The following table shows the relative price index and the weights used for three commodities in 2008.
Commodity
Relative price index Weight (quantity in 2008)
х
120
2
Y
10 х
4
Z
150
9
By taking 2007 as the base year;
a. If the simple average price index for the three commodities is 150, calculate the value of
X.
b. Calculate the value of weighted relative price index using the value of x from (a).​