Consider the following price (in dollars) and quantity data for two items during 2010 and 2011. If the value of the Laspeyres price index for 2011, using 2010 as the base year, is 89.46, find the price of item 1 in 2011.

Question

Consider the following price (in dollars) and quantity data for two items during 2010 and 2011.

If the value of the Laspeyres price index for 2011, using 2010 as the base year, is 89.46, find the price of item 1 in 2011.

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The Answer of Consider the following price (in dollars) and quantity data for two items during 2010 and 2011.  If the value of the Laspeyres price index for 2011, using 2010 as the base year, is 89.46, find the price of item 1 in 2011.

Consider the Following Price (In Dollars) and Quantity Data for Two