The following information is on food items for the years 2012 and 2022. 2012 2022 Item Price Margarine (pound) $ 0.81 Quantity 18 Price $ 2.00 Quantity 26 Shortening (pound) 0.84 3 1.88 Milk (½ gallon) 1.44 70 2.89 Potato chips 2.91 26 3.99 733 Determine a value index for 2022 using 2012 as the base period. Note: Round your answer to 2 decimal places. Value index

MATLAB: An Introduction with Applications
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ISBN:9781119256830
Author:Amos Gilat
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The following information is on food items for the years 2012 and 2022.
2012
2022
Item
Price
Margarine (pound)
$ 0.81
Quantity
18
Price
$ 2.00
Quantity
26
Shortening (pound)
0.84
3
1.88
Milk (½ gallon)
1.44
70
2.89
Potato chips
2.91
26
3.99
733
Determine a value index for 2022 using 2012 as the base period.
Note: Round your answer to 2 decimal places.
Value index
Transcribed Image Text:The following information is on food items for the years 2012 and 2022. 2012 2022 Item Price Margarine (pound) $ 0.81 Quantity 18 Price $ 2.00 Quantity 26 Shortening (pound) 0.84 3 1.88 Milk (½ gallon) 1.44 70 2.89 Potato chips 2.91 26 3.99 733 Determine a value index for 2022 using 2012 as the base period. Note: Round your answer to 2 decimal places. Value index
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