04          76.93
Oct-18 85.00 286.97          78.91
Tomato kg Oct-16 55.63 197.51          55.63
Oct-17 113.75 337.71          66.53
Oct-18 73.13 240.62          60.03

part

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