Consider the table to the right. Suppose that the 2022 price of corn were to rise to $8.50 per bushel, but that the price of a digital device were to fall to $335. The quantities of the two commodities remain the same, however. How would these changes affect the value of the 2022 price index? Holding the quantities of the two commodities the same, a rise in the 2022 price of corn to $8.50 and a fall in the price of a digital device to $335 would cause the value of the 2022 price index to to (Enter your response rounded to two decimal places.)
Consider the table to the right. Suppose that the 2022 price of corn were to rise to $8.50 per bushel, but that the price of a digital device were to fall to $335. The quantities of the two commodities remain the same, however. How would these changes affect the value of the 2022 price index? Holding the quantities of the two commodities the same, a rise in the 2022 price of corn to $8.50 and a fall in the price of a digital device to $335 would cause the value of the 2022 price index to to (Enter your response rounded to two decimal places.)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Consider the table to the right. Suppose that the 2022 price of corn were to rise to
$8.50 per bushel, but that the price of a digital device were to fall to $335. The
quantities of the two commodities remain the same, however. How would these
changes affect the value of the 2022 price index?
Holding the quantities of the two commodities the same, a rise in the 2022 price of
corn to $8.50 and a fall in the price of a digital device to $335 would cause the
value of the 2022 price index to
to
(Enter your response rounded to two
decimal places.)
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