he following information is on food items for the years 2010 and 2018. 2010 2018ItemPriceQuantity PriceQuantityMargarine (pound)$0.81 18 $2.00 27 Shortening (pound) 0.84 5 1.88 9 Milk (1/2 gallon) 1.44 70 2.89 65 Potato chips 2.91 27 3.99 33 Compute a simple price index for each of the four items. Use 2010 as the base period. (Round your answers to 2 decimal places.) ItemPrice indexMargarineShorteningMilkPotato chips

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Compute a simple price index for each of the four items.

Algebra: Structure And Method, Book 1

(REV)00th Edition

ISBN:9780395977224

Author:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole

Publisher:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole

Chapter7: Applying Fractions

Section7.6: Percents Problems

Problem 1WE

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Question

he following information is on food items for the years 2010 and 2018.

	2010		2018
Item	Price	Quantity		Price	Quantity
Margarine (pound)	$	0.81			18	$	2.00	27
Shortening (pound)		0.84			5		1.88	9
Milk (1/2 gallon)		1.44			70		2.89	65
Potato chips		2.91			27		3.99	33

Compute a simple price index for each of the four items. Use 2010 as the base period. (Round your answers to 2 decimal places.)

Item
Price index
Margarine
Shortening
Milk
Potato chips

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