Example 20.2 Using the data given in Table 20.2, calculate the price index for year 2, the base year being year 1.

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter3: Functions
Section3.3: Rates Of Change And Behavior Of Graphs
Problem 26SE: Table 3 gives the annual sales (in millions of dollars) of a product from 1998 to 20006. What was...
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Example 20.2 Using the data given in Table 20.2, calculate the price index for year 2, the base year
being year 1.
Transcribed Image Text:Example 20.2 Using the data given in Table 20.2, calculate the price index for year 2, the base year being year 1.
Table 20.2
Commodity
Bread
Milk
Eggs
Prices of Three Commodities for Two Years
Quantity
Loaf
Litre
Dozen
Total
Price Year 1 (Rs)
10
15
10
35
Price Year 2 (Rs)
14
20
16
50
Transcribed Image Text:Table 20.2 Commodity Bread Milk Eggs Prices of Three Commodities for Two Years Quantity Loaf Litre Dozen Total Price Year 1 (Rs) 10 15 10 35 Price Year 2 (Rs) 14 20 16 50
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