Question
Calculate Walsh’s Price Index Number.
| Commodity | Base Year | Current Year | ||
| Price | Quantity | Price | Quantity | |
| L | 4 | 16 | 3 | 9 |
| M | 6 | 16 | 2 | 4 |
| N | 8 | 28 | 7 | 7 |
| Commodity | Base Year | Current Year | ||
| Price | Quantity | Price | Quantity | |
| L | 4 | 16 | 3 | 9 |
| M | 6 | 16 | 2 | 4 |
| N | 8 | 28 | 7 | 7 |
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Five jobs must pass through a lathe and a surface grinder, in that order. The processing times in hours are shown below. Determine the optimal sequence of the jobs. Also find the idle time of each machine.
| Job | I | II | III | IV | V |
| Lathe | 4 | 1 | 5 | 2 | 5 |
| Surface grinder | 3 | 2 | 4 | 3 | 6 |