The rise in the price level signifies that the currency in a given economy loses purchasing power (i.e., less can be bought with the same amount of money).. The question it answers is how much a basket that consumers bought in the base period would cost in the current period. Laspeyres index, index proposed by German economist Étienne Laspeyres (1834–1913) for measuring current prices or quantities in relation to those of a selected base period. It was invented by Etienne Laspeyres, an economist from Germany to analyze the changes in the prices as compared to the base year period. Data for selected vegetables purchased at wholesale prices for 1995 and 2007 are shown below. See the attached file. The Laspeyres Price Index is a consumer price index used to measure the change in the prices of a basket of goods and services relative to a specified base period weighting. A Laspeyres price index is computed by taking the ratio of the total cost of purchasing a specified group of commodities at current prices to the cost of that same group at base-period prices and multiplying by … The Laspeyres price index is an index formula used in price statistics for measuring the price development of the basket of goods and services consumed in the base period. Because the Laspeyres index uses base period quantities, it tends to overestimate inflation by assuming that individuals’ income expense is still distributed in the same way. Therefore, for normal goods, if … Add Remove. Interpretation of Laspeyres' Price Index. Laspeyres Index is a methodology to calculate the consumer price index by measuring the change in the price of the basket of goods to the base year. This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here! The index commonly uses a base year of 100, with periods of higher price levels shown by an index greate… The Paasche Price Index is a price index used to measure the general price level and cost of living in the economy and to calculate inflationInflationInflation is an economic concept that refers to increases in the price level of goods over a set period of time. The opposite is true of the Paasche index: because it uses current period quantities, it underestimates inflation. Developed by German economist Etienne Laspeyres - also called the base year quantity weighted method.

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