Use the following price information for selected items for 2010 and 2018. Production figures for those two periods are also given.     Price   Quantity Item 2010 2018   2010 2018 Aluminum (cents per pound) $  0.82   $ 0.86       1,000     1,200   Natural gas $ per million BLA   4.37     2.99       5,000     4,000   Petroleum (barrel)   71.21     58.15       60,000     60,000   Platinum (troy ounce)   1,743.60     1,292.53       500     600

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Use the following price information for selected items for 2010 and 2018. Production figures for those two periods are also given.
 

  Price   Quantity
Item 2010 2018   2010 2018
Aluminum (cents per pound) $  0.82   $ 0.86       1,000     1,200  
Natural gas $ per million BLA   4.37     2.99       5,000     4,000  
Petroleum (barrel)   71.21     58.15       60,000     60,000  
Platinum (troy ounce)   1,743.60     1,292.53       500     600  
 

 

Compute a simple price index for each of the four items. Use 2010
as the base period. (Round your answers to 1 decimal place.)
Item
Simple price index
Aluminum
Natural gas
Petroleum
Platinum
Transcribed Image Text:Compute a simple price index for each of the four items. Use 2010 as the base period. (Round your answers to 1 decimal place.) Item Simple price index Aluminum Natural gas Petroleum Platinum
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