TABLE 16-15
Given below are the prices of a basket of four food items from 1996 to 2000.
$$\begin{array} { l c c c c }
\hline \text { Year } & \begin{array} { c }
\text { Wheat } \
( \$ / \text { Bushel } )
\end{array} & \begin{array} { c }
\text { Corn } \
( \$ / \text { Bushel } )
\end{array} & \begin{array} { c }
\text { Soybeans } \
( \$ / \text { Bushel } )
\end{array} & \begin{array} { c }
\text { Milk } \
( \$ / \text { hundredweight) }
\end{array} \
\hline 1996 & 4.25 & 3.71 & 7.41 & 15.03 \
1997 & 3.43 & 27 & 7.55 & 13.63 \
1998 & 2.63 & 23 & 6.05 & 15.18 \
1999 & 2.11 & 1.97 & 4.68 & 14.72 \
2000 & 2.16 & 1.9 & 4.81 & 12.32
\end{array}$$
-Referring to Table 16-15, what are the simple price indexes for wheat, corn, soybeans and milk, respectively, in 1997 using 2000 as the base year?

Question

TABLE 16-15
Given below are the prices of a basket of four food items from 1996 to 2000.
 $$\begin{array} { l c c c c } 
\hline \text { Year } & \begin{array} { c } 
\text { Wheat } \
( \$ / \text { Bushel } )
\end{array} & \begin{array} { c } 
\text { Corn } \
( \$ / \text { Bushel } )
\end{array} & \begin{array} { c } 
\text { Soybeans } \
( \$ / \text { Bushel } )
\end{array} & \begin{array} { c } 
\text { Milk } \
( \$ / \text { hundredweight) }
\end{array} \
\hline 1996 & 4.25 & 3.71 & 7.41 & 15.03 \
1997 & 3.43 & 27 & 7.55 & 13.63 \
1998 & 2.63 & 23 & 6.05 & 15.18 \
1999 & 2.11 & 1.97 & 4.68 & 14.72 \
2000 & 2.16 & 1.9 & 4.81 & 12.32
\end{array}$$
-Referring to Table 16-15, what are the simple price indexes for wheat, corn, soybeans and milk, respectively, in 1997 using 2000 as the base year?

Quizplus · Accepted Answer

The Answer of  TABLE 16-15
Given below are the prices of a basket of four food items from 1996 to 2000.
 $$\begin{array} { l c c c c } 
\hline \text { Year } & \begin{array} { c } 
\text { Wheat } \
( \$ / \text { Bushel } )
\end{array} & \begin{array} { c } 
\text { Corn } \
( \$ / \text { Bushel } )
\end{array} & \begin{array} { c } 
\text { Soybeans } \
( \$ / \text { Bushel } )
\end{array} & \begin{array} { c } 
\text { Milk } \
( \$ / \text { hundredweight) }
\end{array} \
\hline 1996 & 4.25 & 3.71 & 7.41 & 15.03 \
1997 & 3.43 & 27 & 7.55 & 13.63 \
1998 & 2.63 & 23 & 6.05 & 15.18 \
1999 & 2.11 & 1.97 & 4.68 & 14.72 \
2000 & 2.16 & 1.9 & 4.81 & 12.32
\end{array}$$
-Referring to Table 16-15, what are the simple price indexes for wheat, corn, soybeans and milk, respectively, in 1997 using 2000 as the base year?

TABLE 16-15 Given Below Are the Prices of a Basket

TABLE 16-15
Given Below Are the Prices of a Basket